Newark, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 5.4 billion opioids market will reach USD 7.7 billion by 2032. Opioids are medications used to treat severe pains caused by chronic illnesses such as cancer, cardiovascular diseases, stroke, and diabetes. Patients with these chronic diseases experience extreme pain, which leads to rising demand for painkilling extended-release tablets, fueling the segment's expansion. The Centres for Disease Control and Prevention (CDC) estimate that around six in ten Americans have a chronic illness, such as diabetes, cancer, stroke, or cardiovascular disease. The main causes that create opportunities for the opioids market also include the growth in incidences of cancer, HIV, other disorders, and orthopaedic problems. Reliable estimates indicate that about 10% of the world's population suffers from chronic pain, with figures in some regions and nations closer to 20-25%. Every year, 1 in 10 people worldwide experience chronic pain.
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North America to account for the largest market size during the forecast period.
North America is expected to have the essential opioid market share. The demand for opioids in North America has been increasing owing to the increasing geriatric population and rising product approvals by regulatory authorities such as U.S. Food and Drug Administration. Furthermore, better healthcare infrastructure in the region also helps in the growth of the market.
The oxycodone segment dominated the market with the most significant revenue of USD 1.2 billion.
The oxycodone segment dominated the market with the most significant revenue of USD 1.2 billion.
The pain management segment dominated the market with the most significant revenue of USD 2.1 billion.
The pain management segment dominated the market with the most significant revenue of USD 2.1 billion. The demand for pain management has been increasing as an increasing number of people are experiencing chronic pain due to major illnesses such as cancer, migraine, osteoarthritis, neuropathic, etc.
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Market Dynamics:
Drivers: Increasing chronic disease
The main factors driving the opioid market are the rise in cancer, HIV, other disorders, and orthopaedic diseases. Reliable estimates indicate that about 10% of the world's population suffers from chronic pain, with figures in some regions and nations closer to 20-25%. Every year, 1 in 10 people worldwide experience chronic pain.
Restraint: Surge in opioid addiction
One of the main factors limiting the market's growth is the rise in death rates caused by these medications' overdoses. Additionally, opioids' addictiveness has resulted in drug abuse while also providing some negative effects, such as drowsiness, nausea, constipation, euphoria, confusion, and more. The WHO estimates that drug use contributes to roughly 0.5 million deaths globally. The main factors anticipated to restrain the growth of the opioids market are that more than 70% of these fatalities are related to opioids.
Opportunity: Upsurge in disposable income
An upsurge in disposable income in most developing economies, such as China, India, and others, is expected to provide growth opportunities for the market. The rising disposable income increases people's spending on better healthcare facilities adding impetus to the market's growth.
Challenge: Stringent Regulations
Stringent regulatory measures taken for the sale of opioid medications, such as the requirement of prescriptions, are expected to challenge the market's growth over the forecast period.
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Some of the major players operating in the opioids market are:
● AstraZeneca Plc.
● Johnson & Johnson, Inc.
● Mallinckrodt Pharmaceuticals
● Pfizer, Inc.
● Teva Pharmaceuticals
● Purdue Pharma LP
● C.H. Boehringer Sohn Ag and Ko. Kg
● Sanofi S.A.
● Endo Pharmaceuticals Inc.
● Sun Pharmaceuticals
Key Segments cover in the market:
By Product Type:
● Methadone
● Codeine
● Fentanyl
● Oxycodone
● Morphine
● Hydrocodone
● Others
By Application:
● Pain Management
● Cough Treatment
● Diarrhea Treatment
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About the report:
The global opioids market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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