Surge in use of opioids in pain management is the major factor driving the growth of the global opioids market
PORTLAND, Oregon, Oct. 30, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Opioids Market by Product (Codeine, Fentanyl, Methadone, Oxycodone, Morphine, Hydrocodone and Others) and Application (Pain Management, Cough Treatment, and Diarrhea): Global Opportunity Analysis and Industry Forecast, 2019-2026." The report provides a detailed analysis of the market, including key winning strategies, industry drivers & restraints, market size & forecast, top investment pockets, competitive landscape, and wavering market trends. As per the report, the global opioids industry was estimated at $18.53 billion in 2018 and is expected to hit $22.38 billion by 2026, registering a CAGR of 3.2% during 2019–2026.
Drivers, restraints and opportunities-
Rise in use of opioids in pain management fuels the growth of the global opioids market. On the other hand, implementation of stringent government regulation toward vigorous prescription and opioid crisis across the world restrain the growth to some extent. Nevertheless, increase in consumption of opioids in developing economies is projected to create a number of opportunities in the industry.
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The oxycodone segment to rule the roost-
Based on product, the oxycodone segment accounted for nearly one-fourth of the global opioids market revenue in 2018 and is expected to retain its dominance throughout the study period. Increase in its consumption for pain management has propelled the growth of the segment. The fentanyl segment, on the other hand, would showcase the fastest CAGR of 3.7% during the estimated period. This is due to Increased usage of fentanyl patch for pain relief across the globe.
The pain management segment to remain lucrative by 2026-
Based on application, the pain management segment garnered the major share in 2018, holding nearly three-fifths of the global opioids market. This is attributed to wide usage of opioids for pain management across the world. The same segment is also anticipated to grow at the fastest CAGR of 2.6% during 2019–2026.
North America to dominate in terms of revenue-
Based on geography, North America contributed to nearly half of the global opioids market share in 2018, and is expected to lead the trail till 2026. Ease of availability and vigorous use of opioid analgesics in this region have fueled the growth. At the same time, the Asia-Pacific region would showcase the fastest CAGR of 3.0% throughout the forecast period. This is due to the presence of key players such as Teva Pharmaceuticals, Janssen Pharmaceuticals, Inc., and others in the region.
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Key players in the industry-
- Pfizer, Inc.
- Purdue Pharma
- Sun Pharmaceuticals
- Boehringer Ingelheim
- Mallinckrodt Pharmaceuticals
- Allergan, Plc
- Janssen Pharmaceuticals, Inc.
- Endo Pharmaceuticals Inc.
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SOURCE Allied Market Research