Market Insights —
According to Market Research Future, the global opioids market is likely to register a CAGR of 7.12% and is expected to reach USD 29,535.80 million till 2023 with this growth rate. Mainly, opioids are considered as a type of narcotic pain medication that can be used to treat severe pain. Opioids are generally used as cough suppressants, anesthesia, diarrhea suppressants, and as a cure for many other diseases.
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Global Opioids Market: Drivers & Trends
Currently, opioids are being increasingly used for treating chronic pains that are associated with various diseases such as cancer, arthritis, lower back pain, and fibromyalgia. Therefore, MRFR included in reports that conferring to a report published by the National Institute on Drug Abuse that more than 200 million opioid prescriptions were dispensed by the US retail pharmacies in 2017. Subsequently, such a rising number of opioid prescriptions are exponentially contributing to boost the growth of global opioids market in the years to come.
It has been observed that the rising prevalence of the disease with chronic pain, such as cancer, lower back pain, arthritis, and fibromyalgia, all these are driving the opioids market at an exponential rate. Also, a substantial rise in road accidents and trauma, coupled with a constant increase in the cases of surgical procedures, are even driving demand for opioid-based pain management solutions at a higher level.
According to MRFR’s reports, the global opioids market, by product, has been segmented into extended-release/long-acting opioids and immediate-release/short-acting opioids. Wherein, the extended-release opioid segment is further segmented into oxycodone, oxymorphone, morphine, hydromorphone, and others. Further, the immediate-release opioid segment is also segmented into codeine, hydrocodone, fentanyl, morphine, and others. As per the reports, the extended-release opioid segment accounted for a value of USD 12,750.91 million in 2017.
By application, the market is also be segmented into pain relief, anesthesia, cough suppression, diarrhea suppression, and de-addiction.
By end user, the global opioids market has been segmented into hospitals & clinics, pharmacies, and academic research institutes.
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Geographically, the global opioids market has covered main regions of Americas, Europe, Asia-Pacific, and the Middle East and Africa.
Among these, the Americas is expected to have the largest share of the global opioids market owing to the mounting intravenous usage of opioids in the region. With this, high awareness among people on the medical uses of opioids is also expected to drive the market growth in the region.
Whereas, Europe also showed a considerable amount of growth rate in the market owing to swelling palliative care facilities and renewed regulations for the prescription of opioids. Moreover, Asia-Pacific comes, where it is estimated to be the fastest growing region in the global market owing to the increased availability of effective opioid medications, which in turn, are likely posing as the key factors for the growth of Asia-Pacific opioids market in the forecast period.
After the Asia Pacific, South Korea also held a share of 6% in the Asia-Pacific opioids market in 2017 and the Middle East and Africa region is also expected to observe a steady growth owing to the increasing quantity of opioid manufacturers in North African.
The prominent players in the global opioids market are Sanofi SA (France), Pfizer Inc. (US), Boehringer Ingelheim GmbH (Germany), Teva Pharmaceutical Industries Ltd (Israel), Allergan Inc. (US), Purdue Pharma L.P. (US), West-Ward Pharmaceuticals Corporation (Jordan), Sun Pharmaceutical Industries Ltd (India), Egalet Corporation (US), Janssen Global Services, LLC (US), Vertice Pharma LLC (UK), Mallinckrodt (Surrey), and others.
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