Opioids Drug Market

SKU: DMHCIT3002 | Last Updated On: Oct 19 2022 | Available Formats

> Opioids Drug Market Expected to reach a high CAGR of 3.1% during the forecast period 2022-2029: DataM Intelligence

Opioids Drug Market is segmented By Product (Buprenorphine, Fentanyl, Hydrocodone, Morphine, Oxycodone, Others), By Application (Pain Relief, Anesthesia, Cough Suppression, Diarrhea Suppression, Deaddiction), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Opioids Drug Market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 3.1 % during the forecast period (2022-2029).

Opioids Drug Market Report Scope:

Metrics

Details

CAGR

3.1%

Segments Covered

By Product, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Regions Analyzed

North America, Latin America, Europe, Middle East, Africa, Asia Pacific, and the Rest of the world.

Major Companies Covered

Abbott Laboratories, EKF Diagnostics Holdings plc, BioMérieux SA, Atlas Medical, Quidel Corporation, BIOSYNEX SA, Prestige Brands Holdings, Swiss Precision Diagnostics (SPD) GmbH, Piramal Enterprises, NG BIOTECH SAS, and among the major companies listed in the final report.

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Opioids are a class of drugs naturally found in the opium poppy plant and work in the brain to produce various effects, including pain relief with many of these drugs. These drugs produce morphine-like effects. Opioids can be prescription medications often referred to as painkillers or street drugs like heroin. Prescription opioids are used to block pain signals between the brain and the body and used to treat moderate to severe pain. The key drivers contributing to the global opioid drug market's growth are escalating palliative care for patients suffering intensely and using abuse-deterrent preparations to restrict opioid abuse. Moreover, the increasing prevalence of diseases that cause chronic pain, such as post-surgical pain, cancer, fibromyalgia, lower back pain, and arthritis, drives the market.

Market Dynamics:

The growing prevalence of cancer leads to the market’s growth.

The rising number of medical cases and the growing prevalence of cancer are considered major factors driving the market's growth worldwide. Opioids are narcotic drugs recommended for the management of moderate to severe pain in cancer treatment. The American Cancer Society explicates that opioids play a critical role in relieving pain due to this disease and curing cancer patients. Therefore, with the considerable increase in cancer prevalence globally, the demand for prescription opioid drugs is also expected to rise during the forecast period.

 Also, increasing demand for these products for the treatment of pain, cough and diarrhea. Rising demand for opioids from the geriatric population that is majorly used to cure orthopedic pain. In addition, the rising number of people suffering from chronic pains is significantly high. This is anticipated to drive market growth.

However, the rising number of lawsuits for opioids may hinder market growth. The increasing number of lawsuits against opioid manufacturers and the rising incidence of fatalities related to opioid overdose are major factors that impede the opioid drug market growth. The increasing opioid crisis has led to the filing of lawsuits instead of pharmaceutical companies engaged in manufacturing opioid drugs. The lawsuits are filed against the companies alleging that the drug manufacturers hid data on the addiction after-effects of opioid drugs. The number of deaths due to drug overdose is increasing greatly, and opioids contribute significantly to such health issues. Opioid addiction and the growing trend of opioid abuse are the major factors contributing to the high death rate related to opioid overdose.

Market Segmentation:

Pain relief segment accounted for the highest share in global Opioids Drug market.

The opioid drug market is classified into pain relief, anesthesia, cough suppression, diarrhea suppression, and de-addiction by application.

The pain relief segment dominated the opioid drug market in the forecast period, backed by its elevated usage in pain management therapies. The use of opioid drugs for pain is expected to decline during the forecast period due to the new regulatory framework. The guideline has been devised by the CDC (Centers for Disease Control and Prevention) for prescribing opioids for chronic pain. According to the guideline, it has been advised that non-opioid therapy should be chosen for chronic pain other than end-of-life care, palliative, and active cancer.

By product, the opioid drug market is classified into buprenorphine, fentanyl, hydrocodone, morphine, oxycodone, and others. The Buprenorphine segment held a significant share in the global opioid drug market. This opioid has strong responsiveness to the opioid receptor. It is a byproduct of the opioid alkaloid and is more effective as compared to morphine. Buprenorphine acts as a part agonist at mu and kappa opioid receptors and functions as an antagonist at delta receptors. Several federal initiatives are expected to increase the treatment approach for opioid use disorder, which is expected to create prospects for the strong growth of the buprenorphine market during the forecast period.

Geographical Penetration:

North America dominated the global market throughout the forecast period.

North America contributed the major share of the global opioid drug market in the forecast period. The well-developed healthcare infrastructure in the U.S. and several healthcare research centers drive the region's growth. However, the U.S. is likely to witness a decline in its market growth during the forecast period, backed by the rising government initiatives to tackle the country's crisis. The Government of the United States launched public awareness advertising campaign to fight against drug addiction. Besides, a few opioid products, including Purdue Pharma's OxyContin, have been discontinued in the U.S. and Canada. In May 2022, The U.S. Department of Health and Human Services, through the Substance Abuse and Mental Health Services Administration (SAMHSA), announced a State Opioid Response (SOR) grant funding opportunity that provided nearly $1.5 billion to states and territories to help address the Nation's opioid addiction and overdose epidemic. 

Moreover, the Asia Pacific region is expected to project the highest CAGR globally during the forecast period. Most Asian-Pacific economies suffer from a stigma related to the addiction associated with opioids among patients and physicians. To tackle this growing stigma, the Government of China launched a good pain management program that targets regulating cancer pain treatment, thereby improving the quality of cancer patients' lives. Moreover, companies such as Purdue Pharma shift their focus toward this region, intending to strengthen their market position. 

Competitive Landscape:

The opioid drug market is dominated by a few companies. Some of the key players in the market's growth include Purdue Pharma L.P., Sun Pharmaceutical Industries Limited, Allergan PLC, and Pfizer Inc. The key players execute several growth strategies, such as product launches, acquisitions, and collaborations, which are estimated to boost the opioid drug market growth globally. In June 2022, Purdue Pharma Introduced Nalmefene HCl Injection in the United States for the Treatment of Known or Suspected Overdoses with Natural or Synthetic Opioids. Nalmefene Hydrochloride Injection indicated the complete or partial reversal of opioid drug effects that included respiratory depression induced by opioids. Nalmefene Hydrochloride Injection is indicated in the management of opioid drug overdose. In February 2022, Janssen pharmaceuticals acquired Anakuria Therapeutics. Anakuria Therapeutics is a USA-based privately held company. This acquisition helps to expand the Janssen pharmaceuticals business. In December 2021, Pfizer to Acquired Arena Pharmaceuticals, a clinical-stage company developing innovative potential therapies for the treatment of several immuno-inflammatory diseases.

COVID-19 Impact:

Negative impact on the global opioids drug market.

The opioid drug market is dominated by a few companies. Some of the key players in the market's growth include Purdue Pharma L.P., Sun Pharmaceutical Industries Limited, Allergan PLC, and Pfizer Inc. The key players execute several growth strategies, such as product launches, acquisitions, and collaborations, which are estimated to boost the opioid drug market growth globally. 

The global food antioxidants market report would provide an access to approximately 56 market data tables, 48 figures and 170 pages

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