June 18, 2024

Thebaine Extract is driven by increasing demand for opioids

The global Thebaine Market is primarily driven by an ever increasing demand for opioids worldwide. Thebaine extract is a key precursor in the production of a variety of semi-synthetic and synthetic opioids analgesics. Opioids are increasingly being prescribed for treatment of both acute and chronic pain conditions. Thebaine based opioids such as oxycodone and buprenorphine are widely used for management of moderate to severe pain as well as opioid substitution therapy. Easy availability and increasing legitimacy of prescription opioid analgesics have resulted in rising dependency and non-medical use of opioids globally.

Thebaine is an important alkaloid extracted from the opium poppy plant. It has limited medical use by itself but forms the base material for further derivatization into a variety of semi-synthetic opioids through chemical conversions. Oxycodone, oxymorphone, nalbuphine and naloxone are some of the major opioids derived from Thebaine. These drugs find wide therapeutic usage for management of post-operative pain, chronic pain conditions like cancer pain, and opioid substitution therapy for drug addiction. The growing geriatric population suffering from osteoarthritis and other age-related pain disorders has further driven the demand for opioids and Thebaine extract as precursors.

The global Thebaine Market is estimated to be valued at US$ 160 million in 2023 and is expected to exhibit a CAGR of 1.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the Thebaine market is the shift towards manufacturing of opioid antagonists and opioid substitution drugs. With rising rates of opioid addiction and overdose deaths, there is growing emphasis on development of drugs aimed at reducing dependency and risk of overdose. Buprenorphine, a partial opioid agonist is increasingly being prescribed for maintenance therapy in opioid use disorder. Naloxone, an opioid antagonist is also being incorporated in several opioid formulations to reduce the risk of overdose. This shift towards therapies for opioid use disorder augments the demand for Thebaine extract as buprenorphine is synthesized from it. Increasing penetration of such therapies in developing regions with the support of WHO is likely to further drive the growth of the Thebaine market during the forecast period.

Porter’s Analysis
Threat of new entrants: Low barrier for new players to enter the market. However, established key players dominate the supply network making market penetration difficult for new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power. Continuous development of alternatives increases buyers options.

Bargaining power of suppliers: Suppliers have high bargaining power due to supply constraints and supplier concentration in specific regions.

Threat of new substitutes: Substitute products threaten thebaine market. Continuous research in developing alternatives can replace thebaine dependency.

Competitive rivalry: High competition exists among key players. Players compete on pricing and supply reliability.

Key Takeaways
The global thebaine market is expected to witness steady growth.

North America is expected to dominate the market owing to increasing consumption of pain management drugs and easy availability of raw materials in the region. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period driven by increasing pharmaceutical industry and patent expiration of pain drugs in developing markets.

Key players operating in the thebaine market are Mallinckrodt Pharmaceuticals, Noramco, Alcaliber, Tasmanian Alkaloids, and TPI. Mallinckrodt Pharmaceuticals is the market leader, with over 60% of the global thebaine supply. The company has integrated operations and long-term supply agreements that allow it to maintain its leading position. Noramco is another prominent player and a leading supplier of active pharmaceutical ingredients including oxycodone and hydrocodone to several generic pharmaceutical manufacturers

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it