Narcotic Drugs Market Is Set To Grow At A Rate Of More Than 5% With Rising Incidence Of Chronic Diseases As Per The Business Research Company’s Narcotic Drugs Global Market Report 2024
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Dec. 18, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Narcotic Drugs Global Market Report 2024, the narcotic drugs market has exhibited robust growth in recent years, showcasing a compelling surge from $13.56 billion in 2023 to $14.26 billion in 2024, with a noteworthy compound annual growth rate (CAGR) of 5.1%. This commendable growth in the historic period is credited to escalating medical needs, growing public health concerns, increased access to healthcare, a rise in chronic pain prevalence, and government initiatives aimed at improving pain management.
Steady Trajectory Ahead
Anticipating the future, the narcotic drugs market is on track for sustained growth, projecting an expansion to $16.88 billion in 2028 at a steady CAGR of 4.3%. The forecasted growth is underpinned by an increasing demand for generic narcotic drugs, the flourishing pharmaceutical industry, a surge in demand for minimally invasive surgeries, and the heightened use of narcotic drugs in palliative care. Key trends in the forecast period encompass pharmaceutical innovation, the integration of telemedicine and remote monitoring, the development of non-opioid alternatives, and the utilization of artificial intelligence (AI) in drug discovery and development.
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Addressing the Rise in Chronic Diseases
A pivotal driver propelling the growth of the narcotic drug market is the escalating incidence of chronic diseases. Chronic diseases, lasting three months or more, include conditions that can deteriorate over time. Narcotic drugs play a crucial role in managing chronic diseases, offering relief for conditions such as cancer, chronic pain syndrome, terminal illness, and severe arthritis. For instance, as per the National Library of Medicine, the US will witness a staggering 99.5% increase in the number of people aged 50 and older with at least one chronic condition, reaching 142.66 million by 2050. This underscores the integral role of narcotic drugs in addressing the growing burden of chronic diseases.
Innovation and Product Development as Key Strategies
Major companies operating in the narcotic drugs market are strategically focusing on product development and innovation to fortify their market positions. For example, Indivior PLC recently launched OPVEE (nalmefene) nasal spray, designed as an opioid overdose rescue medicine for natural and synthetic opioids like fentanyl. The emphasis is on the immediate treatment of known or suspected opioid overdoses in adults and pediatric patients, indicating the industry’s commitment to addressing critical healthcare challenges.
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In conclusion, stakeholders in the narcotic drugs market can leverage the insights provided by the Narcotic Drugs Market Report to make informed and strategic decisions. Understanding narcotic drugs market dynamics, emerging trends, and the competitive landscape is essential for businesses aiming to capitalize on the growth potential. By staying abreast of innovative solutions, anticipating market shifts, and navigating the complexities of the industry, players can position themselves for success in an evolving landscape. The narcotic drugs market report serves as a valuable tool to guide businesses in making informed decisions, fostering innovation, and capitalizing on the opportunities that lie ahead in the dynamic narcotic drugs market.
Narcotic Drugs Global Market Report 2024 by The Business Research Company provides insights on the narcotic drugs market size, narcotic drugs market segments, narcotic drugs market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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