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Market Overview:
Thebaine is an opium alkaloid found in plants such as Papaver bracteatum and Papaver somniferum. It is the primary precursor for the manufacturing of synthetic opioids and pain medications such as oxycodone and oxymorphone. Raw thebaine extract is used for the manufacturing of painkillers, cough suppressants and treatments for opioid addiction.
The Thebaine Market is estimated to be valued at US$ 1,403.07 Mn or in 2023 and is expected to exhibit a CAGR of 1.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing prevalence of opioid addiction across the globe is a major factor driving growth of the thebaine market. According to the World Drug Report 2022 by the United Nations Office on Drugs and Crime, around 284 million people consumed opioids in 2020.Growing awareness regarding effective opioid addiction treatment medicines derived from thebaine is further supporting the market growth. Additionally, rising geriatric population suffering from chronic pain conditions is positively impacting the demand for thebaine based pain medications. However, strict government regulations regarding production and export of thebaine may hamper growth of the market to some extent.
Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/thebaine-market-1908
Segment Analysis
The Thebaine market is segmented on the basis of end use as pharmaceuticals and illicit uses. The pharmaceuticals segment dominates the market and accounts for around 80% share owing to increasing demand for opioids and pain management drugs globally. Within pharmaceuticals, semi-synthetic opioids sub-segment holds the largest share due to high demand for oxycodone and oxymorphone produced from thebaine.
PEST Analysis
Political: Government regulations around production and usage of opioids have led major players to focus on manufacturing other products. Economic: Rising healthcare expenditure in developing nations coupled with growth in chronic pain patient population is driving the demand. Social: Increasing social acceptance of pain management therapies is aiding the market growth. Technological: Advancements in extraction technologies have improved yields and lowered production costs.
Key Takeaways
The global Thebaine market is expected to witness high growth at a CAGR of 1.5% over the forecast period, due to increasing demand for opioid painkillers and analgesics. Regionally, North America holds the largest share of over 50% owing to the presence of major pharmaceutical companies and growing chronic pain patient population in the US and Canada. Key players operating in the Thebaine market are API Labs Inc., Alcaliber S.A., Sanofi S.A., Faran Shimi pharmaceutical Co., Mallinckrodt Pharmaceuticals, Noramco Inc., and Tasmania Alkaloids Pvt. Ltd.
Regional analysis
North America is projected to maintain its dominance during the forecast period supported by increasing penetration of opioids. Asia Pacific is anticipated to witness fastest growth due to rising pharmaceutical output in China and India. The expanding pharmaceutical sector and growing chronic pain prevalence in Japan will further drive thebaine demand.
Key players
Key players operating in the thebaine market are API Labs Inc., Alcaliber S.A., Sanofi S.A., Faran Shimi pharmaceutical Co., Mallinckrodt Pharmaceuticals, Noramco Inc., and Tasmania Alkaloids Pvt. Ltd. API Labs Inc. is one of the leading supplier of thebaine and poppy extracts for opioid production. Sanofi S.A. is a major opioid drug manufacturer leveraging thebaine in offerings.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
