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The global Suboxone Market is estimated to be valued at US$ 6.47 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Suboxone is a medication used for the treatment of opioid addiction. It contains buprenorphine and naloxone. Buprenorphine is a partial opioid agonist, which helps to relieve opioid cravings and blocks the effects of other opioids including heroin or prescription pain medications. Naloxone is an opioid antagonist added to discourage injecting or snorting the medication for a euphoric feeling as it precipitates withdrawal if misused. Suboxone offers several advantages over methadone as an opioid addiction treatment option due to its higher safety profile and lesser risk of diversion. It is usually prescribed for maintenance treatment along with counseling or behavioral therapies.
Market key trends:
One of the key trends in the Suboxone market is the rising use of buprenorphine for the treatment of opioid addiction. Buprenorphine offers several advantages compared to methadone such as reduced risk of overdose and lesser safety concerns. It also shows better outcomes including higher treatment retention and lower illicit opioid use. Moreover, buprenorphine products are available in sublingual film formulations which are easy to administer and help improve patient compliance. Growing awareness about opioid addiction and availability of generic versions of Suboxone are also supporting the adoption of buprenorphine based treatments.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the Suboxone market. It requires large capital investment and regulatory approvals to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high in this market. Buyers can easily switch between available substitutes based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are many suppliers for raw materials but switching costs for buyers are low if one supplier demands higher prices.
Threat of new substitutes: The threat of new substitutes is high as there are many generic substitutes and alternative treatment options available for drug addiction.
Competitive rivalry: The competitive rivalry is high among existing players.
Key Takeaways
The global Suboxone market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing prevalence of opioid addiction and growing awareness about treatment options.
Regional analysis: North America dominated the global Suboxone market in 2023 and is expected to maintain its lead over the forecast period. This is attributed to increasing number of drug abuse treatment programs and supportive reimbursement structure in the region. Asia Pacific is expected to exhibit fastest growth owing to improving healthcare infrastructure and raising awareness about opioid addiction treatment in emerging economies.
Key players: Key players operating in the Suboxone market are Indivior PLC, Dr. Reddyâ€TMs 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. Indivior PLC dominated the global market in 2023 with over 35% market share.
