New York, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The global opioids market is expected to generate US$42.9 billion in revenue in 2022, with the global market expected to grow at a CAGR of 3.3% to US$61.1 billion by the end of 2033.
The opioids market is a significant segment of the global pharmaceutical industry, primarily driven by the management of pain in various medical conditions. Opioids are potent analgesic agents that interact with the opioid receptors in the central nervous system, providing pain relief. However, their use is accompanied by concerns about addiction, abuse, and overdose.
Opioids are a class of drugs derived from the opium poppy plant or synthetically developed to mimic their effects. They are widely used to manage moderate to severe pain and are prescribed for various medical conditions, including postoperative pain, cancer-related pain, and chronic pain.
This research report delves into the current state of the opioids market, including market trends, drivers, challenges, regulatory landscape, competitive dynamics, and future prospects. The opioids market encompasses a range of products, from immediate-release formulations to extended-release formulations designed to provide prolonged pain relief.
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Market Trends and Dynamics:
Pain Management: Pain remains a prevalent medical issue, driving the demand for effective pain management solutions. Opioids play a crucial role in providing relief to patients suffering from acute or chronic pain.
Rise in Chronic Diseases: The increasing incidence of chronic diseases, such as cancer and musculoskeletal disorders, contributes to the demand for opioids as part of pain management strategies.
Pharmaceutical Innovation: Pharmaceutical companies continue to invest in the development of novel opioid formulations that aim to provide improved pain relief while minimizing the risks of abuse and addiction.
Opioid Crisis and Regulatory Responses: The opioids market has been marred by the opioid crisis, characterized by widespread opioid abuse, addiction, and overdose-related deaths. Regulatory authorities have responded by implementing stricter guidelines for opioid prescribing and dispensing.
Market Drivers:
Aging Population: As the global population ages, the prevalence of conditions associated with chronic pain, such as arthritis and back pain, is increasing, driving the demand for effective pain management solutions.
Surgical Procedures and Trauma Cases: The growing number of surgical procedures, traumatic injuries, and medical interventions necessitates the use of opioids for postoperative pain relief.
Cancer Treatment: Opioids play a crucial role in palliative care and cancer treatment, providing pain relief and improving the quality of life for patients undergoing chemotherapy and other aggressive treatments.
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Market Challenges:
Opioid Crisis and Addiction Concerns: The opioid crisis has raised significant concerns about the potential for opioid abuse, addiction, and overdose. This has led to increased scrutiny and regulation of opioid prescriptions.
Regulatory Hurdles: Stringent regulations and prescribing guidelines make it challenging for healthcare professionals to balance the need for pain relief with the risks associated with opioids.
Alternative Pain Management: The rise of non-opioid alternatives for pain management, including non-pharmacological approaches and alternative medications, poses a challenge to the traditional opioids market.
Market Segmentations:
Product:
- Morphine
- Codiene
- Fentanyl
- Meperidine
- Methadone
Application:
- Analgesia
- Cough Suppression
- Diarrhea Suppression
Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Drug Store
- Clinics
- Others
Regional Analysis:
North America, particularly the United States, has historically been a significant market for opioids. The region has faced a well-documented opioid epidemic characterized by high rates of opioid misuse, addiction, and overdose deaths. This has led to increased scrutiny of opioid prescribing practices, regulatory interventions, and public health campaigns to address the crisis. As a result, the opioids market in North America has been influenced by changing prescription patterns, efforts to reduce overprescribing, and a push for non-opioid pain management alternatives.
European countries have generally been more conservative in opioid prescribing compared to North America. While opioids are used for pain management, there has been a focus on minimizing the risks of misuse and addiction.
The opioids market in the Asia-Pacific region has seen growth in recent years. Countries like Australia, China, and India have reported increased opioid use for pain management, especially in cancer and palliative care. However, regulatory frameworks, availability, and prescribing practices vary across these countries.
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Competitive Landscape:
The opioids market is characterized by a mix of well-established pharmaceutical companies, as well as newer entrants focused on developing abuse-deterrent formulations and safer pain management options.
Key players include Pfizer, Inc., Boehringer Ingelheim International GmbH, Janssen Pharmaceuticals, Inc., Sanofi SAIS, Sun Pharmaceutical Industries Ltd., Actavis Plc. [Teva Pharmaceutical Industries Ltd.], Mallinckrodt Pharmaceuticals, Endo Pharmaceuticals Inc. [Endo International plc], Purdue Pharma L.P., Assertio Therapeutics, Inc. (Assertio Holdings, Inc.)
Recent Developments
- In August 2022, Adalvo obtained Onsolis, a branded opioid drug, from a reputable specialty pharmacy firm in the United States. This opioid has been recommended for the management of chronic pain in cancer patients. This acquisition expanded the company's opioid medicine portfolio and presented a significant possibility for growth.
- In August 2020, the US Food and Drug Administration approved Olinvyk (oliceridine), an opioid, for the treatment of moderate to severe acute pain. Trevena, Inc., a biopharmaceutical business, received this approval from the FDA.
Future Outlook:
The opioids market is undergoing transformation due to the opioid crisis and the associated need for safer pain management solutions. The future of the market will likely involve a shift towards the development of abuse-deterrent formulations, novel non-opioid alternatives, and a greater emphasis on personalized pain management strategies.
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