The Buprenorphine Market is estimated to be valued at US$ 3,681.9 million in 2020 and is expected to exhibit a CAGR of 14.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Buprenorphine is a partial opioid agonist used to treat opioid addiction. It works by binding to and activating opioid receptors in the brain to decrease withdrawal symptoms and cravings without causing the euphoric effects of an opioid. The drug provides an alternative to methadone for opioid dependence and is often used as part of medication-assisted treatment which aims to help people reduce or quit their use of heroin or other opioids.

Market key trends:
One of the major trends driving the growth of the buprenorphine market is the rising abuse of prescription opioids. According to the U.S. Centers for Disease Control and Prevention, over 46 people in the U.S. die daily from overdoses involving prescription opioids. Opioid prescribing has quadrupled since 1999 and has resulted in growing rates of overdose deaths and substance abuse disorders. Buprenorphine is an effective therapy for those addicted to prescription opioids as it helps manage withdrawal symptoms and cravings without causing the same psychological effects. This is increasing its adoption and demand across countries with high rates of opioid abuse and dependence.

Porter's Analysis
Threat of new entrants: Low barrier to entry and presence of regulations make entry challenging for companies. The market requires substantial investment in R&D and infrastructure to develop new products.
Bargaining power of buyers: Buyers have high bargaining power due to presence of many players and availability of substitutes like Methadone in market. Buyers can negotiate on price and switch between suppliers easily.
Bargaining power of suppliers: Suppliers of raw materials have moderate power due to availability of substitutes and dependency of companies on few suppliers of API.
Threat of new substitutes: Emergency of new substitutes like Methadone is a threat as they have similar medical uses and are easily available.
Competitive rivalry: Intense competition exists among existing players due to standardized nature of products and availability of generics. Players differentiate through quality, service, and pricing.

SWOT Analysis
Strength: Strong R&D capabilities of major players. Growing prevalence of opioid addiction & chronic pain patients globally.
Weakness: Stringent regulations for approval of pain therapies. High manufacturing and marketing costs.
Opportunity: Emerging economies provide growth opportunities owing to increasing healthcare spends. Shift towards generics offers new opportunities.
Threats: Patent expiries of major drugs enable entry of generics. Reimbursement issues and pricing pressures from regulatory bodies.

Key Takeaways
The Global Buprenorphine Market Demand is expected to witness high growth, exhibiting CAGR of 14.5% over the forecast period, due to increasing prevalence of chronic pain and opioid addiction across regions. The US market dominated the regional market in 2020 with a share of over 45%, due to growing opioid abuse and established healthcare infrastructure.

Regional analysis- Asia Pacific region is expected to be the fastest growing market over the forecast period due to improving access to healthcare and increasing focus of players. China dominates Asia Pacific and is growing exponentially.

Key players operating in the Buprenorphine market are Siegfried, Sanofi, Johnson Matthey, Mallinckrodt, Noramco, Unichem Laboratories, Arevipharma GmbH, Resonance-labs, Sun Pharmaceutical Industries Ltd., Rusan Pharma, Micro Orgo Chem, and Faran Shimi Pharmaceutical Co. Major players are focused on expanding their production capacities and product portfolios through partnerships to strengthen their market shares.

Read more: https://www.ukwebwire.com/buprenorphine-market-share-analysis/