The FMI survey offers a comprehensive survey on the oxycodone market, covering attributes affecting demand and sales across key segments including type, application, and distribution channel. It also offers insights into prominent oxycodone market players and key strategies adopted by them to improve their market share
DUBAI, U.A.E, July 7, 2021 /PRNewswire/ -- As per a study by FMI, the global oxycodone sales are anticipated to rise at a CAGR of 4.8% during the forecast period 2021 to 2031. Owing to the growing demand for effective pain management solutions, the market for oxycodone is expected to surpass a valuation of US$ 4.6 billion through 2021.
Increasing incidence of chronic diseases such as arthritis, lower back pain, fibromyalgia among others coupled with rising availability of prescriptions drugs such as analgesic for cancer medication, post-surgical pain, and HIV are the factors fueling the demand for oxycodone.
According to a study by the American Society of Plastic Surgeons, in 2020 around 2,314,720 cosmetic surgical and over 6,878,486 reconstructive procedures were conducted in the U.S. As the opioid pain-relieving drug plays a significant role in post-surgical pain management, the increasing number of surgeries is expected to skyrocket the demand for oxycodone in the coming years.
North America is dominating the global oxycodone market. Owing to the presence of prominent market players and increasing sales of oxycodone in countries such as the U.S. and Canada, the North American market is projected to reach a valuation of around US$ 1.85 billion through 2021.
"Companies operating the oxycodone market are increasingly investing in R&D activities for launching novel drugs and emphasizing of receiving regulatory product approval to expand their product portfolio to address the increasing demand for pain management medications," says the FMI analyst.
The U.S. is likely to account for the largest share in the global oxycodone market due to high expenditure on healthcare. As per a study by the Centers for Medicare & Medicaid Services (CMS), the healthcare expenditure in the country has increased by 4.6% in 2019.
Owing to high demand for pain-relieving drugs in the countries like the U.K., Germany among others, the sales for oxycodone in the European market are expected to grow at a CAGR of 5% over the forecast period.
In Middle East and Africa, Gulf countries are dominating the market supported by high investment towards the expansion of the advanced healthcare sector.
India is expected to emerge as a lucrative market for oxycodone on the back of increasing demand for pain management solutions due to high prevalence of cancer in the country.
Hospital pharmacies are dominating the distribution channel segment owing to the increased purchasing power and higher footfall of patients.
Increasing incidence of chronic diseases such as lower back pain, arthritis, and others are fueling the demand for oxycodone.
Rising number of surgical procedures is boosting the sales of oxycodone-based drugs.
Ongoing development in the products pipeline is expected to boost the growth of the market.
Surging demand for effective pain-management solution is bolstering the market revenue of oxycodone.
Addictive nature of oxycodone is a factor hampering the growth of the market.
Adverse effects associated with the drug such as nausea, drowsiness, constipation are negatively affecting the sales of oxycodone.
Availability of substitutes for opioids is restraining the growth of oxycodone.
The market for oxycodone is highly fragmented owing to the presence of numerous companies. Leading players are investing in developing new products and focusing on receiving product approval from regulatory authorities to enhance their portfolio. Besides this, some of the market players are engaging in strategic collaborations and agreements to expand their market share. For instance,
Teva Pharmaceutical Industries Ltd., an Israel-based pharmaceutical company, received FDA approval for its new product named, VANTRELATM ER extended-release tablets for managing daily severe pain.
Purdue Pharma, a pharmaceutical company based in the U.S. announced signing an agreement with U.S. Department of Justice to provide opioid of a valuation of around $10 billion in opioid crisis to claimants and communities.
Key players operating in the oxycodone market profiled by FMI includes:
Teva Pharmaceutical Industries Ltd.
Purdue Pharma L.P
Teikoku Pharma USA, Inc.
Endo Pharmaceuticals Inc.
Janssen Pharmaceuticals, Inc.
More Valuable Insights on OxycodoneMarket
FMI, in its new report, offers an unbiased analysis of the global oxycodone market, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on in oxycodone market with detailed segmentation:
The report offers insight into oxycodone market demand outlook for 2021-2031
The market study also highlights projected sales growth for oxycodone market between 2021 and 2031
Oxycodone market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Oxycodone market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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