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Global Fentanyl Market Overview 2033 : Forecasted Market Size And Growth Rate
Fentanyl Global Market Report 2024
According to The Business Research Company's, The fentanyl market size has grown strongly in recent years. It will grow from $15.14 billion in 2023 to $16.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to pain management needs, medical procedures and surgeries, cancer pain management, opioid analgesic market growth, aging population.
The fentanyl market size is expected to see strong growth in the next few years. It will grow to $20.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to rise in chronic pain cases, expanding oncology therapies, increasing surgical procedures, public health initiatives, regulatory approval for new indications. Major trends in the forecast period include technological advancements in drug formulations, technological innovations in detection, public health and harm reduction strategies, rise in pharmaceutical applications, international collaboration and information sharing.
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the fentanyl market going forward. A chronic disease is a medical condition that persists over a long period, typically for three months or more, and often continues throughout a person's life. Fentanyl is used in chronic diseases primarily to manage severe, persistent pain that other medications or interventions do not effectively control. For instance, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, each year, there are 41 million deaths globally caused by non-communicable diseases (NCDs), which accounts for 74% of all deaths worldwide. Further, in August 2023, according to the data published by the British Heart Foundation, a UK-based non-profit organization, the number of deaths caused by coronary heart disease in the UK increased to 65,579 in 2021, compared with 64,170 in 2020. Therefore, the increasing prevalence of chronic diseases is driving the growth of the fentanyl market.
Major companies operating in the fentanyl market are developing innovative products such as Opvee and getting approvals to meet larger customer bases, more sales, and increased revenue. Opvee (nalmefene) is a potent opioid receptor blocker used to treat known or suspected opioid overdose induced by natural or synthetic opioids like fentanyl. For instance, in May 2023, Indivior PLC, a US-based pharmaceutical company, received U.S. Food and Drug Administration approval for Opvee nasal spray. It functions by preventing the effects of opioids on the brain, which can help patients who have recently overdosed get their respiration and blood pressure back to normal. Opvee is delivered as a nasal spray, making it easy to administer in emergencies. It is essential to the range of medications used to combat opioid overdoses and save lives.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, Sinopharm Group, Merck & Co. Inc., Bayer AG, Novartis AG, Kyowa Kirin Co. Ltd., Fresenius Kabi Oncology Ltd., Abbott Laboratories, Sanofi S.A, Boehringer Ingelheim GmbH, Viatris Inc., Baxter International Inc., Teva Pharmaceutical Industries Limited, Jiangsu Nhwa Pharmaceutical Co. Ltd., Cephalon LLC, AstraZeneca plc, Apotex Inc., Hisamitsu Pharmaceutical Co. Inc., Alvogen, Luye Pharma Group, Henan Lingrui Pharmaceutical Ltd., Insys Therapeutics Inc., Exela Pharma Sciences LLC, Paladin Labs Inc., Bryant Ranch Prepack Inc., Galena Biopharma Inc., Validus Pharmaceuticals LLC, Quality Care Products LLC, Dispensing Solutions Inc.
Fentanyl Market 2024 Key Insights:
• The Fentanyl Market is expected to grow to $20.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Rising Incidence Of Chronic Diseases Drives Growth In The Fentanyl Market
• Increasing Focus On Product Approvals To Gain The Revenues
• North America was the largest region in the fentanyl market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fentanyl market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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