SUBOXONE MARKET ANALYSIS

Market Challenges And Opportunities

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.