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Fentanyl Market on Track for Strong Growth, Estimated to Grow at 6.5% CAGR Through 2029
Fentanyl
What Is the Expected CAGR for the Fentanyl Market Through 2025?
In recent times, the fentanyl market has seen substantial growth. Its projection is set to rise from $16.22 billion in 2024 to $17.31 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 6.7%. Factors contributing to this growth during the historical timeframe include the demand for pain management, medical procedures and operations, cancer pain management, growth in the opioid analgesic market, and an increasing elderly population.
What's the Projected Size of the Global Fentanyl Market by 2029?
The fentanyl market is projected to experience robust growth in the upcoming years, expanding to $22.31 billion by 2029 with a compound annual growth rate (CAGR) of 6.5%. The increase over the forecasted period can be linked to an elevation in chronic pain occurrences, development in oncology treatments, a rise in surgical interventions, initiatives in public health, and the sanctioning of new indications by regulatory bodies. Key trends for the projected period incorporate advancements in drug formulation technology, innovative detection methods, strategies for public health and harm reduction, an increase in pharmaceutical applications, and cooperation and data exchange at the international level.
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Top Growth Drivers in the Fentanyl Industry: What's Accelerating the Market?
The escalating incidences of chronic diseases are set to boost the trajectory of the fentanyl market. Chronic diseases are medical circumstances that endure for extended periods, typically the duration surpassing three months, and frequently persist for the individual's lifespan. Fentanyl is primarily utilized in chronic disease scenarios for the effective management of intense, persistent pain, that different medications or approaches fail to combat competently. For example, as per the Heart Disease Facts issued in October 2024 by the US-based public health agency, Centers for Disease Control and Prevention (CDC), coronary heart disease (CHD) accounted for 371,506 deaths in 2022 in the United States. This contributed to the total heart disease death count of 702,880, which constituted approximately 1 in every 5 deaths. Hence, the escalating occurrences of chronic diseases are propelling the fentanyl market's expansion. Fentanyl Market Propeller: Amplified Demand for Pain Management Fuels Fentanyl Market Progress
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What Trends Will Shape the Fentanyl Market Through 2029 and Beyond?
Leading businesses in the fentanyl market are generating novel products such as Opvee and securing necessary approvals in a bid to expand their clientele, boost sales, and increase their revenue streams. Opvee (nalmefene) is a powerful opioid receptor antagonist employed to counteract known or suspected overdose from natural or synthetic opioids including fentanyl. For example, in May 2023, Indivior PLC, an American pharmaceutical firm, received the green light from the U.S. Food and Drug Administration for the distribution of Opvee in nasal spray form. This product works by obstructing opioid effects on the brain, aiding patients who have recently overdosed in normalizing their respiratory and blood pressure levels. Opvee is dispensed via nasal spray, which simplifies administration during emergencies. It holds significant value in the portfolio of medicines utilized to counter opioid overdoses and consequently saves lives.
What Are the Main Segments in the Fentanyl Market?
The fentanyl market covered in this report is segmented -
1) By Type: Fentanyl Injections, Fentanyl TTS (Transdermal Therapeutic System)
2) By Application: Inducting Anesthesia, Maintain Anesthesia, General Analgesic, Postoperative Analgesia, Breakthrough Cancer Pain
3) By End User: Hospitals, Clinics, Ambulatory Surgical Centers, Other End Users
Subsegments:
1) By Fentanyl Injections: Injectable Solutions, Premixed Injection Formulations
2) By Fentanyl TTS (Transdermal Therapeutic System): Patch Formulations, Matrix Patch Systems
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Which Top Companies are Driving Growth in the Fentanyl Market?
Major companies operating in the fentanyl market report are 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.
Which Regions Will Dominate the Fentanyl Market Through 2029?
North America was the largest region in the fentanyl market in 2024. 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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