Opioids Market To See Record Break Revenue $22.3 Billion By 2026, At CAGR Of 3.2% | Sun Pharmaceuticals, Mallinckrodt Pharmaceuticals

Increase in use of opioids in pain management and surge in consumption of opioids in developing countries have boosted the growth of the global opioids market. The market across North America dominated the market in 2018, accounting for nearly half of the market. On the other hand, the oxycodone segment accounted for the largest share in 2018, contributing more than one-fourth of the market.

The global opioids industry was estimated at $18.53 billion in 2018 and is expected to hit $22.38 billion by 2026, registering a CAGR of 3.2% during 2019–2026.

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COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

Drivers, restraints and opportunities-

Rise in use of opioids in pain management fuels the growth of the global opioids market. On the other hand, implementation of stringent government regulation toward vigorous prescription and opioid crisis across the world restrain the growth to some extent. Nevertheless, increase in consumption of opioids in developing economies is projected to create a number of opportunities in the industry.

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The oxycodone segment to rule the roost-

Based on product, the oxycodone segment accounted for nearly one-fourth of the global opioids market revenue in 2018 and is expected to retain its dominance throughout the study period. Increase in its consumption for pain management has propelled the growth of the segment. The fentanyl segment, on the other hand, would showcase the fastest CAGR of 3.7% during the estimated period. This is due to Increased usage of fentanyl patch for pain relief across the globe.

The pain management segment to remain lucrative by 2026-

Based on application, the pain management segment garnered the major share in 2018, holding nearly three-fifths of the global opioids market. This is attributed to wide usage of opioids for pain management across the world. The same segment is also anticipated to grow at the fastest CAGR of 2.6% during 2019–2026.

North America to dominate in terms of revenue-

Based on geography, North America contributed to nearly half of the global opioids market share in 2018, and is expected to lead the trail till 2026. Ease of availability and vigorous use of opioid analgesics in this region have fueled the growth. At the same time, the Asia-Pacific region would showcase the fastest CAGR of 3.0% throughout the forecast period. This is due to the presence of key players such as Teva Pharmaceuticals, Janssen Pharmaceuticals, Inc., and others in the region.

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The Major Key Players Are:

• Purdue Pharma
• Boehringer Ingelheim
• Janssen Pharmaceuticals, Inc.
• Sanofl
• Sun Pharmaceuticals
• Mallinckrodt Pharmaceuticals
• Endo Pharmaceuticals Inc.
• Allergan, Plc
• Pfizer, Inc.

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