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Oxycodone Drugs Global Market Insights and Strategic Outlook 2024
oxycodone drugs market
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According to The Business Research Company's, The oxycodone drugs market size has grown strongly in recent years. It will grow from $5.25 billion in 2023 to $5.62 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to an aggressive marketing campaign for oxycontin, the drug was marketed for chronic non-malignant pain and cancer, the number of oxycontin prescriptions for non-cancer-related pain increased the demand for these drugs and after the second world war, synthetic opiates like oxycodone began to enter the market in greater numbers.
The oxycodone drugs market size is expected to see strong growth in the next few years. It will grow to $7.41 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to the increasing prevalence of chronic pain, rising number of surgical procedures, ongoing development in the products pipeline is expected to boost the growth, advancements in drug delivery systems and a rising aging population worldwide experiencing a higher incidence of chronic pain. Major trends in the forecast period include increased demand for abuse-deterrent formulations (ADFS), the development of novel delivery systems, the growing use of combination therapies, and technological advancements in manufacturing.
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Market Drivers and Trends:
The increase in telemedicine and remote patient monitoring is expected to propel the growth of the medical transcription software market. Telemedicine refers to the use of digital communication technologies to provide and manage healthcare services remotely, while remote patient monitoring involves the continuous collection and transmission of patient health data from a distance to healthcare providers for ongoing assessment and intervention. There is an increasing demand for telemedicine and remote patient monitoring due to the need for accessible, efficient, and continuous healthcare delivery, particularly in underserved areas, and for managing chronic conditions with fewer physical visits. Telemedicine and remote patient monitoring use medical transcription software to accurately document and transcribe patient interactions and health data, enhancing the efficiency and accuracy of remote healthcare services. For instance, in February 2023, according to the 2022 Digital Health Consumer Adoption Survey conducted by Rock Health, a US-based healthcare organization, approximately 8,000 U.S. adults were surveyed, out of which 80% of all respondents have accessed care via telemedicine at some point in their lives, up 8 percentage points from 72% in 2021. Moreover, 82% of Hispanic respondents reported telemedicine use, reflecting a 9% increase in 2021. Therefore, the rise in telemedicine and remote patient monitoring is driving the growth of the medical transcription software market.
Major companies operating in the oxycodone drug market are focusing their efforts on developing innovative drugs, such as oxycodone immediate-release (IR) tablets, to reduce drug abuse via injection and the intranasal route. Oxycodone immediate-release (IR) tablets are a formulation of the opioid analgesic medication oxycodone that is designed to provide rapid pain relief. For instance, in July 2022, Protega Pharmaceuticals LLC, a US-based pharmaceutical company, launched RoxyBond (oxycodone) immediate-release (IR) tablets in the United States. RoxyBond has been authorized by the U.S. Food and Drug Administration (FDA) as an opioid agonist for the treatment of severe pain, necessitating an opioid analgesic when other options are insufficient. RoxyBond is engineered with advanced technology to deter misuse and abuse, rendering it difficult to tamper with physically or chemically. Studies have demonstrated that RoxyBond exhibits a decreased potential for abuse compared to conventional oxycodone tablets, as evidenced by lower ratings for liking the drug and desire to retake the drug.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson Services Inc., Viatris Inc., Teva Pharmaceutical Industries Ltd, Daiichi Sankyo Company Limited, Sun Pharmaceutical Industries Ltd, Purdue Pharma L.P, Endo International plc, Amneal Pharmaceuticals LLC, Mundipharma Pty Limited, Alkermes plc, Mallinckrodt Pharmaceuticals, Alvogen Group Inc., Collegium Pharmaceutical Inc., Lannett Company Inc., Acorda Therapeutics Inc., Camurus AB, Rhodes Pharmaceuticals L.P., KVK Tech Inc., Teikoku Pharma USA Inc., Manus Aktteva Biopharma LLP, Zyla Life Sciences
Oxycodone Drugs Market 2024 Key Insights:
• The oxycodone drugs market size is expected to see strong growth in the next few years. It will grow to $7.41 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Orthopedic Disorder Surge Fuels Oxycodone Market Growth
• Focus On Developing Immediate-Release Tablets To Combat Drug Abuse In Oxycodone Drug Market
• North America was the largest region in the oxycodone drugs market in 2023
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