Opioids
Market Information: By Product (Extended-Release/Long-Acting Opioid, Immediate
Release/Short Acting Opioid), by Application (Pain Relief, Anesthesia, Cough
Suppression, Deaddiction, Others), by End User, and by Region — Global Forecast
till 2023
Opioids
are medications prescribed by doctors and physicians to treat various levels of
pain. These can include acute pain and chronic non-cancer pain. They are also
known as painkillers and used to block pain signals from the brain. Market
Research Future (MRFR) has stressed the advantages of the intake of opioids as
well as the efforts by manufacturers to address various issues concerning the
drugs.
Growth Drivers
The
global Opioids Market size is slated to attain a valuation of USD
29,535.80 million by 2023, as per the latest report by MRFR. Pain management of
various chronic diseases remain the primary driver of the market. According to
the National Institute of Drug Abuse, nearly 200 million prescriptions were
dispensed by U.S. pharmacies in 2017. The large number of prescriptions is an
indicator for the large scope of the market.
Favorable
reimbursement schemes for covering the costs of opioids in palliative care can
work in favor of the market. Large number of patients diagnosed with various
cancers can drive the market demand for opioids till 2023. Rise in surgical
procedures and road accidents are other factors which can contribute to market
demand due to the need for pain relievers. All of these factors are predicted
to push the market to exhibit a CAGR of 7.12% during the forecast period.
Establishment
of new guidelines to curb the intake of opioids and reduce the addiction rates
are expected to disrupt the market in a positive manner. For instance, the sale
of over-the-counter drugs containing opioids is restricted, while stringent
measures are undertaken regarding prescriptions given by doctors. New policies
by government-supported insurance companies such as Medicare are limiting the
dispensation rate of opioids to 7 days.
But
misuse of opioids and adverse effects of the drugs which lead to addiction
threaten the market growth.
Segments In-Detail:
MRFR
has segmented the global opioids market by product, application, and end-user.
Based
on the product, the market is segmented into immediate release/short-acting
opioid and extended release/long-acting opioid. Extended release comprises
hydromorphone, oxycodone, morphine, oxymorphone, and others. The extended
release segment had accounted for USD 12,750.91 million in 2017. This segment
can expand in the coming years due to rising prevalence of chronic diseases.
By
application, it is segmented into diarrhea suppression, deaddiction, cough
suppression, pain relief, anesthesia, and others. The pain relief segment is
expected to be the dominant application of the opioids market due to rise in
pain management therapies. Moreover, new guidelines for selling prescription
drugs coupled with rise in palliative and end-of-life care can boost segment
growth. This in turn can drive the market demand exponentially.
By
end-user, the market caters to academic research institutes, hospitals &
clinics, and pharmacies.
Regional Analysis:
MRFR’s
report takes a deep look into major regions which include the Americas, Europe,
Asia Pacific (APAC), and the Middle East and Africa (MEA).
The
Americas is predicted to be dominant in the global market due to holding the
largest market share due to awareness among patients and the high intake of the
drugs for pain alleviation. On the other hand, Europe is expected to showcase
prolific growth due to rise in palliative care centers and strict regulations
regarding opioid usage.
A Look at the Competition:
Prominent
companies operating in the opioids market include Janssen Global Services, LLC,
Egalet Corporation, Teva Pharmaceutical Industries Ltd, Pfizer Inc., Sanofi SA,
Purdue Pharma L.P, Boehringer Ingelheim GmbH, Allergan Inc., Sun Pharmaceutical
Industries Ltd., Mallinckrodt, Vertice Pharma LLC, and West-Ward
Pharmaceuticals Corporation.
New in Research
Opioid-induced
constipation is on the rise due to being one of the side-effects during intake
of pain relievers. In 2019, Novartis has agreed to partner with Shinogi &
Co Ltd, for bringing to market Rizmoic in selected areas of the Netherlands,
the U.K., and Germany.
According
to a study published by the researchers at the University of Pennsylvania
School of Medicine, patients in the United States and Canada are more likely to
procure opioids due to the large number of chronic diseases. High prevalence of
minimally invasive surgeries and prescription of codeine in post-operative care
can bode well for the global opioids market in the coming years.
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