Opioids are medications prescribed by doctors and physicians to treat various levels of pain. These can include acute pain and chronic non-cancer pain. They are also known as painkillers and used to block pain signals from the brain. Market Research Future (MRFR) has stressed the advantages of the intake of opioids as well as the efforts by manufacturers to address various issues concerning the drugs.
The global opioids market size is slated to attain a valuation of USD 29,535.80 million by 2023, as per the latest report by MRFR. Pain management of various chronic diseases remain the primary driver of the market. According to the National Institute of Drug Abuse, nearly 200 million prescriptions were dispensed by U.S. pharmacies in 2017. The large number of prescriptions is an indicator for the large scope of the market.
Favorable reimbursement schemes for covering the costs of opioids in palliative care can work in favor of the market. Large number of patients diagnosed with various cancers can drive the market demand for opioids till 2023. Rise in surgical procedures and road accidents are other factors which can contribute to market demand due to the need for pain relievers. All of these factors are predicted to push the market to exhibit a CAGR of 7.12% during the forecast period.
But misuse of viatris opioids and adverse effects of the drugs which lead to addiction threaten the market growth.
MRFR has segmented the global opioids market by product, application, and end-user.
Based on the product, the market is segmented into immediate release/short-acting opioid and extended release/long-acting opioid. Extended release comprises hydromorphone, oxycodone, morphine, oxymorphone, and others. The extended release segment had accounted for USD 12,750.91 million in 2017. This segment can expand in the coming years due to rising prevalence of chronic diseases.
By application, it is segmented into diarrhea suppression, deaddiction, cough suppression, pain relief, anesthesia, and others. The pain relief segment is expected to be the dominant application of the opioids market due to rise in pain management therapies. Moreover, new guidelines for selling prescription drugs coupled with rise in palliative and end-of-life care can boost segment growth. This in turn can drive the market demand exponentially.
By end-user, the market caters to academic research institutes, hospitals clinics, and pharmacies.
MRFR’s report takes a deep look into major regions which include the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The Americas is predicted to be dominant in the global market due to holding the largest market share due to awareness among patients and the high intake of the drugs for pain alleviation. On the other hand, Europe is expected to showcase prolific growth due to rise in palliative care centers and strict regulations regarding opioid usage.
A Look at the Competition:
Prominent companies operating in the opioids market include Janssen Global Services, LLC, Egalet Corporation, Teva Pharmaceutical Industries Ltd, Pfizer Inc., Sanofi SA, Purdue Pharma L.P, Boehringer Ingelheim GmbH, Allergan Inc., Sun Pharmaceutical Industries Ltd., Mallinckrodt, Vertice Pharma LLC, and West-Ward Pharmaceuticals Corporation.
New in Research
Opioid-induced constipation is on the rise due to being one of the side-effects during intake of pain relievers. In 2019, Novartis has agreed to partner with Shinogi Co Ltd, for bringing to market Rizmoic in selected areas of the Netherlands, the U.K., and Germany.
According to a study published by the researchers at the University of Pennsylvania School of Medicine, patients in the United States and Canada are more likely to procure opioids due to the large number of chronic diseases. High prevalence of minimally invasive surgeries and prescription of codeine in post-operative care can bode well for the global opioids market in the coming years.
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