The global opioids market size is estimated to reach USD 29.4 billion by 2026, according to a new report by Grand View Research, Inc., expanding at a CAGR of 1.8% over the forecast period. Growing geriatric population, coupled with increasing focus on palliative care, is estimated to drive the market. Moreover, increasing geographical expansions by market players is expected to fuel growth.
Rising
prevalence of disease conditions with chronic pain, such as cancer, lower back
pain, arthritis, and fibromyalgia, is driving the opioids market. Substantial
rise in road accidents and trauma, coupled with constantly increasing cases of
surgical procedures, is also driving demand for opioid-based pain management
solutions.
On
the basis of product, ER was the dominant segment in 2018 owing to its high
usage in chronic pain management. However, the abuse and misuse of these drugs
have resulted in a serious public health crisis.
North
America led the market in 2018 with a share of 55.5% in terms of revenue. One
of the major reasons for its dominance is rising geriatric population with
terminal conditions, such as rheumatoid arthritis. However, opioid abuse in
U.S. has been rising at an alarming rate. Overdose has killed over 28,000
people in 2014 alone. Almost half of those deaths were caused by prescription
drugs. Hence, drug abuse has been declared a “public health emergency” in U.S.
and this is likely to limit market growth in North America.
According
to the federal government, around 4,000 Canadians died due to opioid-related
overdose in 2017, which is a 34% jump from the previous year. Globally,
Canadians are one of the highest users of prescription opioids and this rate,
along with associated deaths and hospital visits, has been growing rapidly. To
combat this, Health Canada aims to restrict the marketing of such drugs.
The
federal government is calling on pharmaceutical companies to stop marketing opioids.
For instance, Purdue Pharma has stopped marketing its opioids in Canada,
thereby limiting the growth of the North America market. The company has, in
fact, shifted its focus to other regions, such as Asia Pacific, to retain its
hold in the market. APAC is likely to witness the fastest growth in the coming
years.
Full Research Report On Opioids Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/opioids-market
Further key
findings from the study suggest:
- Extended
release was the largest product segment in 2018 due to its high usage in
chronic pain management
- Cancer pain
was the largest pain relief segment in 2018 owing to global increase in prevalence
of cancer
- North America
was the largest regional market in 2018, driven by presence of key players
and highest use of prescription opioids
- Europe was
the second-largest regional market in 2018, primarily fueled by growing
geriatric population
- Asia Pacific
is expected to witness the fastest growth over the forecast period due to
increase in geriatric population, coupled with shifting focus of key
players towards this region in order to strengthen their position
- Some of the
key players are Purdue Pharma L.P; West-Ward Pharmaceuticals Corporation;
Allergan; Pfizer, Inc.; Janssen Pharmaceuticals, Inc.; Egalet Corporation;
and Sun Pharmaceutical Industries Limited. Most key players are focusing
on entering untapped regions and expanding their product portfolios.
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/opioids-market/request/rs1
Grand View Research has
segmented the global opioids market on the basis of product, application, and
region:
Opioids Product
Outlook (Revenue, USD Billion, 2014 - 2026)
- Immediate-release/Short-acting
- Immediate-release/Short-acting Opioid, by Product
- Codeine
- Oxycodone
- Hydrocodone
- Fentanyl
- Morphine
- Hydroxymorphone
- Oxymorphone
- Propoxyphene
- Other IR
- Immediate-release/Short-acting Opioid, by
Application
- Pain Relief
- Anesthesia
- Cough Suppression
- Diarrhea Suppression
- De-addiction
- Extended-release/Long-acting
- Extended-release/Long-acting Opioid, by Product
- Oxycodone
- Hydrocodone
- Methadone
- Fentanyl
- Morphine
- Oxymorphone
- Tapentadol
- Buprenorphine
- Hydromorphone
- Other ER
- Extended-release/Long-acting Opioid, by
Application
- Pain Relief
- Anesthesia
- Cough Suppression
- Diarrhea Suppression
- De-addiction
Opioids
Application Outlook (Revenue, USD Billion, 2014 - 2026)
- Pain Relief
- Cancer pain
- Postoperative pain management
- Low-back pain
- Orthopedic
- Neuropathic pain
- Fibromyalgia
- Anesthesia
- Cough Suppression
- Diarrhea Suppression
- De-addiction
Opioids Regional
Outlook (Revenue, USD Billion, 2014 - 2026)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Asia Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- UAE
- Saudi Arabia
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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