(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Opioid Withdrawal Treatment Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Opioid Withdrawal Treatment Market products.
The Opioid Withdrawal Treatment Market is thriving on account of the rising awareness amongst individuals for the benefits of maintaining a good health and the increasing need for high quality healthcare services amongst individuals. With the increasing prevalence of diseases worldwide, people are opting for products that help them to stay fit and are also investing more on healthcare services. Alternatively, pharmaceutical manufacturers, along with other healthcare companies that manufactures devices and equipment, are increasingly focusing on the research and development of advanced treatment, drugs and equipment for the diagnosis and treatment of the diseases and for developing healthcare products. Organizations are raising their R & D expenses year-on-year so as to deliver quality healthcare products in the years to come. The advancements in the healthcare sector are also supported by the governments of nations worldwide with numerous financial aids. According to a statistical report titled“Global Spending on Health: A World in Transition”, released in theyear 2019 by the World Health Organization (WHO), the global spending on healthcare recorded USD 7.8 trillion in 2017, which was an increase by USD 0.2 trillion from the recorded value of USD 7.6 trillion in 2016.
Market Scenario
The global opioid withdrawal treatment market is expected to grow significantly over the forecast period. The market held a market value of USD 1.8 billion in 2018 and is projected to register a CAGR of 10.1% over the forecast period. Opioids are drugs such as heroin, opium, morphine, codeine, and methadone that are used in cases of severe, postsurgical, or chronic pain.
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In some cases, usage of opioids causes addiction, and opioid withdrawal syndrome is a life-threatening condition resulting from opioid dependence. These drugs can also cause severe health problems and sometimes even result in overdose and loss of life. Hence this opioid dependence requires treatment, which is known as opioids withdrawal treatment. The rising use of opioids for the management of pain, large healthcare expenditure, and rising chronic disorders is driving the growth of the market.Recent FDA approval of first non-opioid treatment for the management of opioid withdrawal symptoms in adults is propelling the opioid withdrawal treatment market.
Additionally, the rising population affected with chronic disorders, along with favorable reimbursement scenarios, is driving the growth of the market. For instance, according to the United Nations, the older population is likely to reach 425 million by 2050. Additionally, according to the World Health Organization (WHO), in 201, more than 17.7 million people died from cardiovascular diseases contributing to 31% of all the global deaths. This rise in the aging population will lead to a rise in cardiovascular disorders as this population is highly prone to various heart disorders and is at a higher risk of developing complications which are also likely to drive the market.However, the stringent regulatory scenario is limiting the growth of the market.
Segmentation
The global opioid withdrawal treatment market has been segmented into drug type and distribution channel.By drug type, the market has been segmented into the nonsteroidal anti-inflammatory drugs, anti-nausea medications, analgesics, natural sleep supplements, and others.On the basis of distribution channel, the market has been segmented into hospital pharmacy, retail pharmacies, and online stores.The global opioid withdrawal treatment market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The opioid withdrawal treatment market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada.
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The European opioid withdrawal treatment market has been segmented into Western Europe and Eastern Europe. Western Europe, opioid withdrawal treatment market, has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.The opioid withdrawal treatment market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The Opioid withdrawal treatment market in the Middle East & Africa has been segmented into the Middle East and Africa.
Company Profiles
Merck & Co.
Teva Pharmaceutical Industries Ltd
Pfizer Inc.
Novartis
Sanofi
Johnson & Johnson Services
Hoffmann-La Roche Ltd
Bayer AG
Regional Market Summary
Global Opioid Withdrawal Treatment Market Share (%), by Region, 2018
Source: White Papers, Company Presentations, Annual Reports
The Americas is the market leader and has an attractive market for opioid withdrawal treatment owing to the increasing prevalence of chronic disorders and rising adoption of opioids for the management of pain. Additionally, the rising geriatric population is a major trigger factor that drives the opioid withdrawal treatment market. According to the Center for Disease Control and Prevention in2016, health care providers across the US wrote more than 214 million prescriptions for opioid pain medication, which is 66.5 prescriptions per 100 people.
Additionally, the CDC stated that drug overdoses claimed the lives of nearly 64,000 Americans in 2016. Nearly two-thirds of these deaths (66%) involved a prescription or illicit opioid. This overuse of opioids is driving the growth of the opioid withdrawal treatment market.
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Moreover, according to the US Census Bureau, in 2016, around 49.2 million residents were aged 65 and above. This huge older population led to over 15.2% of the total population, which is likely to drive the market. Furthermore, the Americas is witnessing rampant advancements in technology, and increasing government initiatives, and funding for research in the drugs is driving the market growth.
Europe accounts for the second-largest market and holds a healthy share in the global opioid withdrawal treatment market due to major driving factors like availability of advanced treatment facilities, increasing healthcare expenditure, and rising opioid addiction. For instance, according to the European Monitoring Centre for Drugs and Drug Addiction, drug overdose deaths remain high in Europe, and opioids are implicated in the majority of cases. Moreover, according to the International Overdose Awareness Day, deaths due to the consumption of heroin and morphine doubled to 1,201 in 2015 in England and Wales. This is driving the growth of the market.
Asia-Pacific is expected to be the fastest-growing market, owing to the huge patient pool, a faster adaptation of healthcare technology, government initiatives to increase the healthcare quality, and availability of favorable insurance policies. Moreover, due to lower cost of clinical trials, research key players have been setting up their regional headquarters and manufacturing plants in Singapore, China, Japan, Korea, and Australia which make a positive growth curve in opioid withdrawal treatment market in future.
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The Middle East & Africa is expected to show the least growth in the market due to some major factors such as lack of awareness, limited access and availability of treatment facilities. In the Middle East, the United Arab Emirates and Saudi Arabia is the largest market share owing to the development of the healthcare industry and the rising availability of specialty care centers.
Global Opioid Withdrawal Treatment Market, by Drug Type
Nonsteroidal Anti-Inflammatory Drugs
Anti-Nausea Medications
Analgesics
Natural Sleep Supplements
Others
Global Opioid Withdrawal Treatment Market, by Distribution Channel
Hospital Pharmacy
Retail Pharmacies
Online Stores
Global Opioid Withdrawal Treatment Market, by Region
Americas
North America
US
Canada
Latin America
Europe
Western Europe
Germany
France
Italy
Spain
UK
Rest of Western Europe
Eastern Europe
Asia-Pacific
Japan
China
India
Australia
South Korea
Rest of Asia-Pacific
The Middle East & Africa
Middle East
Africa
Intended Audience
Medical device manufacturer
Channel partners
Industry association
Governments and investment communities
Research organizations and associations
Healthcare industry
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Darlene Dooley
Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.
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