According to a report, “Opioids Market Size, Share & Trends Analysis Report By Product (IR/ Short-acting, ER/Long-acting), By Application (Pain Relief, Anesthesia), By Region, And Segment Forecasts, 2019 – 2026”, published by Grand View Research, Inc. 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.
Substantial rise in road accidents and trauma, coupled with constantly increasing cases of surgical procedures, is driving demand for opioid-based pain management solutions. Based on region, 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 recently it was observed that opioid addiction in the country was rising at a grave rate. Hence, drug abuse has been declared a “public health emergency” in U.S. and this is likely to limit market growth in North America.
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.
Further key findings from the study suggest:
Major companies are resolving their legal issues with government and turning on a new page. For example, in October 2020, Purdue Pharma L.P. announced that it has entered into an agreement with the United States Department of Justice (DOJ) to resolve multi-year civil and criminal investigations into the company’s past marketing practices related to its opioid medicines.
In 2018, the Drug Enforcement Administration raised production quotas for drug manufacturers Fresenius Kabi and West-Ward Pharmaceuticals to mitigate the shortage of opioid injectables, and fill the void created by Pfizer.
On the basis of product type, 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
On the basis of region, 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.
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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 Opioid, by Product
Immediate-release/Short-acting Opioid, by Application
Extended-release/Long-acting Opioid, by Product
Extended-release/Long-acting Opioid, by Application
Opioids Application Outlook (Revenue, USD Billion, 2014 – 2026)
Postoperative pain management
Opioids Regional Outlook (Revenue, USD Billion, 2014 – 2026)
Middle East & Africa
List of Key Players of Opioids Market
• Purdue Pharma L.P.
• West-Ward Pharmaceuticals Corporation
• Janssen Pharmaceuticals, Inc.
• Pfizer, Inc.
• Egalet Corporation
• Sun Pharmaceutical Industries Limited
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Opioid Use Disorder Market – https://www.grandviewresearch.com/industry-analysis/opioid-use-disorder-market
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