Press release
Narcotic Drugs Market on Track for Strong Growth, Estimated to Grow at 4.6% CAGR Through 2029
Narcotic Drugs
What Is the Expected CAGR for the Narcotic Drugs Market Through 2025?
The size of the market for narcotic drugs has witnessed consistent growth over the recent years. The market is projected to swell from $14.26 billion in 2024 to $14.85 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 4.1%. The previous growth has been influenced by factors such as rising medical demand, growing public health awareness, improved healthcare accessibility, an increase in chronic pain cases, and governmental endeavors to better manage pain.
What's the Projected Size of the Global Narcotic Drugs Market by 2029?
The market size of narcotic drugs is anticipated to experience consistent growth over the next few years, reaching a value of $17.79 billion in 2029 with a compound annual growth rate (CAGR) of 4.6%. The projected growth during the forecast period can be ascribed to greater demand for generic narcotic drugs, expansion in the pharmaceutical industry, mounting request for minimally invasive surgeries, and increased employment of narcotic drugs in palliative care. Key tendencies for the forecast period comprise novel medical innovation, telemedicine utilization and off-site monitoring, creation of non-opioid alternatives, and integration of artificial intelligence (AI) in drug discovery and advancement.
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Top Growth Drivers in the Narcotic Drugs Industry: What's Accelerating the Market?
The projected growth of the narcotic drug market is largely attributed to the escalating prevalence of chronic diseases. Chronic ailments, which are enduring and progressively deteriorating conditions that persist for at least three months, are typically managed with narcotic drugs for relief from conditions such as cancer, chronic pain, terminal illness, and severe arthritis. For example, statistics from the National Health Service, a UK government department, revealed that as of June 2024, the NHS in 2023 identified an additional 549,000 people in England at potential risk of developing type 2 diabetes. This raised the total number of individuals with pre-diabetes, also known as non-diabetic hyperglycemia, enrolled with a General Practitioner to 3,615,330, a significant increase from 3,065,825 in 2022- a surge of nearly 20%. Hence, the growing prevalence of chronic diseases is contributing to the expansion of the narcotic drug market. A major driver for the growth of the narcotic drug market is the rising usage of opioids in prescription medications. Opioids, a category of drugs that comprise both prescribed medicines and illicit substances, induce feelings of euphoria, calmness, and sedation. The rise in opioid prescription is a contributing factor to the use of narcotic drugs, mainly due to their strong pain-relieving and sedative properties, which are particularly useful when other pain management strategies fall short. In May 2024, the Australian Institute of Health and Welfare, a government agency of Australia, reported that on a specific day in 2023, the number of people undergoing pharmacotherapy for opioid dependency in Australia (excluding Western Australia) was 53,272. This translates to a rate of 22 patients per 10,000 people. As a result, the surge in opioid prescription usage is stimulating the growth of the narcotic drugs market.
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What Trends Will Shape the Narcotic Drugs Market Through 2029 and Beyond?
Leading businesses in the narcotic drug market are honing in on product innovation and development in order to offer trustworthy products to their clientele and solidify their standings in the marketplace. As an illustration, in May 2023, Indivior PLC, a pharmaceutical organization based in the US, initiated the launch of OPVEE (nalmefene) nasal spray. This product is an opioid overdose emergency treatment for both natural and synthetic opioids, such as fentanyl. The drug is advised for immediate use in cases of known or potential opioid overdoses from natural or synthetic sources in adults and young patients aged 12 and above, in situations as indicated by respiratory and central nervous system depression.
What Are the Main Segments in the Narcotic Drugs Market?
The narcotic drugs market covered in this report is segmented -
1) By Drug: opi*um, her*oin, Codeine, Oxycodone, Other Drugs
2) By Source: Natural, Semi-Synthetic, Synthetic
3) By Indication: Pain Management, Cough, Diarrhea, Dysentery, Asthma, Other Indications
4) By Distribution Channel: Hospital Pharmacy, Online Pharmacy, Retail Pharmacy
5) By End User: Hospitals, Homecare, Specialty Clinics, Other End Users
Subsegments:
1) By opi*um: Raw opi*um, opi*um Extracts, opi*um Derivatives
2) By her*oin: Diacetylmorphine, her*oin Hydrochloride, her*oin Acetate
3) By Codeine: Codeine Phosphate, Codeine Sulfate
4) By Oxycodone: Oxycodone Hydrochloride, Oxycodone Acetaminophen, Controlled-Release Oxycodone
5) By Other Drugs: Fentanyl, Morphine, Hydromorphone, Methadone, Buprenorphine
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Which Top Companies are Driving Growth in the Narcotic Drugs Market?
Major companies operating 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.
Which Regions Will Dominate the Narcotic Drugs Market Through 2029?
Asia-Pacific was the largest region in the narcotic drugs market in 2024. The regions covered in the narcotic drug market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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