Opioid Analgesics is the Largest Segment Driving the Growth of Narcotics Analgesics Market
Narcotics analgesics products refer to opioid painkillers used to treat moderate to severe pain. Opioids work by binding to opioid receptors in the brain and nervous system to reduce the intensity of pain signals reaching the brain. Common narcotics analgesics include morphine, oxycodone, hydrocodone, codeine, fentanyl and others.
The global Narcotics Analgesics Market is estimated to be valued at US$ 31.64 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the narcotics analgesics market is the rising adoption of abuse-deterrent formulations (ADFs) of opioid drugs. ADFs are designed to prevent intentional misuse and abuse of opioid pain medications by making them difficult to crush, break, chewing, dissolve or inject for unintended routes of administration while maintaining intended pharmacological effect when taken orally as prescribed. This helps reducing the risk of opioid overdose and abuse. Several pharmaceutical companies are focusing on developing ADFs of popular opioid drugs like oxycodone to address the opioid epidemic.
SWOT Analysis
Strength: Narcotics analgesics are highly effective in treating severe pain. They act quickly to provide pain relief.
Weakness: Narcotics analgesics can be addictive with long term use and cause side effects like nausea, vomiting, drowsiness etc. Overdose of narcotics can lead to death.
Opportunity: Growing geriatric population suffering from chronic diseases requiring long term pain management presents an opportunity. Increasing awareness about management of pain is also an opportunity.
Threats: Stringent regulations associated with the sale and use of narcotics analgesics poses a threat. Misuse and abuse of narcotics is also a concern.
Key Takeaways
The Global Narcotics Analgesics Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing prevalence of chronic diseases requiring long term pain management.
Regional analysis: North America dominates the global narcotics analgesics market due to growth in elderly population suffering from arthritis and other chronic pains. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising healthcare investments and growing awareness about pain management in the region.
Key players operating in the Narcotics Analgesics market are Abbott, Pfizer Inc., Eli Lilly & Company, Endo International plc, F. Hoffmann-La Roche AG Bausch Health Companies Inc., Merck & Co. Inc., AbbVie Inc., Novartis AG, Johnson & Johnson Private Limited, GSK plc., Purdue Pharma L.P. Market consolidation is observed as major players make strategic mergers and acquisitions to strengthen their product portfolio and geographical presence.
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