The global narcotics analgesics market is primarily used to treat moderate to severe pain associated with serious medical conditions or resulting from surgery or injury. Narcotic analgesics work by binding to opioid receptors in the brain and nervous system to reduce the intensity of pain signals reaching the brain. They are commonly prescribed for relief of severe pain that does not respond to other pain medications. Some examples of narcotic analgesics include codeine, fentanyl, hydrocodone, hydromorphone, morphine, oxycodone and oxymorphone.
The global Narcotics Analgesics Market is estimated to be valued at Us$ 36.45 Bn in 2024 and is expected to exhibit a CAGR Of 12% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growth of the narcotics analgesics market is majorly attributed to the rising prevalence of chronic pain worldwide. According to the Global Burden of Disease Study 2017, low back pain, neck pain and other musculoskeletal disorders are among the leading causes of disability and the overall number of people suffering from chronic pain is expected to increase significantly owing to aging population and growing lifestyle diseases. The market is also driven by increasing consumption of prescription opioids across both developed and emerging nations, and continuous efforts by pharmaceutical players to develop novel opioid medications with reduced abuse potential and addiction rates. While the market growth is positively influenced by growing patient preference for effective pain relief, strict regulatory guidelines for prescription opioids and threat of drug abuse and addiction negatively impact the market demand.
SWOT Analysis
Strength:
- Narcotics analgesics drugs are highly effective in pain relief and management. They provide fast-acting and long-lasting relief for severe acute and chronic pain conditions.
- Growing demand from aging population dealing with joint pain, arthritis and age-related conditions boosts adoption of narcotics analgesics.
- Strong distribution networks and supply chains of key players ensure wide availability and access to narcotics analgesics.
Weakness:
- Long-term usage of narcotics analgesics can lead to dependency and addiction issues which limits their applications.
- Stringent safety regulations and prescription requirements by health authorities impact ease of access and patient compliance.
Opportunity:
- Expanding applications in unexplored therapeutic areas like cancer pain management present significant growth prospects.
- Emergence of tamper-resistant formulations reduces abuse risks and expands scope of narcotics analgesics.
- Developing economies in Asia Pacific and Latin America with growing healthcare infrastructure offer new markets over forecast period.
Threats:
- Increased availability of alternative non-narcotic analgesics and non-drug therapies poses pricing and demand challenges.
- Stringent monitoring of over-prescription and diversion of narcotics for illicit usage threatens sustained supply.
Key Takeaways
The Global Narcotics Analgesics Market Demand is expected to witness high growth over the forecast period. The market size is projected to reach US$ 36.45 billion by 2024 growing at a CAGR of 12%.
Regional analysis:
North America currently dominates the global market led by the US. However Asia Pacific is poised to emerge as the fastest growing regional market over the forecast period aided by growing healthcare expenditure, large patient pool and rising adoption in countries like China and India.
Key players:
Key players operating in the narcotics analgesics market are Kimberly-Clark Corporation, Essity AB, Georgia-Pacific LLC, Asia Pulp and Paper Group, Procter & Gamble Co., Sofidel Group, CMPC Tissue S.A., WEPA Hygieneprodukte GmbH, Metsä Group, Cascades Inc.
Get more insights on this topic :
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian