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Narcotic Drugs Market trends, Top Companies, Share, Growth And Forecast 2033
Narcotic Drugs Market
The Business Research Company's Narcotic Drugs Global Market Report 2023 identifies the rising incidence of chronic diseases as the major driver for the narcotic drugs market's growth in the forecast period. Chronic disease is a form of illness that lasts three months or more and can deteriorate with time. Narcotic drugs are used to manage chronic diseases to relieve cancer, chronic pain syndrome, terminal illness, and severe arthritis.
The narcotic drugs market size has grown strongly in recent years. It will grow from $13.56 billion in 2023 to $14.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increasing medical need, growing public health concerns, increasing access to healthcare, rising prevalence of chronic pain, government initiatives to improve pain management.
The narcotic drugs market size is expected to see steady growth in the next few years. It will grow to $16.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to growing demand for generic narcotic drugs, growing pharmaceutical industry, growing demand for minimally invasive surgeries, increased use of narcotic drugs in palliative care. Major trends in the forecast period include pharmaceutical innovation, telemedicine and remote monitoring, development of non-opioid alternatives, use of artificial intelligence (AI) in drug discovery and development.
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Major competitors in the narcotic drugs market are Pfizer Inc., Johnson and Johnson Limited, AbbVie Inc., Novartis AG, AstraZeneca PLC, Sanofi S.A., Takeda Pharmaceutical Company Limited, Boehringer Ingelheim International GmbH, Viatris Inc., Teva Pharmaceutical Industries Ltd., Daiichi Sankyo Company Limited, Sun Pharmaceutical Industries Ltd., Purdue Pharma LP, Hikma Pharmaceuticals PLC, Endo Pharmaceuticals Inc., Amneal Pharmaceuticals LLC, Lupin Ltd., Mallinckrodt Pharmaceuticals, Alvogen Inc., Indivior Inc., Impax Laboratories Inc., Collegium Pharmaceutical Inc., Lannett Co Inc., Par Pharmaceutical Inc., West-Ward Pharmaceuticals Corp.
A key trend in the narcotic drugs market includes the increasing use of opioids as prescription medicine. Opioids refer to a class of drugs that includes both prescription medications and illegal substances. They produce feelings of euphoria, relaxation, and sedation. The increasing use of opioids as prescription medicine is a factor in the use of narcotic drugs. Opioids are used in narcotic drugs primarily because of their potent pain-relieving and sedative properties, especially when other pain management approaches are insufficient. For instance, in August 2023, according to the WHO (World Health Organization), a Switzerland-based specialized health agency, in 2021 approximately 296 million individuals, which accounts for 5.8% of the population aged 15-64 years, experimented with drugs at least once. Among this group, around 60 million people specifically used opioids globally. Therefore, the increasing use of opioids as prescription medicine is driving the growth of the narcotic drugs market.
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The narcotic drugs market is segmented -
• By Drug: Codeine, Oxycodone, Other Drugs
• By Source: Natural, Semi-Synthetic, Synthetic
• By Indication: Pain Management, Cough, Diarrhea, Dysentery, Asthma, Other Indications
• By Distribution Channel: Hospital Pharmacy, Online Pharmacy, Retail Pharmacy
• By End User: Hospitals, Homecare, Specialty Clinics, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the narcotic drugs market.
The Business Research Company's "Global Narcotic Drugs Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Narcotic Drugs Market Include:
1. Executive Summary
2. Narcotic Drugs Market Characteristics
3. Narcotic Drugs Market Trends And Strategies
4. Narcotic Drugs Market - Macro Economic Scenario
……
32. Global Narcotic Drugs Market Competitive Benchmarking
33. Global Narcotic Drugs Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Narcotic Drugs Market
35. Narcotic Drugs Market Future Outlook and Potential Analysis
36. Appendix
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