Demand for Abuse Deterrent Formulation Technology Skyrocketing as Opiate Abuse is on the Rise

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., Sept. 20, 2023 /PRNewswire/ -- The demand for abuse deterrent formulation technology is projected to grow due to growing misuse of drugs among the people. Growing demand for abuse deterrent formulation technology from the pharmaceutical industry is driving the market growth. Abuse-deterrent formulations are used to decrease the abuse, addiction, and overdose of orally prescribed opioids. The increasing use of abuse deterrent formulations for postoperative pain along with the growing incidence of diseases like cancer is also driving the market growth. A recent report from Global Market Estimates projects that the global abuse deterrent formulation technology market is estimated to witness a high CAGR during the forecast period through 2026.  The report said: "On the basis of drug class, the global abuse deterrent formulation technology market is segmented into opioids, antidepressants, and CNS stimulants. Opioids segment held the largest share and is projected to grow at the highest CAGR during the forecast period. Reducing misuse and abuse is one of the more interesting applications of abuse deterrent formulation. The growing use of opioids for pain has led to the increased availability of these medications in the population across the globe.  On the basis of approach, the market is segmented into physical /chemical barriers, agonist / antagonist combinations, aversion approach, prodrug approach, and abuse-deterrent drug delivery systems among others. Abuse-deterrent drug delivery systems segment held the largest market share and is projected to grow at the highest CAGR during the forecast period. Increase in abuse of controlled substances and resulting overdose deaths is correlated with significant increases in the supply of such medications, including opioids, central nervous system depressants."  Active companies in the markets this week include: Nutriband Inc. (NASDAQ: NTRB), Clearmind Medicine Inc. (NASDAQ: CMND), Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), Cybin Inc. (NYSE American: CYBN), Eli Lilly and Company (NYSE: LLY).