Press release
Opioid Market is Predicted to Reach US$ 63,472.6 Million by 2034, Expanding at a CAGR of 3.4% | Fact.MR
Opioid Market
Surgical operations also spur the opioid market. Opioids are required for post-operative pain management to make sure that patients feel comfortable during healing. The increasing rate of surgical operations around the world, including orthopedic, cardiac, and other operations, drives the demand for opioids in the medical sector.
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Which Factor Could Hinder the Expansion of the Opioid Market?
The Decline In Opioid Sales Is A Direct Result Of Widespread Worries And Heightened Awareness Regarding Their Misuse And Abuse".
The most important challenge is the possibility of addiction and abuse risk inherent in opioids. The likelihood of dependency and abuse has resulted in an opioid crisis across the world, with many questioning the issue of overprescription and improper use.
Increased regulatory oversight has led to more stringent guidelines for opioid prescribing, affecting access for patients with a legitimate need for pain relief. Regulatory measures tend to seek a balance between accessing patients and avoiding misuse.
Country-wise Insights
The North American market for opioids is expected to witness outstanding growth, with an estimated CAGR of 3.0% from 2024 to 2034. The expansion of the market for opioids in the region is backed by rising demand in prominent nations United States and Canada. In 2024, the United States will lead the opioid market with an estimated 91.5% market share.
At the same time, the opioid market in East Asia is expected to show significant growth, targeting a 3.6% CAGR over 2034. China is the leading player in the opioid market in East Asia, holding an impressive share of 67.5% during 2024.
China is forecasted to control 65.7% of revenue in the East Asia market by 2034. China's increasing healthcare spending and enhancement in healthcare infrastructure have led to increased accessibility of drugs, such as opioids.
Category-wise Insights
According to the use, the analgesia segment is forecasted to account for a 66.6% market share during 2024. At the same time, the segment of cough suppression is expected to gain a 25.2% share and grow the market tremendously.
Following distribution channels, the hospital pharmacies segment establishes its lead in the opioids sector with 30.9% in 2024.
Competitive Landscape
The opioid business is marked by high concentration among major players. It has a heavy focus on R&D, especially in pain management medicines and tapping their potential in the treatment of ailments such as cough and diarrhoea. They're continuously growing their global reach through new product launches, mergers, and enhanced distribution networks to penetrate more markets.
Aurobindo Pharma Limited has had a presence in the manufacturing and supplying of generic opioids, which has helped bring about opioid drugs in different forms.
Assertio Therapeutics Inc. has had a development and commercialization focus area in pain management drugs, including some opioid formulations, with a particular area of focus being abuse-deterrent formulations.
AbbVie Inc. has been engaged in pain management and has had opioid -based products in their portfolio, typically in combination drug products for particular medical requirements.
Key companies trading in the opioids segment are Aurobindo Pharma Limited, Assertio Therapeutics, Inc., AbbVie Inc., Actavis Plc, Amneal Pharmaceuticals LLC, Boehringer Ingelheim International GmbH, Cadila Healthcare Limited, Fresenius Kabi, Mallinckrodt Pharmaceuticals, and Endo International plc.
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Opioid Market - Key Segments
By Product Type:
Morphine
Codeine
Fentanyl
Meperidine
Methadone
By Application:
Cough Suppression
Analgesia
Diarrhea Suppression
By Distribution Channel:
Hospital Pharmacies
Retail Pharmacies
Drug Store
Clinics
Others
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa
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