SUBOXONE MARKET ANALYSIS

Suboxone is a medicine used to treat opioid (narcotic) drug dependence of drugs such as heroin or morphine in drug addicts.  Suboxone is given to adults and children over the age of 15 who are also seeking medical, social, and psychological care. Suboxone has two active ingredients - buprenorphine and naloxone. Buprenorphine is a partial opioid agonist, which means it functions similarly to an opioid. Naloxone is an opioid antagonist, which means it counteracts the effects of opioid medications. These drugs work together to prevent withdrawal symptoms associated with an opioid addiction

The global suboxone market is estimated to be valued at US$ 6,163.9 million in 2022 and is expected to exhibit a CAGR of 4.0% during the forecast period (2022-2030).

Figure 1.Global Suboxone Market Share (%) in Terms of Value, by Type, 2022

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The increasing use of opioids is expected to drive growth of the global Suboxone market

Suboxone is a prescription medication used in treating the people who are addicted to opioids. Opioids are powerful pain killers that are highly addictive. Thus, increasing use of opioids is expected to increase demand for suboxone for the treatment of opioid addiction, thereby, driving the growth of the market over the forecast period. For instance, according to the data published by Substance Abuse and Mental Health Services Administration, the agency within the U.S. Department of Health and Human Services, in October 2021, among people aged 12 or older in 2020, 3.4% (or 9.5 million people) misused opioids in the past year (2019) in the U.S. Among the 9.5 million people who misused opioids in 2019, 9.3 million people misused prescription pain relievers and 902,000 people used heroin in the U.S.

Figure 2.Global Suboxone Market Share (%), by Formulation, 2022

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Increasing approvals and launches for generic versions of suboxone is expected to drive the market growth during the forecast period.

The increasing regulatory approvals and launches for generic versions of suboxone is expected to drive the market growth during the forecast period. For instance, in 2020, the U.S. Food and Drug Administration (FDA) approved a generic drug buprenorphine and naloxone tablet developed by Rhodes Pharmaceuticals, a subsidiary of Purdue, an American privately held pharmaceutical company.

Global Suboxone Market– Impact of Coronavirus (COVID-19) Pandemic

The coronavirus or COVID-19 outbreak was started in Wuhan, China in 2019 and spread across all the continents of the world, affecting various industries globally. The economies of countries all over the world, such as India, Italy, Bangladesh, Sri Lanka, the U.S., Morocco, and others, have been disrupted due to lockdowns implemented by governments to combat the spread of coronavirus since 2020.

The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors. The private healthcare sector is one such sectors that has been majorly impacted by the pandemic.

However, according to an article published by the American Society of Addiction Medicine, a professional medical society representing over 7,000 physicians, clinicians, and associated professionals in the field of addiction medicine, in November 2020, the anxiety and stress associated with the COVID-19 pandemic, increased the demand for buprenorphine in patients with opioid addiction in the U.S.

Therefore, the demand for suboxone in COVID-19 pandemic increased but the supply was hampered due to lockdowns and COVID-19 restrictions.

Global Suboxone Market: Restraint

The major factors that hinder growth of the global suboxone market include product recalls and side effects associated with suboxone. For instance, Alvogen, an American pharmaceuticals company recalled a single lot of buprenorphine and naloxone sublingual films because of subpotency, according to the July 14, 2021, the U.S. Food and Drug Administration (FDA) Enforcement Report.

Key Players

Major players operating in the global suboxone market include Indivior PLC, Dr. Reddy’s Laboratories Ltd., Amneal Pharmaceuticals LLC., Mylan N.V., Novartis AG, Teva Pharmaceutical Industries Ltd., Mallinckrodt, Lannett Co Inc., Rhodes Pharmaceuticals L.P., Alvogen, Sun Pharmaceutical Industries Ltd., Alkem Labs, and Hikma Pharmaceuticals PLC