NEW YORK, April 8, 2021 /PRNewswire/ -- Opioids are a type of narcotic pain medication that is used to treat moderate to severe pains, such as traumatic pain, cough suppression, diarrhoea suppression, surgical pain, injuries, cancer pain, and pain arising due to chronic diseases. However, opioids have both, benefits as well as potentially severe risks of addiction. Opioids prescribed as pain relievers are usually safer if consumed for a short period of time. Long-term use can lead to dependency and addiction, overdose incidents, and even morbidity. Although opioids persist numerous adverse effects, opioid therapy is the mainstay for pain management for numerous patients.
According to the revised report published by Persistence Market Research, the global opioids market valued at US$ 40.5 Bn in 2020, and is predicted to expand at a CAGR of 3% over the forecast period (2021–2031).
Key Takeaways from Opioids Market Study
Morphine opioids are expected to contribute more than 30% of the revenue share in the market by 2031, owing to their wide availability and potency to relieve moderate to severe pain usually after a surgery or traumatic injury.
Analgesia is expected to account for more than half of the global market share. Consumption of opioids in analgesic applications, such as cancer pain, trauma injuries, and others, is expected to rise over the coming years.
Among all the distribution channels, hospital pharmacies accounted for more than 30% of the market share in 2020. Most prescribed opioids are hospital-acquired, and hence, hospitals are major treatment providers.
North America holds the highest share in the global opioids market, owing to the presence of big market players, high healthcare expenditure, and growing research & development efforts in the country.
Key players are focused on strengthening their clinical pipelines with new discoveries of novel abuse-deterrent formulations.
The market in the U.S. is projected to be the fastest-growing at a CAGR around 3% through 2021-2031. The U.S. holds a big portion of global revenue and accounts for more than 90% share in the North American market.
"Strong growth in demand for morphine owing to its potency, efficacy, and safety makes it the most lucrative segment in the market," says an analyst of Persistence Market Research.
Government Initiatives toward Opioid Consumption
Governmental support for ongoing clinical research, consumption of opioids, and restricting misuse have favoured growth in demand for opioids. For instance, in August 2020, the U.S. Food and Drug Administration approved Trevena Inc.'s new chemical entity, "Olinvyk", an intravenous opioid agonist used for the management of moderate to severe acute pain in adults.
Heavy misuse of opioids has led regulatory authorities to lay out newer prescription regulations for pain management. This is expected to facilitate proper utilization of opioids and also enable active restrictions on their misuse. For instance, Therapeutic Goods Administration (TGA) has implemented reforms to reduce the misuse of opioids.
Persistence Market Research offers a unique perspective and actionable insights on the opioids market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031. The research study is based on product (morphine, codeine, fentanyl, meperidine, and methadone), application (analgesia, cough suppression, and diarrhoea suppression), and distribution channel (hospital pharmacies, retail pharmacies, drug stores, clinics, and others), across seven key regions of the world.
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