The Global Opioid Drugs Market to Garner $33.78 Billion by the year 2028

According to a Triton Market Research report, the global opioid drugs market accumulated $26.91 billion in 2019. And it is expected to showcase 2.56% of CAGR by 2028.

A recent study by Triton Market Research titled 'Global Opioid Drugs Market,' covers the Global Analysis and Forecasts by Application (Anesthesia, Cough Suppression, De-addiction, Pain Relief, Diarrhea Suppression), by Product (Morphine, Hydrocodone, Fentanyl, Buprenorphine, Tramadol, Oxycodone, Other Products), and by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

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Triton Market Research's report speculates the global opioid drugs market to chart a CAGR of 2.56% over the forecast period 2019-2028, and generate a revenue of $33.78 billion by 2028.

Opioid or narcotic drugs are used as pain-relieving agents. They are composed of chemicals that help relax muscles and alleviate pain. Although, some patients use these drugs for treating diarrhea and cough, they are primarily used for treating moderate to severe pain caused due to cancer and chronic diseases.

The rising efforts to curb opioid dependence with the infusion of abuse-deterrent formulations in these drugs are majorly driving the growth of the opioid drugs market. Also, the growth in demand for palliative therapy is enhancing the market growth. On the other hand, the increasing number of lawsuits being filed against opioid manufacturing companies and the rise in the use of these drugs for non-medical purposes are curtailing the market growth.

The market for opioid drugs is divided primarily into application and product. The first segment, Application, categorizes the market into anesthesia, cough suppression, de-addiction, pain relief, and diarrhea suppression. And the second segment, product, classifies it into morphine, hydrocodone, fentanyl, buprenorphine, tramadol, oxycodone, and other products.

The market in the Asia-Pacific is expected to showcase the fastest rate of growth, globally, over the forecast period. The demand for opioid medications in this region is escalating due to the rise in the prevalence of chronic pain in the population. As people grow older, chronic pain increase in them also intensifies, particularly after the age of 65. This aging populace is highly prone to arthritis, bone & joint disorders, cancer, and several other chronic diseases causing immense pain. Therefore, the demand for opioids is significantly higher in this population group. This factor is propelling the growth of the APAC opioid drugs market. Also, the surge in efforts by the government for improving the healthcare infrastructure, as well as the implementation of a supportive regulatory framework, is contributing to market growth.

Acura Pharmaceuticals, Pfizer Inc, Sun Pharmaceutical Industries Ltd, and Sanofi-Aventis SA, Teva Pharmaceutical Industries Ltd, Collegium Pharmaceutical Inc, Cipher Pharmaceuticals Inc, Mylan NV, Indivior Inc, Purdue Pharma LP, Allergan (Acquired By Abbvie), Hikma Pharmaceuticals Plc, Johnson Johnson, Janssen Pharmaceuticals Inc, Biodelivery Sciences International Inc, Lannett Co Inc, Lupin Ltd, and Daiichi Sankyo are some of the key players present in this market.

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Question & Answer: Opioid Drugs Market

Question 1: What factors are are majorly driving the growth of the opioid drugs market?
Answer: The rising efforts to curb opioid dependence with the infusion of abuse-deterrent formulations in these drugs are majorly driving the growth of the opioid drugs market. Also, the growth in demand for palliative therapy is enhancing the market growth.
Question 2: What factors are curtailing the opioid drugs market growth?
Answer: The increasing number of lawsuits being filed against opioid manufacturing companies and the rise in the use of these drugs for non-medical purposes are curtailing the market growth.

Question 3: How is the Asia-Pacific influencing the outlook of the opioid drugs market?
Answer: The market in the Asia-Pacific is expected to showcase the fastest rate of growth, globally, over the forecast period. The demand for opioid medications in this region is escalating due to the rise in the prevalence of chronic pain in the population. As people grow older, chronic pain increase in them also intensifies, particularly after the age of 65.

This aging populace is highly prone to arthritis, bone & joint disorders, cancer, and several other chronic diseases causing immense pain. Therefore, the demand for opioids is significantly higher in this population group. This factor is propelling the growth of the APAC opioid drugs market. Also, the surge in efforts by the government for improving the healthcare infrastructure, as well as the implementation of a supportive regulatory framework, is contributing to market growth.

Question 4: Which are some of the key players present in the opioid drugs market?
Answer: Acura Pharmaceuticals, Pfizer Inc, Sun Pharmaceutical Industries Ltd, and Sanofi-Aventis SA, Teva Pharmaceutical Industries Ltd, Collegium Pharmaceutical Inc, Cipher Pharmaceuticals Inc, Mylan NV, Indivior Inc, Purdue Pharma LP, Allergan (Acquired By Abbvie), Hikma Pharmaceuticals Plc, Johnson Johnson, Janssen Pharmaceuticals Inc, Biodelivery Sciences International Inc, Lannett Co Inc, Lupin Ltd, and Daiichi Sankyo are some of the key players present in this market.

Related Report:
Global Ophthalmology Drugs and Devices Market

The global ophthalmology drugs and devices market is estimated to exhibit revenue growth over the forecast years from 2019 to 2028. It is likely to generate $106.09 billion worth of revenue by the year 2028, while recording a CAGR of 6.16%.

Developing economies present numerous opportunities for the growth of the ophthalmology drugs and devices market. Worldwide, the population of older adults has increased significantly. Asia comprises som highly populous nations like China and India, which account for a large geriatric population. Vision is said to degenerate as a person grows older; hence, the elderly are majorly affected by eye-related health issues.

Further, a large number of people in the APAC are said to suffer from conditions like cataract, glaucoma, trachoma, and corneal diseases, which can even lead to blindness. Thus, there is an increase in the demand for ophthalmology drugs and devices among the countries in the region. Further, the per capita income in these nations has increased in the last few years. Therefore, people are now largely spending on healthcare. This has also boosted the adoption of the latest technologies for eye care. These factors are favoring the growth of the APAC opioid drugs market over the forecasting period.

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