Belgium Naltrexone Market to Garner Brimming Revenues by 2024

Naltrexone Market: Introduction

• Naltrexone is an opioid blocker that acts by preventing the symptoms of opioids from both inside and outside the body. Naltrexone is a drug that is commonly used to treat alcohol or opioid use disorder by reducing cravings and symptoms of euphoria associated with the disorder. A person who is addicted to opioids should not be given naltrexone before detoxification. Naltrexone is administered orally or by injection into a muscle, and its effects are felt within 30 minutes. A reduction in the appetite for opioids, on the other hand, might take a few weeks.

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• According to the World Health Organization (WHO), substance abuse is usage of psychoactive substances, including alcohol and illicit drugs. Use of psychoactive substances could escalate to dependence syndrome (combination of behavioral, cognitive, and psychological phenomenon, which forces an individual to use alcohol, nicotine, and illicit drugs). According to the WHO, in 2016, around 275 million people had utilized drugs at least once in their lifetime. According to the National Institute on Alcohol Abuse and Alcoholism, over 6% of the adult population suffered from alcohol use disorder in the U.S. in 2015. Naltrexone, commercialized under several brands such as Revia and Vivitrol, is primarily employed to control opioid or alcohol dependence. However, all drugs are not available in all countries. For instance, the brand formulation of "Revia" had been discontinued in the U.S.; however, the generic Revia has been commercialized in the country.

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Key Drivers, Restraints, and Opportunities of Global Naltrexone Market

• The global naltrexone market is driven by a rise in alcohol & opioid dependence and high awareness about initiatives by medicine manufacturers and governments. However, stringent regulatory constraints such as legal obligations for addiction treatment products in developed countries is projected to hamper the global naltrexone market. Nevertheless, increase in research & development expenditure by major players, strategic alliances among key companies, and ongoing research on naltrexone drugs are anticipated to drive the global market during the forecast period.

Global Naltrexone Market: Segmentation

• The global naltrexone market can be segmented based on product, dosage form, application, and end-user. In terms of product, the market can be bifurcated into branded and generic. Based on application, the global naltrexone market can be categorized into opioid dependence treatment, alcohol dependence treatment, and other applications such as pain management. In terms of dosage form, the market can be classified into tablet and injection. Based on end-user, the global naltrexone market can be divided into hospital pharmacies, retail pharmacies & drug stores, and online sales.

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North America to Capture Major Share of Global Naltrexone Market

• In terms of region, the global naltrexone market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a notable share of the global market in 2020, owing to a rise in opioid & alcohol treatment programs and increase in government initiatives to spread awareness about opioid/alcohol dependence. Europe followed North America in terms of share of the global market in 2020. The market in the region is projected to expand at a high CAGR in the near future. Opioid treatment with naltrexone is supported by government and private bodies in Europe, with a broad and diversified range of interventions. Additionally, the provision of outpatient treatment and support for treatment programs have been increasing considerably since 2010. Moreover, government initiatives to spread awareness about the increase in usage of opioids & alcohol and negative effects are expected to drive the naltrexone market in Europe during the forecast period.

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• The naltrexone market in Asia Pacific is projected to expand at a rapid pace in next few years. Therefore, the Government of China initiated various programs to spread awareness about drug addiction and its ill effects on society and personal life. According to a 2016 WHO report, there has been a substantial increase in treatment for abuse of other prescription drugs in Asia Pacific. These factors are likely to augment the naltrexone market in Asia Pacific during the forecast period. Less awareness about opioid/alcohol dependence treatment and inadequate healthcare infrastructure are projected to restrain the market in Latin America and Middle East & Africa during the forecast period.

Key Players Operating in Global Naltrexone Market
The global naltrexone market is highly consolidated with the presence of key players. A large number of manufacturers hold a major share in their respective regions.

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