Opioids Market Size to be worth $15.03 Billion By 2031: The Insight Partners
Opioids Market Size, Share, forecast, and Growth Opportunity Analysis Report Coverage: By Product (Immediate-Release Short-Acting Opioids and Extended-Release Long-Acting Opioid), Application (Pain Management, Anaesthesia, Diarrhoea Suppression, Cough Suppression, De-Addiction, and Others), Route Of Administration (Oral, Injectable, and Transdermal Patch)
NEW YORK, Oct. 30, 2024 /PRNewswire/ -- According to a new market research by The Insight Partners, the Global Opioids Market is experiencing significant growth owing to the rising prevalence of chronic conditions such as arthritis and fibromyalgia, and the surging demand for abuse-deterrent opioid formulations. The report runs an in-depth analysis of market trends, key players, and future opportunities. It analyzes the opioids market on the basis of prominent products and applications that are expected to contribute to its strength during the coming years.
Read full market research report, "Opioids Market Size, Share, and Growth Overview by 2031", published by The Insight Partners.
Overview of Report Findings
- Market Growth: The opioids market value is expected to reach US$ 15.03 billion by 2031 from US$ 12.93 billion in 2023, at a CAGR of 1.9%. The class of opioid drugs includes synthetic opioids such as fentanyl, prescription pain relievers such as oxycodone and hydrocodone, and illegal drugs such as heroin. Prescription opioids are mainly used to treat moderate to severe pain, and a few of them can also be prescribed for cough relief and diarrhea treatment.
- Introduction of Novel Drug Formulations: Notable developments observed in the dosage forms of opioids include fast-acting formulations, long-acting and slow-release formulations, and formulations intended to deter drug abuse. Abuse-deterrent formulations of opioids help clinicians address public safety concerns. The launch of generic Narcan Nasal Spray 4mg (naloxone hydrochloride) in the US by Sandoz has been one of the prominent strategic initiatives to bring new formulations into the opioids market; the drug is used to reverse opioid overdose.
- Increasing Prevalence of Chronic Pain Conditions: The prevalence of chronic conditions such as arthritis and fibromyalgia, particularly those causing long-term debilitating illness, fuels the demand for opioids. These drugs are self-sought by patients to achieve pain relief, while healthcare providers often work on controlling debilitating pain by prescribing opioid-based drugs to broad demographics.
- Geographical Insights: In 2023, North America led the opioids market with a substantial revenue share, followed by Europe and APAC. Asia Pacific is projected to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on product, the opioids market is segmented into immediate-release short-acting opioids and extended-release long-acting opioids. The immediate-release short-acting opioids segment held a larger share of the opioids market in 2023.
- By application, the opioids market is segmented into pain management, anesthesia, diarrhea suppression, cough suppression, de-addiction, and others. The pain management segment held the largest share of the opioids market in 2023.
- In terms of the route of administration, the opioids market is segmented into oral, injectable, and transdermal. The oral segment held a larger share of the opioids market in 2023.
- In terms of distribution channel, the opioids market is segmented into hospital pharmacies and retail pharmacies. The hospital pharmacies segment held a larger share of the opioids market in 2023.
- The opioids market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development
Key Players: A few of the major companies operating in the opioids market include Purdue Pharma LP, Endo International plc, Mallinckrodt Plc, Collegium Pharmaceutical Inc, Neuraxpharm Pharmaceuticals SL, Hikma Pharmaceuticals Plc, Mayne Pharma Group LtD, Rusan Pharma Ltd, Trevena Inc, and Teva Pharmaceutical Industries Ltd.
Trending Topics: Pain Management, Chronic Pain Treatment, Narcotic Analgesics, Prescription Pain Killers, Opioid Alternatives, Substance Abuse Treatment, Opioid Recovery, Anesthesia and Analgesia, Pharmaceutical Pain Relief, and Addiction Medicine
Global Headlines on Opioids
- Collegium Pharmaceutical, Inc. completed the acquisition of BioDelivery Sciences International Inc. BDSI has a portfolio of pain and neurology products that address serious and debilitating conditions.
- Neuraxpharm announced the establishment of affiliates in Brazil and Mexico. As part of the expansion into Brazil, Neuraxpharm has acquired Libber Pharma, a company that can provide the infrastructure to distribute and commercialize Neuraxpharm products across the country.
- Hikma Pharmaceuticals PLC launched Fentanyl Citrate Injection, USP, in 25mcg/0.5mL and 50mcg/mL doses. The company introduced the first FDA-approved 25mcg/0.5mL presentation to the US market.
- Trevena, Inc. announced that Jiangsu Nhwa, its partner in China, received formal approval from the National Medical Products Administration for OLINVYK.
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Conclusion
The rising demand for novel drug formulations for chronic pain management, coupled with an upsurge in the geriatric population, drives the opioids market growth. The design and development of abuse-deterrent opioid formulations largely reflect an attempt to limit the propensity for misuse, keeping the vitality of opioids in providing effective pain management intact. The aging global population leads to a rise in age-related disorders that, in turn, call for pain management treatments. Further, healthcare providers and patients are becoming significantly aware of the effectiveness of prescription opioids in pain management procedures. Clinical guidelines from organizations such as the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO) further contribute to a more controlled and responsible prescription of opioids, in turn lowering the risks of addiction.
The report from The Insight Partners provides several stakeholders—including manufacturers of opioids, healthcare providers, and patients—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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