by The global Opioid Use Disorder Market is a multibillion-dollar industry owing to the considerable number of people suffering from opioid addiction worldwide. Opioid use disorder, also known as opioid addiction, refers to chronic opioid use that causes significant impairment or distress. This arises when a person’s normal use of opioid medications such as morphine, oxycodone, and heroin leads to health and social problems. Treatments for opioid use disorder include medication-assisted treatment, counseling, behavioral therapy, and peer support.
The global Opioid Use Disorder market is estimated to be valued at US$ 3236.55 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising rates of opioid addiction across the globe have emerged as a key driver propelling the growth of the Opioid Use Disorder market. According to a report by the United Nations Office on Drugs and Crime, around 275 million people worldwide used drugs in 2020, while 36 million suffered from drug use disorders. The COVID-19 pandemic has further exacerbated the opioid crisis in many countries due to increased social isolation and mental health issues. In the United States, more than 500,000 people died from overdoses involving opioids between 1999 and 2020. Growing prevalence of opioid abuse and the severe health and socioeconomic impacts associated with addiction have highlighted the need for effective addiction treatments. This is augmenting demand and boosting development of advanced opioid use disorder medications and therapies globally.
SWOT Analysis
Strength: Opioid use disorder treatment market has strong government support and initiatives to address the ongoing opioid addiction crisis. It has increased funding for research and development of novel treatment approaches.
Weakness: Limited success rate of available treatment options and high relapse rates. Stigma associated with opioid addiction also limits treatment seeking.
Opportunity: Development and adoption of innovative medications and digital therapeutics. Growing awareness about opioid addiction is increasing demand for effective long term treatment and management options.
Threats: Stringent regulations for approval of new treatment formulations. Concerns over diversion of opioid addiction medications.
Key Takeaways
Global Opioid Use Disorder Market Demand is expected to witness high growth driven by the ongoing opioid addiction epidemic.
Regional analysis: North America dominates the market currently due to high prevalence of prescription opioid misuse and related overdose deaths. United States accounts for over 80% of the regional market share. Growing focus on medication-assisted treatment (MAT) programs in the US is fueling market growth.
Key players operating in the opioid use disorder (OUD) market are Moog Inc., Honeywell International Inc., AMETEK Inc., TE Connectivity, Woodward Inc., General Dynamics Corporation, Parker Hannifin Corp, Sensata Technologies, Tamagawa Seiki Co., Ltd., LTN Servotechnik GmbH, Maxon Group, Bevone, Danaher Corporation, Kollmorgen, TE Connectivity, ALXION, Micronor, Elmo Motion Control, Electro-Sensors, Siko GmbH. These established industry players are focusing on developing innovative treatment formulations and digital solutions for improved treatment outcomes and management of opioid addiction.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
