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Opioids Agonist Drugs Market Report 2018-2026 Focuses On Top Companies Pfizer, Egalet Corporation, Allergan , Sanofi, Purdue Pharma L.P., Janssen Pharmaceuticals

01-16-2019 12:29 PM CET | Health & Medicine

Press release from: Coherent Market Insights - Pharmaceutical Industry

Opioids Agonist Drugs

Opioids Agonist Drugs

The global opioids market was valued at US$ 17,132.5 million in 2015 and is expected to witness a moderate CAGR of 4.2% during the forecast period (2016 – 2024).

Opioids are generally prescribed for treating pain. The opioid drug class includes morphine, hydrocodone, oxycodone, heroin, codeine, morphine, fentanyl, and methadone. It is also used as a cough suppressant and in diarrhea treatment. Opioids can be administered either through pills, liquids, intravenous, transdermal patches, or lozenges. Developed countries in North America and Europe are notorious for the high levels of abuse of this drug. Drugs such as codeine, morphine, fentanyl, and hydrocodone have become a source of addiction, especially among the population in these regions due to easy availability of the drugs in these regions. According to the World Drug Report 2016, a staggering 17.4 million people were affected by opioid drug abuse in 2014. However, global organizations and regulatory agencies such as the FDA, Centers for Disease Control and Prevention (CDC) and World Health Organization (WHO) are working towards limiting the abuse of opioids by creating awareness and educating prescribers to be cautious while prescribing these drugs. In 2016, the CDC issued guidelines to prescribe opioids, limiting the daily dose of opioids to 90 morphine milligram equivalent (MME).

In recent times, cannabis has emerged as a potential alternative for opioids. Cannabis is legalized in many states in the U.S. as it is considered safer than opioids. U.S. being a major consumer of such drugs, legalizing cannabis (marijuana) is expected to have a detrimental impact on the opioids market growth.

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According to the American Academy of Pain Medicine (2011), the number of people who suffered from chronic pain was around 1.8 billion. Moreover, according to the NIH estimates (2015), one in 10 people in the U.S. suffer from chronic pain. Around one-third to half of the population in the U.K. suffers from chronic pain, according to a study published in the British Medical Journal in 2016. Opioids are commonly used for treating pain, and opioid containing drugs are being misused or are being consumed in overdose when patients follow self-medication. Moreover, rising prevalence of pain, cough and, diarrhea are other factors driving growth of the opioids agonist drugs market. The highly prescribed opioid in the U.S. is hydrocodone.

Opioids market majorly impacted by rising adoption of cannabis

The global opioids market experiences volatility due to various factors such as rampant production of opium and inclination of the masses towards use of alternate drugs such as cannabis. Cannabis is now being legalized in most parts of the U.S.—the major consumer of cannabis drug. Moreover, cannabis is the most cultivated drug crop in the world. Also, consumers in the U.S. find administering cannabis more effective than opioids, which is also impacting consumption of opioids. Due to this, Colorado is experiencing a decline in the number of opioid deaths. Cannabis is considered to be a healthy alternative to opioids. U.S. accounted for 77% share in the global opioids market in 2015. A study conducted by researchers at the University of British Columbia, found that 32% of Canadians switched from using opioids to cannabis for relieving pain. Production of opium according to the World Drug Report 2016 declined in 2015 by 38% compared to that in 2014.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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