It is anticipated that the demand for the opioid will experience an upswing over the projected period, owing to the significant expansion of the market.
Fort Collins, Colorado, Feb. 02, 2024 (GLOBE NEWSWIRE) — The Opioids Market was valued at USD 23.4 Billion in 2022 and is anticipated to reach USD 29.6 Billion by 2032 at a CAGR of 2.5%.
Opioids are medications that target the nervous system to ease pain, commonly prescribed for moderate to severe chronic illnesses. They are particularly useful in managing pain among cancer patients and those with terminal illnesses. The market for opioids is expected to expand due to several factors, such as an increase in orthopedic diseases, a rise in chronic illnesses such as cancer, and a growth in disposable income. The surge in the geriatric population is also expected to contribute to this growth.
As people live longer, the elderly population grows. This is due to a decrease in fertility and mortality rates. Unfortunately, chronic pain tends to worsen with age, and it is most severe in individuals aged 65 and older. Consequently, it is projected that there will be an increased demand for opioid medications to manage chronic pain as the geriatric population expands. As a result, the market is expected to grow even more during the forecast period, thanks to the rising geriatric population.
Numerous laws have been put in place by the government to manage the use of opioids in a responsible and regulated manner, preventing their misuse. The prescription and dosage of opioids for different medical conditions have been clearly defined, and any violation of these regulations will result in strict legal action. Doctors primarily prescribe opioids to alleviate moderate to severe pain resulting from injuries. Although they may be used to treat diarrhea and cough, these medications are typically available only with a prescription. Commonly prescribed opioid drugs include oxycodone, morphine, hydrocodone, codeine, methadone, fentanyl, and others. Some opioid medications are used to manage severe pain in cancer patients and chronic pain in individuals with terminal illnesses.
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The global opioids market has been segmented into product type, receptor binding, application, and region. Morphine is a commonly prescribed pain-relieving medication, especially after surgery or for chronic pain issues. It has a significant share in the product type segment. Additionally, it is used in emergency departments to alleviate chest pain, headaches, arthritis, and other similar problems. Pain management is a significant application segment for morphine. Opioids activate opioid receptors, which help block pain signals to the brain, thus providing relief to patients during surgeries or treatment of diseases like cancer, as per Johns Hopkins Medicine.
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Opioids Market Report Highlights:
- The global opioids market growth is anticipated at a CAGR of 2.5% by 2032.
- Opioids are medicines used to relieve moderate to severe chronic pain in cancer patients and those with terminal illnesses. The opioid market is expected to grow due to factors such as the rise in orthopedic and chronic diseases, an increase in disposable income, and a surge in the geriatric population. As people age, chronic pain worsens, leading to an increased demand for opioids to manage it. The government has put in place strict regulations to prevent the misuse of opioids, clear prescription and dosage guidelines, and legal action for any violations.
- North America has been leading the opioid market for a while now, and it’s expected to continue its dominance in the coming years. The United States holds the most significant market share among the North American countries. The opioid market in this region has been on the rise due to regulatory authorities’ rising product approvals, such as the U.S. Food and Drug Administration. Moreover, there’s a surge in medication approval to meet North America’s unfulfilled medical needs.
- Some prominent players in the opioids market report include Amneal Pharmaceuticals Inc., Endo International Plc., Teva Pharmaceuticals Industries Ltd., Hikma Pharmaceuticals Plc., Mallinckrodt Pharmaceuticals, Sun Pharmaceutical Industries Ltd., AstraZeneca Plc., Assertio Holdings, Purdue Pharma L.P., Sanofi S.A., and others.
Industry Trends and Insights:
– Amneal Pharmaceuticals, Inc. recently launched fluorometholone ophthalmic suspension, which has received approval from the U.S. Food and Drug Administration. This product has been granted 180-day competitive generic therapy (CGT) exclusivity, which applies to the first marketed generics of key medicines.
– Paladin Labs Inc., a subsidiary of Endo International plc, announced that XCOPRI® (cenobamate tablets) is now available in Canada. This medication is intended for use as an adjunctive therapy in the management of partial-onset seizures in adults with epilepsy who have not been satisfactorily controlled with conventional treatment.
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Opioids Market Segmentation:
By Product Type: Methadone, Codeine, Fentanyl, Oxycodone, Morphine, Hydrocodone, and Others
By Receptor Binding: Strong Agonist, and Mild to Moderate Agonist
By Application: Pain Management, Cough and Cold, Diarrhoea, and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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