The Suboxone Market is estimated to be valued at US$ 6.47 Bn or Billion 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 treatment of opioid addiction and opioid dependence. It contains buprenorphine and naloxone. Buprenorphine helps to reduce withdrawal symptoms and drug cravings without producing strong euphoria. Naloxone is added to discourage abuse by injection. Suboxone is available as sublingual film or tablet that dissolves under the tongue. It provides an alternative to methadone treatment with less stigma and improves functioning and social relations.
Market key trends:
Rising opioid addiction is a key driver of the suboxone market growth. Opioid addiction and overdose death rates have risen significantly in the past few decades. According to National Institute on Drug Abuse, over 11 million people misused prescription opioids in 2018. The growing number of misusers and deaths has increased demand for evidence-based treatment medicines like Suboxone. Suboxone films have higher adherence rate than tablets due to convenient sublingual administration. Improving reimbursement coverage and support programs are further increasing uptake of suboxone treatment. Major market players are focusing on new product launches and expansion to capitalize on the high market potential.
Porter’s Analysis
Threat of new entrants: The suboxone market is dominated by few major players. Regulatory barriers are high for new entrants due to stringent FDA approval process required for marketing authorization of new Suboxone drugs.
Bargaining power of buyers: The bargaining power of buyers is moderate as Suboxone is available across major distribution channels and switching to alternative drugs is limited due to effectiveness of Suboxone for opioid addiction treatment.
Bargaining power of suppliers: Few players dominate the API and raw material supply chain for Suboxone, this gives suppliers moderate bargaining power over price and supply.
Threat of new substitutes: Alternative drugs for opioid addiction such as methadone are available at a lower cost but Suboxone substitutes are limited due to its proven efficacy and safety profile for withdrawal management.
Competitive rivalry: Fierce competition exist among existing players to gain higher market share.
SWOT Analysis
Strength: Suboxone has proven efficacy for opioid addiction treatment. Brand strength of leading players like Indivior provides an edge.
Weakness: High dependency on few patents limits the ability to expand product line. Patent expiry of branded Suboxone may intensify competition.
Opportunity: Increase in unmet need for opioid addiction disorders worldwide presents an opportunity. Market expansion opportunities exist in emerging countries.
Threats: Stringent regulations pose challenges in market expansion. Patent expiry and entry of generic versions may threaten market share of leading brands.
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 disorders worldwide. The U.S. currently dominates the market with over 60% value share owing to the high burden of opioid abuse cases and government support programs for medication-assisted treatment. Europe is the second largest and fastest growing suboxone market due to regulatory acceptance of Suboxone for addiction management and availability of generics.
Regional analysis. North America is expected to continue dominating the suboxone market during the forecast period due to factors such as increasing prevalence of opioid addiction, strong foothold of major players, favorable reimbursement policies, and availability of generic drugs. Europe is poised to be the fastest growing regional market due to increasing availability of generic suboxone tablets and films at lower costs in countries such as Germany, U.K., France and Italy.
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 H
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