Opioid Market Revenue is expected to Surpass US$ 42,158 Mn by 2021

Posted by Vikas Bahurupi on July 3rd, 2018

Prescription opioids are posing a huge threat for pharmaceutical giants in the world as subjects consuming opioid drugs are becoming highly addictive to them, which is incidentally causing deaths. Production of synthetic opioid drugs has been tainted by reports that regard it to be an ill-fated burden on consumers as well as manufacturing companies. Overdose of opioids has resulted in occurrence of malignant disorders in the user’s body, most of which have resulted into fatalities. The demand for opioids, on the contrary, is likely to be on an all-time high, owing to a significant rise in incidences of cancer and other fatal disorders. As most of us know, the legitimate use of opioids is its performance as a narcotic pain relief medication in treatments for cancer, surgical pain and post-surgery trauma. 

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Consumption of opioids is largely reliant on its extensive use as an end-stage medication for treating cancer. While the analgesic nature of such drugs relives the patient from cancer pain, it incidentally suppresses sensation for the subject and results into organ failures. Off lately, the consumption of opioid drugs was highly criticized and condemned after reports of a prominent opioid medication, called Fentanyl, became the reason causing death of the patient for administration. Ergo, emergence of such news impaired the business progression of its North American pharmaceutical company, Insys Therapeutics, Inc. A comparatively high growth in opioid addiction in the US has further pressurized the FDA for abolishing the production of opioid drugs, in spite of being highly-crucial for cancer treatment. 

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The impact of such incidences on the global opioids market is likely to be a deterrent one. Prescribing opioids continues to be majorly profitable for pharmacies, but the aftermath of its dosage is curbing their use in hospitals and specialty healthcare facilities. Research Report Insights (RRI) has compiled a report, titled “Opioids Market by 2021” that valued the global opioids market at an estimated US$ 33 billion in 2014. Key market insights and research findings assessed in the report project that the market will garner US$ 42,158 million in revenues by the end of 2021. 

Fragmenting this growth of global opioids market, the report includes classification on the basis of products (drug types) and applications. The use of opioids in production of morphine and codeine drugs is anticipated to dominate the global market by accounting for over 60% share. Analgesic applications of opioid drugs are expected to procure market value of US$ 28,436.8 million by 2021-end. Increasing presence of palliative care facilities and rising importance of Abuse-Deterrent Formulation (ADF) regulations for generic drug manufactures is driving the growth of global opioids market; particularly in North America and Europe. The report has profiled some of the leading companies contributing to the growth of global opioids market, which include pharmaceutical manufacturers such as Actavis Plc., Purdue Pharma, Pfizer Inc., Sun Pharmaceutical Industries Ltd., Sanofi, Boehringer Ingelheim, and Endo Pharmaceuticals Inc., among others.