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Opioid Drugs Market Set To Progress At A Cagr Of 4.4% By 2025
As per the current report published by Credence Research, Inc. “Opioid Drugs Market (Drug Type: Opioid Agonist (Morphine, Methadone, Codeine, Oxycodone, Meperidine, Fentanyl and Other Agonist), Opioid Antagonist (Naloxone, Naltrexone and Other Antagonist); Application Type: Pain Management, Cough Suppressant, Diarrhea and Anesthesia)) - Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global opioid drugs market was estimated at US$ 33.68 Bn in 2016 and is predicted to grow at CAGR of 4.4%.
Browse the full report Opioid Drugs Market - Growth, Future Prospects and Competitive Analysis, 2017–2025 report at https://www.credenceresearch.com/report/opioid-drugs-market
Opioids is a promising pharmaceutical drug class with major application in pain management. Opioid drugs help to alleviate pain by binding with opioid receptors present on the nervous system. Opioid drugs not only exhibit promising effect in relieving pain, suppressing cough and as an anesthetic agent, but also in treating diarrhea, opioid usage disorders and to reverse the opioid overdose effects. However, side effects associated with opioid drugs, opioid abuse and addiction have affected overall opioid drugs market.
Opioids have huge medical application in treating pain associated with cancer, AIDS and arthritis; globally increasing prevalence of these diseases promote the growth of opioid drugs market. Rising trend of surgical interventions subsequently increase the usage of opioid drugs both in treating surgical pain and as anesthetic agents. Although, expanding opioid abuse and addiction have led to unethical sales of opioid drugs; serious health issues caused by opioid overdose and addiction have drawn the attention of healthcare administration. As a result, the stringent regulatory guidelines on opioid usage is expected to hinder the swift growth of the opioid drugs market. Recently, the FDA has ordered Endo Pharmaceuticals to withdraw the long lasting opioid drug Opana ER from the market. Such strict regulations are expected in the near future, because of public health concern.
Some latest approved opioid drugs are Arymo ER and Vantrela and RoxyBond being commercialized as the first and only immediate-release opioid analgesic claimed to have abuse-deterrent label. Such increasing trend of approval of safer drugs and robust pipeline portfolio is presumed to promote continuous growth to the market. Furthermore, market infiltration of non-opioid drugs outweigh the preference for opioid drugs due to increasing rate of reported cases of opioid overdose deaths.
Based on different types of opioid drugs, the market is segmented into morphine, methadone, codeine, oxycodone, meperidine, and fentanyl. Morphine and codeine collectively are boosting the overall growth of opioid drugs market as a result of effective outcomes in pain management and cough suppression. On the basis of applications of opioid drugs, the pain management segment is estimated to generate maximum revenue due to increasing prevalence of chronic pain, which is the leading cause of physical disability worldwide.
Geography wise, the global opioid drugs market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. With respect to the present scenario, North America is the dominating region in global opioid drugs market owing to increasing prevalence of cancer and chronic pain. Maximum consumption of prescribed and over-the-counter opioid drugs and growing epidemic of opioid addiction made North America the leading regional market followed by Europe. Asia Pacific is expected to experience major growth due to booming market in China and emerging healthcare development.
The key business players in opioid drugs market include Actavis Plc., Boehringer Ingelheim, Endo Pharmaceuticals Inc., Egalet, Janssen Pharmaceuticals, Inc., Mallinckrodt Pharmaceuticals, Pfizer Inc., Purdue Pharma, Sanofi, Sun Pharmaceutical Industries Ltd.
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