Market Overview –
The opioids market is predicted to grow at a 5.4% CAGR between 2023 and 2032, reaching USD 6.93 billion.
The Opioids Market encompasses pharmaceutical drugs derived from opium or synthesized to mimic its effects, primarily used for pain management. Opioids are potent analgesics commonly prescribed for acute and chronic pain conditions, including postoperative pain, cancer-related pain, and severe injuries. However, the widespread use of opioids has led to concerns about addiction, overdose, and misuse.
The opioids market, while grappling with addiction concerns, sees a promising trend with the growing adoption of naltrexone. This medication offers a novel approach to managing opioid dependence by blocking opioid receptors, reducing cravings and withdrawal symptoms. As awareness rises, naltrexone's role in addiction treatment strengthens, contributing to a multifaceted approach to opioid management.
In recent years, the opioids market has witnessed significant growth globally due to several factors. Firstly, there has been increasing recognition of the need for effective pain management options, particularly in the context of aging populations and rising prevalence of chronic pain conditions. Key players in this market include pharmaceutical companies, healthcare providers, pain management clinics, and regulatory agencies, collaborating to develop and distribute opioids responsibly while mitigating risks of abuse and addiction.
Moreover, advancements in opioid formulations and delivery systems have led to the development of extended-release, abuse-deterrent, and non-opioid combination products. These innovations aim to improve pain control, reduce side effects, and minimize the potential for addiction and misuse.
Segment analysis
The segment study for the global opioids market is done by product, end-users, and applications. The product based segments of the opioids market are immediate-release/short-acting opioids and extended-release/long-acting opioids. The sub-segments of the extended-release opioid segment are morphine, oxycodone, oxymorphone, and hydromorphone among others. The extended-release opioid segment can value above USD 12,750.91 Mn by 2027. The sub-segments of the immediate-release opioid segment are hydrocodone, codeine, morphine, and fentanyl among others. The application-based segments of the opioids market are anesthesia, pain relief, diarrhoea suppression, cough suppression, and de-addiction. The end-user based segments of the global opioids market are pharmacies, academic research institutes, and hospitals & clinics. The end-user segments can largely benefit the opioids market.
Regional Analysis
The opioids market in Americas can secure the largest share of the worldwide global opioids market in the study period. The increase in the application of intravenous usage of opioids due to its fast action can promote the regional market rise in the near future. The growing awareness of IV application of opioids and its medical uses can drive the regional market in the near future. The market in Americas can accounted for the major share of the worldwide opioids market owing due rise in intravenous drug application. In Europe, the opioids market can thrive owing to the rise in demand for palliative care facilities. The introduction of reformed regulations for prescribing opioids can promote the market in the region. In Asia Pacific, the market is likely to be fast growing through the review period. Populace demographics and rise in availability of effective opioid medicines can favor the Asia Pacific opioids market in the analysis period. In South Korea, the market can secure about 6% of the APAC opioids market by 2027. In the Middle East and Africa region, a steady rise for the market is likely due to increase in count of opioid manufacturers in the region.
Key Players –
Opioids key players include Sanofi from France, Teva Pharmaceutical Industries from Israel, Bristol-Myers Squibb from the US, AbbVie Inc. from the US, Boehringer Ingelheim International GmbH from Germany, Purdue Pharma from the US, Astellas Pharma Inc. from Japan, Pfizer Inc. from the US, Biogen Idec from the US, Bayer from Germany, and GlaxoSmithKline from the UK.
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