Opioids Market Current Developmental Status And Future Forecast To 2024 | Leading Players such as Sanofi SA, Pfizer, Inc., Purdue Pharma L.P., Janssen Pharmaceuticals, Inc., Egalet Corporation, Allergan plc, Sun Pharmaceutical Industries Ltd.

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).

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Market Dynamics

According to the National Institutes of Health (NIH) estimates published in 2015 by the American Pain Society, nearly 50 million people in the U.S. suffered from chronic pain. Use of opioids in cancer pain, orthopedic pain, neuropathic pain, post-operative pain, and lower back pain is very effective. With growing incidence of chronic pain, demand for opioids will also increase consequently.

North America is the largest market for opioids owing to availability of branded prescription and local products, which inadvertently also leads to drug abuse. There are local unbranded products available for every opioid derivative complementing the available prescription opioid brand. The Centers for Disease Control and Prevention (CDC) states that 73% of all drug overdose deaths in the U.S. in 2015 were due to opioids (57% in 2010). Moreover, emergence of cannabis as an alternative to opioids and legalization of the same in various regions is inhibiting the opioids market growth.

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).

Increasing prevalence of chronic pain is expected to drive the opioids market growth

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 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.

Market Key Players

Key companies covered as a part of this study include Purdue Pharma L.P., Janssen Pharmaceuticals, Inc., West - Ward Pharmaceuticals Corporation, Pfizer, Inc., Egalet Corporation, Allergan plc, Sanofi SA, Boehringer Ingelheim, and Sun Pharmaceutical Industries Ltd.

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