(MENAFN- GlobeNewsWire - Nasdaq) Governments and regulatory bodies are implementing stricter regulations and controls on opioid prescribing practices to combat the opioid epidemic and reduce misuse, addiction, and overdose-related deaths. This includes initiatives such as prescription monitoring programs, prescribing guidelines, and restrictions on opioid formulations.
New York, Feb. 13, 2024 (GLOBE NEWSWIRE) -- According to Market, the Global Opioids Market size is projected to exceed USD 29.5 Billion by 2033, with a promising CAGR of 2.9% from 2024 to 2033.
The global opioids market was valued at USD 22.2 billion in 2023. A class of drugs derived from opium or synthetic versions, acting on nervous system to relieve pain is known as Opioids. These compounds mimic the effects of natural opium compounds and are commonly prescribed for the treatment of acute and chronic pain along with relieve of post-operative pain. The increasing demand for pain management medications has tremendously up surged the demand for opioids, thus propelling the market in the near future.
Access a sample PDF report @ request-sample/
Along with pain management, opioids are also prescribed for the relieve of severe coughing and diarrhea. Based on product, oxycodone segment leads the opioids market in 2023. By application analysis, a large market shares of 39.5% is held by pain management segment. Depending upon route of administration, injectable segment accounted highest revenue share, dominating the opioids market in 2023. The implementation of stringent government regulations for opioid products can impede the market during the forecast period.
Factors Affecting the Growth of the Global Opioids Industry?
Several factors are affecting the growth of the Global Opioids market. These include:
Technological advancements: Sophisticated technologies have empowered pharmaceutical companies to develop exceptionally potent drugs, leading to the expansion of the opioids market. High costs of research and development: The opioids market is limited by the high costs associated with the research and development process. Shifting inclination towards preventive medicine: The use of herbal medicinal products as an additional treatment to prevent post-operative pain and severe diarrhea has gained popularity in recent times, which presents new opportunities for the market. Demand for ideal products: The emergence of several opioids product assist in the better recovery of disease and pain management, thus fostering the opioids market.
Top Trends in the Global Opioids Market
The adoption of Fentanyl, a synthetic opioid approved for treating severe pain, such as advanced cancer pain has paved opportunistic pathways for the opioids market excellence. This medication is considered 50 to 100 times more potent than morphine, hence helping in better pain management. In addition to this, Protonitazene, a next generation opioid, is considered much more potent than Fenatyl. Thus, the emergence of advanced opioid medications in order to treat disease or manage severe pain has led to the enhancement of opioids market substantially.
Increase in product approval by the regulatory authorities and launch of new opioid medicines for the treatment of patients dealing with chronic pain are the main factors propelling the market growth. The major market players are thoroughly involved to make up new strategies in order to launch opioid product with least side effects and at affordable prices. In addition to this, the rise of geriatric population also provides a contributing hand in the upscale of the market. This rise in geriatric population is linked with declining fertility and mortality rates. In case of aged people above 65, there are more chances of dealing with chronic pain, thus fostering the market growth in upcoming years.
Owing to increasing acceptance of opioid based medications to comfort the growing medication need in the region, North America came up as the frontrunner in the global opioids market. The region is accounted to hold a remarkable market share of 26.8% , dominating the entire opioids market in 2023. In addition to this, the region is leveraged with large number of pharmaceutical companies and well maintained healthcare industry. On the other hand, the arrival of COVID 19 drastically affected the revenue share of the opioids market as all the necessary resources were shifted towards COVID 19 designated sites and intensive care units. Thus, the emergency outpatient chronic pain services were cut during COVID 19 pandemic.
Uncover the actionable insights tailored for your business strategy. Request our brochure to learn more #inquiry
Scope of the Report
| Report Attributes
| Market Value (2023)
| USD 22.2 Billion
| Forecast Revenue 2033
| USD 29.5 Billion
| CAGR (2024 to 2033)
| North America Revenue Share
| Base Year
| Historic Period
| 2018 to 2022
| Forecast Year
| 2024 to 2033
A large patient pool suffers from chronic pain; amongst them geriatric population lists out number one, as geriatric population are majorly associated with orthopedic pain. This act as a major factor driving the opioids market growth. Another crucial factor fueling the market size is the increase in demand for ideal products to treat pain, cough and diarrhea. Thus, these factors are anticipated to result a sky rocketing growth of the global opioids market.
One of the most vital factor leading to increase in mortality rate is the death of patients due to opioid overdose. The up surge of opioid addiction among population can hamper the market growth in the upcoming years. Due to the associated risks with opioid addiction, the pharmaceutical companies and the retail pharmacies has to work in compliance with stringent regulatory requirements. Thus, these factors are projected to bring down the global opioids market in the near future.
With the increase in number of people suffering from chronic pain, the demand for ideal treatment products also upswings. For example, the production of cost-effective and accurate diagnostic methods for sepsis propels the market growth. Thus, the development of these novel biomarkers for sepsis diagnosis coupled with advancements in techniques boosts the market for opioid products. In addition to this, to meet the unmet need of patients suffering from severe diseases or pain, collaborations between government and private firms are made in order to develop accurate and cost effective diagnostic kits. Hence, these efforts lay many lucrative opportunities leading to the industrial growth and thus its market.
Impact of Macroeconomic Factors
One of the main export from India to Ukraine comprises of pharmaceutical products, as India is the third largest exporter of pharmaceuticals to Ukraine. From a pharma perspective, Russia and Ukraine are very crucial export markets, in which some of the Indian pharma companies have a very strong presence. But unfortunately, the conflict between Russia and Ukraine resulted a severe impact on Indian pharma industry, disrupting global trade, higher manufacturing and transportation costs, inflation and disruption of trade payment issues.
Access Now for Quick Delivery | Buy Our Premium Research Report
Report Segmentation of the Global Opioids Market
By Product Analysis
Based on product, the global opioid market is segmented into Codeine, Methadone, Morphine and Oxycodone. The features such as long lasting effect coupled with extended release opioids makes the oxycodone segment to amount a large market share of 41.8% . In addition, Oxycodone and Hydrocodone are among the most common prescribed long acting drugs. To treat severe chronic pain in patients dealing with advanced stage cancer, Fentanyl is a common synthetic opioid prescribed to the patients.
By Application Analysis
With respect to applications, the market is bifurcated into pain management, diarrhea treatment, cough treatment and anesthesia. Amongst these, the pain management segment is accounted to capture a hefty market share of 39.5% , dominating the entire segment. The prominence of the segment owes to the fact that, increasing surgical operations up scale the demand for opioid medications to deal with post-operative pain.
Moreover, the anesthesia segment is anticipated to be the fastest growing segment in the global opioids market. During anesthesia, there is high use of intravenous opioids for the provision of analgesia and supplement sedation, thus increasing the demand for intravenous opioids, further fueling the market growth.
By Route of Administration Analysis
The worldwide opioid market is fragmented into injectable and orals depending upon the route of administration. Maintaining a commanding position in the market, the injectable segment held a large market share of 74.6% . The reason of the segment being prominent is the approval of new opioid injectable. To illustrate, the morphine sulphate injectable was approved by US FDA in April 2021. Thus, the approval of these opioid injectable significantly bolsters the market during the forecast period.
By Distribution Channel Analysis
By distribution channel, the market is broadly classified into retail pharmacies and hospital pharmacies. Owing to easy availability of medicines and high opioid dispensing rates, the retail pharmacy segment is accounted to hold a considerable market share of 61.4% , dominating the other segment in 2023.
Recent Development of the Global Opioids Market
In August 2021: Esteve Pharmaceuticals (Celecoxib and Tramadol Hydrochloride) was approved by United States Food and Drug Administration. These medications help to manage severe acute pain in adults. In January 2022: Trevena Inc announced that, a New Drug Application was approved by China's National Medical Products Administration. The approval is for adult use to treat severe pain in United States.
By Product Type
Codeine Methadone Morphine Oxycodone
Pain Management Diarrhea Treatment Cough Treatment Anesthesia
By Route of Administration
By Distribution Channel
Hospital Pharmacy Retail Pharmacy
Tap into Market Opportunities and Stay Ahead of Competitors - Get Your Sample Report Now@ request-sample/
The US Canada Europe Germany France The UK Spain Italy Russia Netherland Rest of Europe
China Japan South Korea India Australia New Zealand Singapore Thailand Vietnam Rest of APAC
Brazil Mexico Rest of Latin America
Middle East & Africa
South Africa Saudi Arabia UAE Rest of MEA
The market leaders are working on a variety of approaches, including partnerships, product investments, mergers and acquisitions, etc.
Some of the major players include:
Purdue Pharma L.P. Hikma Pharmaceuticals PLC Johnson & Johnson Services, Inc. Pfizer, Inc. Sanofi AbbVie Inc. Sun Pharmaceutical Industries Ltd Grünenthal Other Key Players
Explore Extensive Ongoing Coverage on Life Science Market Research Reports Domain
Hair Transplan Market is expected to hit USD 39 Billion by 2032 at a CAGR of 21.8 percent Botulinum Toxin Market Booms as Aesthetic and Therapeutic Applications Soar Mammography Market size to grow by USD 6,165 Million from 2024 to 2033- Market Neurovascular Devices Market Surges as Innovation Drives Improved Patient Outcomes Myelodysplastic Syndrome Drug Market was valued at USD 2.39 Billion. Between 2023 and 2032 Active Pharmaceutical Ingredient Market size is expected to be worth around USD 839.1 Billion by 2033 Prefilled Syringes Market size is expected to be worth around USD 72.9 Billion by 2033, from USD 20.6 Billion in 2023 Cleanroom Technology Market size was valued at around USD 4.1 Billion in 2023 and is projected to reach over USD 7.2 Billion by 2033 Real-World Evidence/RWE Solutions Market size is expected to be worth around USD 5.8 Billion by 2033 from USD 2.7 Billion in 2023
Market (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Subscribe Our Exclusive Newsletters @
Follow Us on LinkedIn
CONTACT: Global Business Development Team – Market
Market (Powered By Prudour Pvt. Ltd.)
Address: 420 Lexington Avenue, Suite 300,
New York City, NY 10170, United States
Tel: +1 718 618 4351
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.