The opioids market is expected to reach USD 29.53 Billion at CAGR of 7.12% during the forecast period. Opioids interact with the opioid receptors in the nervous system and decrease the pain of treatments and injuries. With its help, the other parts of the body are blocked from reaching pain signals. Health professionals, patients, and others opt and recommend opioids due to their reasonable cost and availability.
Cancer, lower back pain, and many other treatment pains are reduced by opioids hence considered as an effective solution for such health conditions. The orthopedic market is increasing due to the rise in orthopedic diseases and acute pain. Additionally, the aging and elderly population at a global level have projected an improvement in disposable income. The growth of opioid analgesics is expected to rise during the forecasted time frame due to the vast increase in the market in several countries.
COVID 19 Analysis
Opioids are one such market that has a positive effect on the COVID 19 as it acts as a pain-reducing agent. Also, a large number of the population started to accumulate and save opioids medicine due to government restrictions. During the pandemic, the market grew because of increased health concerns, rising chronic diseases, and growing demand for opioids. The opioids market is estimated to grow significantly and have a huge effect during the COVID 19 era.
Opioids Market Dynamics:
Cancer, lung infection, HIV, and some other diseases are on the rise which has driven the expansion of the opioids market growth. In the past, it resulted in a demand surge for opioids and boosted growth. Another factor for the growth of the opioids drug market is the spike in the number of surgeries.
In 2018 the US market saw an upward trend of cosmetic surgical procedures of up to 1.8 million. The forecast year shows a notable increase in surgeries, drug approvals, chronic disease treatment awareness, research initiatives, and others leading to an estimation of the growth of the opioids market.
However if not used correctly then the opioid drugs can have major side effects including constipation, sedation, urinary retention, falls, vomiting, nausea, and others. The forecasted period illustrates a decrease in the opioid market growth due to the adversities and the negative effects of opioids. Due to a drug overdose in the year 2018, 657 deaths were on record. Researchers and experts have considered this and are making constant efforts to reduce and minimize the negative and side effects of opioids.
Special strategies for abuse-deterrent formulations (ADFs) were designed to combat the opioid epidemic which increased research and development of Vivo/Vitro effectiveness. The opioid market thus stands to benefit from the growth leading to an increase in the expected opioid market players. Also, with the new strategies to combat side effects and slow down the negative effect, through opioid-tolerant drugs, the opioids market growth rates can show a significant increase. With the increase of opioid analgesic consumption in all regions, there will be a lot more opportunities in the future for further growth.
Many challenges can slow the progress of the opioids market, even though it is expected to grow in the forecast period. There is an increase in opioid side effects, overdoses, and misuse. There are not enough funders or investors in all regions to fund more research. All these challenges are expected to be overcome and the market will show a high growth rate.
The major factor that will act as a lucrative growth factor for the opioids industry is the rise in acute diseases, awareness of serious health diseases, and surgeries. In the forecast period, the opioids market is expected to grow very rapidly due to increasing product approvals, research into removing or minimizing the side effects, and technological advancements.
Products, drug class, indication, and distribution channel are the 4 factors of segmentation of the opioids market. The subdivision of these factors has been categorized as follow:
The major products that the opioids market is segmented into include oxycodone, codeine, morphine, hydrocodone, fentanyl, and methadone.
The Drug Class constitutes opioids, COZ-2 inhibitors, nonsteroidal anti-inflammatory drugs, and others.
Indication involves many reasons but a few that are the primary causes constitute inflammatory conditions, musculoskeletal pain, neuropathic pain, and cancer pain.
The distribution of opioids is primarily done through two channels that are hospitals and retails pharmacies and online pharmacies with the advent of advancement and technology and the lucrative growth of online selling of medicinal drugs.
The world on a global basis is high on demands of opioid drugs leading to a lucrative growth of the opioids market. With a rise in cases of acute diseases at around 47.79%, North America dominates the opioids market share. The UK region however misuses and abuses it as compared to other regions. It is not recommended by experts and doctors to use opioids for a long period of time because it results in physical dependence, addiction, and other symptoms, hence it is advised to use them very carefully and under the supervision of a doctor and a practitioner. In Canada, the increase in cases of opioid drug overdose, strict government policies, and other things are preventing the growth of the opioid market.
Opioids are the fastest-growing drug market in the Asia Pacific. Many health care professionals and patients associate opioid use with stigmas such as addiction and other side effects. To deal with the situation, the Chinese government has launched a "good pain management" campaign. Cancer patients in China have benefitted from the use of these opioid drugs since 2011. The Middle East & Africa, as well as Europe, are among the many other regions that have a large market share for opioids.
Opioids are a growing market, with strong players such as Allergan PLC, AbbVie Inc., Bayer, etc. Every year, there are new companies entering this market due to its rapid growth. These companies often introduce drugs that are technologically advanced. In their research, they continue to identify the best solution to minimize the negative effects and complications caused due to the use of opioids.
Companies that make opioids market share include Sanofi (France), Teva Pharmaceutical Industries (Israel), Bristol-Myers Squibb (US), AbbVie Inc. (US), Boehringer Ingelheim International GmbH (Germany), Purdue Pharma (US), Astellas Pharma Inc. (Japan), Pfizer Inc. (US), Astellas Pharma Inc (Japan), Biogen Idec (US), Bayer (Germany) and GlaxoSmithKline (UK).
|Market Size||USD 29.53 Billion|
|CAGR||7.12% (2018 - 2023)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product, Application, End User, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Sanofi (France), Teva Pharmaceutical Industries (Israel), Bristol-Myers Squibb (US), AbbVie Inc. (US), Boehringer Ingelheim International GmbH (Germany), Purdue Pharma (US), Astellas Pharma Inc. (Japan), Pfizer Inc. (US), Astellas Pharma Inc (Japan), Biogen Idec (US), Bayer (Germany) and GlaxoSmithKline (UK).|
|Key Market Opportunities||Increase of opioid analgesic consumption in all regions and new strategies to combat side effects and slow down the negative effect, through opioid-tolerant drugs|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Opioids market is expected to reach a valuation of USD 29.53 billion during the forecast period
Opioids market is expected to exhibit a strong 7.12% CAGR over the forecast period.
Some of the biggest and key companies in this market are Allergan PLC (Ireland), Astellas Pharma Inc. (Japan), Abbvie Inc. (US), Bayer (Germany), Boehringer Ingelheim International GmBH (Germany), Eli Lilly and Company (US), Bristol-Myers Squibb (US), Purdue Pharma (US), GlaxoSmithKline (UK), Mallinckrodt Pharmaceuticals (UK), Biogen Idec (US), Teva Pharmaceutical Industries Ltd (Israel), Pfizer Inc. (US), Sanofi (France), and others.
North Americas is the leading regional market for opioids.
According to leading companies of the Opioids market, the high growth is expected to be in the forecast period. Due to lifestyle changes, the adoption of opioid drug consumption, and orthopedic diseases, the market is projected to have very good growth.
Among all the other available regions in this market, North America holds the largest share of the opioids market. However, there are many other ones, which come next with high growth like Europe, Asia Pacific, Middle East, and others.