Press release
Global Narcotic Drugs Market Comprehensive Study: Forecasted Market Size And Growth Rate
Narcotic Drugs Market Share
The Business Research Company offers in-depth market insights through Narcotic Drugs Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
The main drug types of narcotic drugs are
The various sources include natural, semi-synthetic, and synthetic with various indications such as pain management, cough, diarrhea, dysentery, asthma, and others that are distributed through various distribution channels such as hospital pharmacies, online pharmacies, and retail pharmacies used by various end users such as hospitals, homecare, specialty clinics, others.
Narcotic Drugs Global Market Report 2023 provides data on the global narcotic drugs market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors' revenues, profiles and market shares. The narcotic drugs market report identifies opportunities and strategies based on market trends and leading competitors' approaches.
Major Driver - Role Of Rising Chronic Disease Incidence In Driving Growth Of The Narcotic Drug Market
The rising incidence of chronic diseases is expected to propel the growth of the narcotic drug market going forward. 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. For instance, in January 2023, according to the National Library of Medicine, a US-based agency, the number of people in the US aged 50 and older who have at least one chronic condition would increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Therefore, the rising incidence of chronic diseases is driving the growth of the narcotic drug market.
Competitive Landscape:
Major players 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.
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Top Trend - Product Development And Innovation To Provide Reliable Products To Customers And Strengthen Market Position
Major companies operating in the narcotic drug market increasingly focus on product development and innovation to provide reliable products to their customers and strengthen their market position. For instance, in May 2023, Indivior PLC, a US-based pharmaceutical company, launched OPVEE (nalmefene) nasal spray, an opioid overdose rescue medicine for natural and synthetic opioids like fentanyl. It is recommended to immediately treat known or suspected opioid overdoses with natural or synthetic opioids in adults and pediatric patients 12 years of age and older, as indicated by respiratory and central nervous system depression.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Narcotic Drugs Market Characteristics
3. Narcotic Drugs Market Trends And Strategies
4. Narcotic Drugs Market - Macro Economic Scenario
5. Narcotic Drugs Market Size And Growth
…..
27. Narcotic Drugs Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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