Burlingame, Nov. 29, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The global opioid drugs market was valued at US$ 45.0 Billion in 2023 and is forecast to reach a value of US$ 56.5 Billion by 2030 at a CAGR of 3.3% between 2023 and 2030.
Increasing investment in opioid drugs is expected to offer lucrative growth opportunities for players in the market. Increased product launches are one important factor encouraging the expansion of the market. A rising geriatric population, increasing regulatory approval, and a rising number of highly invasive surgical procedures are propelling the growth of the market during the forecast period.
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Increasing prevalence of various cancer
The rising prevalence of cancer is expected to increase the use of opioid medications for the management of pain caused by cancer. This is expected to drive opioid drugs market growth over the forecast period. For instance, according to data published by the American Cancer Society, in January 2023, lung cancer (both small cell and non-small cell) is the second most common cancer in both men and women in the U.S., and it is estimated that in 2023, there will be about 238,340 new cases of lung cancer (117,550 in men and 120,790 in women) and about 127,070 deaths from lung cancer (67,160 in men and 59,910 in women) in U.S.
Market Key Developments
On March 29, 2023, Emergent BioSolutions, a U.S.-based multination specialty biopharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) had approved Narcan Naloxone HCl Nasal Spray 4 mg as an over-the-counter (OTC) emergency treatment of opioid overdose.
On May 22, 2023, Indivior PLC, a U.K.-based pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) approved OPVEE (nalmefene) nasal spray for the emergency treatment of opioid overdose induced by natural or synthetic opioids in adults and pediatric patients aged 12 years and older.
Key Market Takeaways:
The global opioid drugs market is expected to exhibit a CAGR of 3.3% during the forecast period due to the increase in the number of orthopedic surgeries performed each year. For instance, according to an article published in the National Library of Medicine in April 2022, there were more than 169,116 orthopedic surgeries performed in Germany in 2020. The rise in the number of orthopedic surgical procedures will increase the use of opioids for pain cessation.
Among drug class, the synthetic opioids segment is expected to dominate the market over the forecast period, and this is attributed to the advantages of synthetic opioids over natural opioids. Fentanyl is a synthetic opioid with higher lipophilicity compared to morphine. This higher lipid solubility allows fentanyl to cross the blood cerebrospinal fluid barrier more rapidly and produce analgesic effects more quickly than morphine. Moreover, fentanyl is 100 times more potent than morphine.
Among route of administration, the parenteral is expected to dominate the market over the forecast period, and this is attributed to the advantages of the injectable route as compared to other route of administration such as oral, topical, and others. The injectable route provides a faster on-set of action and, thus, can be used during emergency situations. Moreover, the parenteral route has more bioavailability than other route, the dose of the parenteral route is lower, which can reduce the overdose of opioids.
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Key players operating in the global opioid drugs market include Teva Pharmaceutical Industries Ltd., Johnson & Johnson, Endo International plc, Lupin Limited, Cadila Healthcare Limited, Purdue Pharma L.P., AbbVie Inc., Fresenius Kabi, Mallinckrodt Pharmaceuticals, Pfizer Inc., Rhodes Pharmaceuticals L.P., Sun Pharmaceutical Industries Limited, Nesher Pharmaceuticals (USA) LLC, Amneal Pharmaceuticals LLC, Trevena Inc., and Aurobindo Pharma Limited
Market Restraint
The major factor hampering the growth of the opioids drugs market is the number of side effects associated with opioid use and deaths due to opioid overdose. For instance, on August 10, 2023, the Centers for Diseases Control and Prevention (CDC) published a report suggesting that more than 106,699 drug overdose deaths occurred in the U.S. in 2021. Moreover, according to the same source as above, overdose deaths increased by 14% from 2020 to 2021, and mainly synthetic opioids were responsible for 88% of overdose deaths in 2021 in the U.S.
As a result, the regulatory authorities especially the U.S. FDA, should focus on providing stringent guidelines for the manufacturing and use of opioids so as to reduce misuse of these drugs.
Market Opportunity
An increase in the prevalence of various cancers, such as prostate cancer, is expected to increase the demand for opioids for its pain management. For instance, according to an article published by the World Cancer Research Fund International, a not-for-profit association related to cancer prevention research related to diet, weight, and physical activity, in March 2022, more than 375,304 people died due to prostate cancer worldwide in 2020, out of which the highest number was in Zimbabwe (868)
Drugs Market Cross Sectional Analysis:
Among distribution channel, the hospital pharmacies segment is dominant during the forecast period in the North America region due to the increase in the number of pharmacies in the U.S. For instance, according to an article polished by The Commonwealth Fund, a private U.S.-based foundation involved in providing standard health care services, in August 2021, there are roughly 60,000 retail pharmacies in the U.S., of which one-third are independent pharmacies and two-thirds are retail chains, supermarkets, or mass retailers.
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Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Drug Class
- Market Snippet, By Application
- Market Snippet, By Route of Administration
- Market Snippet, By Distribution Channel
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Recent Product Launches
- Epidemiology
- Merger, Acquisition, and Collaborations
- Regulatory Scenario
- Key Developments
- Reimbursement Scenario
- PEST Analysis
- PORTER’S Analysis
- Market Dynamics
Global Opioid Drugs Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
Read complete market research report, "Opioid Drugs Market , by Drug Type, by Application, by Route of Administration, by Distribution Channel, By Region, and Segment Forecast 2023-2030", Published by Coherent Market Insights.
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