Global Narcotic Analgesics Market to Experience Significant Growth during the Fo

Posted by Arslan on January 31st, 2019

A prominent growth factor for the narcotic analgesics market is the broadening therapeutic application of narcotic analgesics. Additionally, the growing dependency on opioid (narcotic)-based drugs to relieve the systemic and chronic pain associated with cancer and arthritis is anticipated pave the way for higher sales of narcotic analgesics. Recent government resolutions to curb the addiction and abuse of narcotic analgesics include standardizing the prescription and dispensing procedures for narcotic analgesic sales, which has been transforming the whole supply scenario for narcotic analgesics. In the U.S., the center for Medicare and Medicaid services (CMS) is implementing a new policy for the over-utilization of narcotic analgesics, limiting the prescription and dispensing of narcotic analgesic as per revived guidelines. The development of abuse-deterrent drugs by manufacturers is anticipated to fuel competition in the Narcotic Analgesics Market. However, the declaration of opioid epidemic in the United States and rigid regulatory guidelines for drugs used in narcotic analgesics drugs are anticipated to restrain the growth of the narcotic analgesics market.

The development of tolerance for non-narcotic analgesics is the primarily reason behind the constantly increasing sales for narcotic analgesics. Attributing to the higher efficacy in pain management and quick onset of action, narcotic analgesics are largely used in palliative care services for treating patients suffering from neuropathic pain. Increasing focus on palliative care services in third world countries and readily available reimbursements are the key factors expected to boost the consumption of narcotic analgesics globally. Moreover, various government initiatives to provide palliative care in low-/middle-income countries for the effective treatment of patients suffering from debilitating cancer pain are increasing the demand for narcotic analgesics as pain medication in these countries. Reimbursements for post-operative care and in palliative care are driving the demand for narcotic analgesics in the U.S. The reimbursement scenario for wound care and wound management treatment is also surging the consumption of narcotic analgesics drugs. Supportive insurance policies for chemotherapy cycles and post-operative care in the third world countries are expected to eventually fuel the demand for narcotic analgesics drugs, globally.

Narcotic Analgesics Market: Overview

According to a survey conducted by the U.S. Department of Health and Human Services, in 2012, approximately 5 Million people in the country were using pain relievers for non-medical purpose. In order to reduce this, companies have been largely focusing on the development of non-abuse-resistant narcotic analgesics. Moreover, the U.S. FDA and EU authorities are granting approval to conduct clinical trials of non-abuse narcotic analgesics.  In July 2015, the U.S. Food and Drug Administration approved the newer form of OxyContin, a type of non-abuse narcotic analgesics drug. Such drugs are expected to gather more prominence in future and are certainly expected to create key growth opportunities. Teva comprises potential abuse-resistant drug prospects in its pipeline, such as Vantrela ER. Johnson and Johnson is also testing for tamper-resistant narcotic analgesics drugs. The distributers and suppliers in the narcotic analgesics market are capitalizing on the higher arbitrage in the narcotic analgesic market to cater to higher demand for opioids in pain management from North America and Europe.

Narcotic Analgesics Market: Regional Outlook

On the basis of geography, the global narcotic analgesics market has been segmented into North America, Latin America, CIS & Russia, Europe, Asia-Pacific excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). North America is estimated to be a prominent region in the global narcotic analgesics market, owing to the wide availability of generic narcotic analgesic drugs and higher inclination towards postoperative pain management drugs in the region. The narcotic analgesics market in Asia Pacific excluding Japan is expected to witness steadily growth, due to the increasing number of product launches and recent adoption of narcotic analgesics drugs in China and India. Europe is expected to hold a high share in the global narcotic analgesics market throughout the forecast period, owing to the lenient regulations by the regulatory bodies in the region.

Narcotic Analgesics Market: Market Participants           

The global market for narcotic analgesics is fragmented with a large number of market players. Examples of some of the primary players operating in the global narcotic analgesics market are Purdue Pharma, Pfizer Inc., Boehringer Ingelheim, Janssen Pharmaceuticals, Inc., Actavis Plc., Sanofi, Mallinckrodt Pharmaceuticals, Endo Pharmaceuticals Inc., Sun Pharmaceutical Industries Ltd and Egalet.

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Arslan

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Arslan
Joined: December 18th, 2017
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