Methadone Market Trends
Growth Drivers
- Increasing Application in Heroin Addiction Treatment – Methadone is widely used to reduce addiction or dependency on heroin, morphine, or prescription painkillers. Therefore, increasing application in heroin addiction treatment is one of the growth drivers of this market. As per the latest World Drug Report, every year around 35 million people suffer from Drug disorders.
- Increasing Geriatric Population – As discussed in the above parts, methadone is a drug or medication that helps in reducing pain after a post-surgery or therapeutic treatment. Also, the medication patients recover from any kind of chronic disease if they are suffering through it. Many times it is seen that people who are above the age of 60 or who belong to the geriatric population end up suffering from chronic disease. Therefore, the increasing geriatric population is driving the growth of this market. As per a report from the World Health Organization, the geriatric population is expected to become double.
- Growing Development and Launches in the Field of Methadone – Recently, lots of development and launch have taken place in the field of methadone. Elite Pharmaceutical and Glenmark Pharmaceutical collaborated and introduced methadone hydrochloride tablets in the market that will be used to reduce opioid abuse in patients.
- Growing Existence of Chronic Diseases – In the United States around 45% population of the region suffers from chronic diseases.
Challenges
- Side Effects of Methadone – The rise in side effects, such as constipation, nausea, and vomiting, among others, is one of the factors that is expected to restrict the expansion of the methadone market. Furthermore, the market is likely to face obstacles because of strict government approval.
- Addictive Nature of Opioids
- Circulation of Generic Methadone
Methadone Market: Key Insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
7.4% |
|
Base Year Market Size (2024) |
USD 172.86 million |
|
Forecast Year Market Size (2037) |
USD 437.27 million |
|
Regional Scope |
|
