Telehealth is fastest growing segment fueling the growth of Suboxone Market

 

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 used to treat opioid addiction by suppressing opioid withdrawal symptoms. It consists of sublingual film or tablets containing buprenorphine and naloxone. This combination helps in reducing drug cravings and risk of misuse while providing pain relief.

Market key trends:
One of the key trends in the Suboxone market is the increasing adoption of telehealth. Telehealth involves the use of digital information and communication technologies, such as mobile health apps, video conferencing via smartphone, tablet or computer, wearables, and remote patient monitoring, to deliver medical services virtually. During the pandemic, there has been a significant rise in the use of telehealth platforms for access to substance use disorder treatment including suboxone therapy. This trend is expected to continue in the forecast period as telehealth offers benefits such as convenience, reduced cost and wait times.
Segment Analysis
The global Suboxone market is dominated by the film formulation sub segment over the tablet formulation sub segment. This is because the film formulation sub segment provides better absorption and dissolution as compared to the tablet formulation. The film dissolves instantly under the tongue and releases active ingredients into the blood stream faster than the tablet formulation, thus providing a more rapid onset of action.

Key Takeaways
The global Suboxone market size is expected to reach US$ 6.47 Bn by 2023, exhibiting a CAGR of 5.0% over the forecast period. This high growth can be attributed to the increasing prevalence of opioid dependence across the world.

Regional Analysis
North America currently dominates the global Suboxone market and is expected to continue its dominance over the forecast period. This is due to high prevalence of opioid dependence and drug abuse in the US. However, Asia Pacific is expected to witness the highest growth rate owing to growing awareness regarding opioid dependence treatment and improving healthcare infrastructure in the region.

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 is currently the leading player in the market due to its innovator product Suboxone film.