New York, July 12, 2023 (GLOBE NEWSWIRE) -- The global oxycodone market size is poised to grow at a CAGR of over ~7% from 2023 to 2035. The market is anticipated to garner a revenue of nearly USD 21 billion by the end of 2035, up from a revenue of about USD 9 billion in the year 2022. Oxycodone is a semi-synthetic opioid with analgesic properties similar to morphine. Owing to its analgesic and sedative properties, it is prescribed to cancer patients suffering from extreme pain. The market growth is mainly attributed to the increasing prevalence of cancer and rising cancer mortality rates across the globe. According to the World Health Organization (WHO), in the year 2018, 9.6 million people died from cancer and in the year 2020, died of cancer more than 10 million. It also had 2.26 million new deaths from breast cancer, 2.21 million from lung cancer and 14.1 million from cancer.
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Oxycodone, sold under various brand names such as Roxycodone and OxyContin, is a powerful semi-synthetic opioid used medically to treat moderate to severe pain. It is a commonly abused and highly addictive drug. It is currently indicated as an immediate release product for moderate to severe pain and as a sustained release product for chronic moderate to severe pain requiring long-term continuous opioid analgesia.
Global Oxycodone Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The oral segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Cancer Prevalence across the Globe to Boost Market Growth
Cancer incidence is expressed as the number of people living without a cancer diagnosis. It is defined by how often cancer develops (incidence) and how long people live after diagnosis (survival). Therefore, the most common cancers with the longest survival rates have the highest prevalence. For instance, the prevalence of breast cancer in women and prostate cancer in men is high, estimated at 42% and 43% respectively in 2019. Global cancer research and development was noted to continue to increase in the year 2021, and clinical trials were noted to increase by 50% in the year 2021. Moreover, the economic expenditure for cancer treatment and therapy development is increasing year by year in various health areas around the world. Global oncology spending in the year 2021 was approximately USD 185 billion. For comparison, six years ago, oncology spending was about USD 85 billion. FDA-approved biomarkers, such as activating mutations in the epidermal growth factor receptor (EGFR), can determine the efficacy of EGFR inhibitors. H. Gefitinib, a targeted cancer drug. Response rates to gefitinib were over 60% in selected patients and approximately 25% in unselected patients. Therefore, the increasing rate of new drug development is expected to be another key factor contributing to the market growth of the global market.
Global Oxycodone Market: Regional Overview
The global oxycodone market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Healthcare Industry to Drive the Market Growth in Asia Pacific Region
The oxycodone market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the large number of cancer patients in the region, and a growing medical sector in the region. The regional market growth can also be accredited to the growing aged population in the region. Elderly people are more susceptible to cancer, which requires oxycodone to treat. The Asia Pacific population is aging faster than anywhere else is in the world. Sixty per cent of the world's total elderly population, that is, 630 million aged people reside in the Asia Pacific region. The region's elderly population is expected to reach 1.3 billion by the year 2050. Moreover, the government's role in raising awareness of the use of embalming fluid is expected to spur market growth in the region. Moreover, increased funding for medical infrastructure is expected to influence the growth of the market in the region.
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Growing Cancer Cases to Propel the Growth in the North America Region
The oxycodone market in the North America region is estimated to garner the highest CAGR by the end of 2035. The growth of the market in this region can primarily be attributed to the fact that cancer patients are increasing in this region. An estimated 1,806,590 new cancer cases were diagnosed in the United States in the year 2020, according to the National Cancer Institute. Moreover, the presence of large research institutes in the region coupled with high healthcare costs are estimated to boost the market growth. Moreover, the insurance companies in North America offer efficient reimbursement policies to the patients going through cancer treatment, which encourages the patients to opt for advanced treatment methods. Hence, this is also estimated to add to the regional market growth significantly. Rising economic conditions and affordability of advanced treatments for patients are further expected to boost the market growth in this region during the forecast period. According to the U.S. Bureau of Economic Analysis, U.S. personal income increased 0.3% to USD 71.6 billion in August 2022, while personal spending increased 0.4% to USD 6.75 billion.
Oxycodone Segmentation by Route of Administration
- Oral
- Intravenous
- Others
Amongst these three segments, the oral segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be accredited to the fact that oxycodone retains half of its analgesic properties when taken orally, hence the safer effects of oxycodone when taken orally. Across the world, it has been noted that aged people are more prone to cancer and for them oral route of administration is much more easier than intravenous or other methods. Overall cancer incidence increases steadily with age, from less than 25 cases per 100,000 under 20 years to more than 1000 cases per 100,000 people for aged 60 years and over. Hence, this is estimated to add to the segmental growth notably.
Oxycodone Segmentation by End User
- Hospitals
- Oncological Centers
- Drug Stores
- Others
Amongst these four segments, the hospitals segment is anticipated to hold a significant share over the forecast period. The growth of the segment can be accredited to the large number of patients requiring treatment for cancer conditions. The hospitals are also growing rapidly in number, which is estimated to positively influence the segmental growth. For instance, by the year 2022 there was noted to be approximately 6,100 hospitals in the United States. Hospitals provide a wide range of medical care. Physicians, called hospital doctors, typically specialize in internal medicine, pediatrics, or general practice. They have the knowledge to solve common problems and the resources to solve more complex medical problems. Hospitals may also offer specialized care, such as neurology, obstetrics and gynecology, and oncology. By definition of a hospital, a county hospital is typically a primary medical facility in a region with numerous intensive care and mobile beds for patients requiring long-term care.
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Oxycodone Segmentation by Application
- Analgesic
- Sedative
- Others
Few of the well-known market leaders in the global oxycodone market that are profiled by Research Nester are Bayer AG, Abbott Laboratories, Merck & Co., Inc., Validus Pharmaceuticals LLC, Teva Pharmaceutical Industries Ltd., Siemens Healthcare GmbH., and other key market players.
Recent Development in the Global Oxycodone Market
- The Anesthetics and Analgesics Products Advisory Committee, FDA, and Drug Safety and Risk Management Advisory Committee discuss the use of oxycodegol, a new oxycodone-based drug, to treat chronic low back pain in adult patients.
- FDA creates an opioid system model to overlook and highlight potential opioid drug use, misuse, and abuse.
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