Opioids Market is Booming to Grow at a Promising 7.12% CAGR During Forecast 2023

Posted by Shrikant Gadewar on August 13th, 2019

Market Synopsis:

The global opioids market is expected to register a CAGR of 7.12% during the forecast period with a market value of USD 19,554.49 million in 2017. Opioids are a type of narcotic pain medications that are used to treat moderate to severe pain medications. According to the National Health Interview Survey 2017, 25.3 million Americans suffer from chronic pain daily and 23.4 million people reported their pain as severe.

The increasing use of opioids for disease condition causing chronic pains such as cancers, arthritis, lower back pain, and fibromyalgia, favorable reimbursement policies for palliative care in developed regions, and substantial rise in road accidents, trauma, and surgical procedures have led to the growth of the global opioids market in the recent years. However, rising addiction and death cases due to an overdose of opioid are likely to restrain market growth over the forecast period.

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Competitive Landscape:

•          Sanofi SA
•          Pfizer Inc.
•          Boehringer Ingelheim GmbH
•          Teva Pharmaceutical Industries Ltd
•          Allergan Inc
•          Purdue Pharma L.P
•          West-Ward Pharmaceuticals Corporation
•          Sun Pharmaceutical Industries Ltd
•          Egalet Corporation

Segment analysis:

•          The Global Opioids Market, by product, has been segmented into extended-release/long-acting opioids and immediate-release/short-acting opioids..
•          The market, by application, can be segmented into pain relief, anesthesia, cough suppression, diarrhea suppression, and de-addiction.
•          On the basis of end user, the global opioids market is segmented into hospitals & clinics, pharmacies, and academic research institutes.
  
  

Regional Analysis:

The Americas is expected to hold the largest share of the global opioids market. This is owing to rising intravenous usage of opioids in the region. Also, high awareness among people regarding the medical uses of opioids is expected to drive the market growth in the region.

Europe showed a considerable amount of growth in the market due to increasing palliative care facilities and reformed regulations for the prescription of opioids. Asia-Pacific is estimated to be the fastest growing region in the global market. Populace demographics and increased availability of effective opioid medications are likely to be the key factors for the growth of Asia-Pacific opioids market during the forecast period. South Korea held a share of 6% in the Asia-Pacific opioids market in 2017. Also, the Middle East and Africa region is expected to steadily grow owing to the rising number of opioid manufacturers in the North African region.

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