Opioids Market Insights: Regional Analysis and Impact of Policy Changes
Opioids are medications prescribed by doctors and physicians to treat various levels of pain. These can include acute pain and chronic non-cancer pain. They are also known as painkillers and used to block pain signals from the brain. Market Research Future (MRFR) has stressed the advantages of the intake of opioids as well as the efforts by manufacturers to address various issues concerning the drugs.
Growth Drivers
The opioids market trends is expected to reach USD 6.93 Billion at CAGR of 5.4 % during the forecast period 2023-2032. Pain management of various chronic diseases remains the primary driver of the market. According to the National Institute of Drug Abuse, nearly 200 million prescriptions were dispensed by U.S. pharmacies in 2017. The large number of prescriptions is an indicator for the large scope of the market.
Favorable reimbursement schemes for covering the costs of opioids in palliative care can work in favor of the market. Large number of patients diagnosed with various cancers can drive the market demand for opioids till 2023. Rise in surgical procedures and road accidents are other factors which can contribute to market demand due to the need for pain relievers. All of these factors are predicted to push the market to exhibit a CAGR of 7.12% during the forecast period.
Establishment of new guidelines to curb the intake of opioids and reduce the addiction rates are expected to disrupt the market in a positive manner. For instance, the sale of over-the-counter drugs containing opioids is restricted, while stringent measures are undertaken regarding prescriptions given by doctors. New policies by government-supported insurance companies such as Medicare are limiting the dispensation rate of opioids to 7 days.
But misuse of viatris opioids and adverse effects of the drugs which lead to addiction threaten the market growth.
Segments In-Detail:
MRFR has segmented the global opioids market by product, application, and end-user.
Based on the product, the market is segmented into immediate release/short-acting opioid and extended release/long-acting opioid. Extended release comprises hydromorphone, oxycodone, morphine, oxymorphone, and others. The extended release segment had accounted for USD 12,750.91 million in 2017. This segment can expand in the coming years due to rising prevalence of chronic diseases.
By application, it is segmented into diarrhea suppression, deaddiction, cough suppression, pain relief, anesthesia, and others. The pain relief segment is expected to be the dominant application of the opioids market due to rise in pain management therapies. Moreover, new guidelines for selling prescription drugs coupled with rise in palliative and end-of-life care can boost segment growth. This in turn can drive the market demand exponentially.
By end-user, the market caters to academic research institutes, hospitals & clinics, and pharmacies.
Regional Analysis:
MRFR’s opioids market report takes a deep look into major regions which include the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The Americas is predicted to be dominant in the global market due to holding the largest market share due to awareness among patients and the high intake of the drugs for pain alleviation. On the other hand, Europe is expected to showcase prolific growth due to rise in palliative care centers and strict regulations regarding opioid usage.
A Look at the Competition:
Prominent companies operating in the opioids market include Janssen Global Services, LLC, Egalet Corporation, Teva Pharmaceutical Industries Ltd, Pfizer Inc., Sanofi SA, Purdue Pharma L.P, Boehringer Ingelheim GmbH, Allergan Inc., Sun Pharmaceutical Industries Ltd., Mallinckrodt, Vertice Pharma LLC, and West-Ward Pharmaceuticals Corporation.
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