Opioids Market to Reach $6.06 Bn, Globally, by 2030 at 3.2% CAGR: Allied Market Research
Increase in consumption of these drugs to combat pain, rise in the geriatric population that is majorly prone to orthopedic pain, and surge in demand for ideal products for treatment of cough, pain, and diarrhea drive the growth of the global opioids market.
PORTLAND, Ore., March 31, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Opioids Market by Product Type (Codeine, Fentanyl, Oxycodone, Methadone, Morphine, Hydrocodone, and Others) and Application (Pain Management, Cough Treatment, and Diarrhea Treatment): Global Opportunity Analysis and Industry Forecast, 2021-2030."According to the report, the global opioids industry was pegged at $4.41 billion in 2020, and is expected to reach $6.06 billion by 2030, growing at a CAGR of 3.2% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Increase in consumption of opioids drugs to combat pain, rise in the geriatric population that is majorly prone to orthopedic pain, and surge in demand for ideal products for treatment of cough, pain, and diarrhea drive the growth of the global opioids market. However, implementation of stringent government regulations for opioid prescription and surge in opioid addiction (opioid crisis) across the globe impede the market growth. On the contrary, upsurge in disposable income in developing economies is expected to create lucrative opportunities in the industry.
COVID-19 scenario-
- The outbreak of the COVID-19 pandemic negatively affected the global opioids market. This is due to a decrease in the number of patients seeking surgery, such as cancer surgery, at hospitals and clinics.
- The Centers for Medicare & Medicaid Services (CMS) has published criteria for non-essential planned surgeries and treatments depending on the need for emergency care, thus affecting the market growth.
- The guidelines recommend that surgical services be provided to patients who require immediate attention and those procedures be postponed if they are not necessary. This has resulted in a decrease in the demand for opioid products in the market, as these drugs are used to reduce chronic surgeries.
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The methadone segment to dominate by 2030-
By drug type, the methadone segment accounted for nearly one-fourth of the global opioids market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to increase in adoption of methadone globally. The oxycodone segment, however, would showcase the fastest CAGR of 4.6% by 2030. The report also includes an analysis of codeine, fentanyl, morphine, and hydrocodone segments.
The pain segment held the lion's share in 2020-
Based on application, the pain management segment held the lion's share in 2020, contributing to more than two-thirds of the global opioids market, and is expected to continue its lead during the forecast period. This is owing to the rapid increase in the number of patients suffering from chronic migraine, headaches, and backaches; patients recuperating from surgery or undergoing severe pain associated with cancer; and individuals who are injured during traffic collisions, sports activities, or other incidents. However, the cough segment is expected to witness the highest CAGR of 4.5% by 2030. The report also includes an analysis of the diarrhea segment.
North America, to lead the trail in terms of revenue-
By region, North America, garnered the major share in 2020, contributing to nearly two-fifths of the global opioids market. This is owing to high expenditure on R&D, presence of major players & their product availability, and the well-established healthcare infrastructure in the region. However, the region across LAMEA is expected to witness the fastest CAGR of 4.7% throughout the forecast period. Asia-Pacific is projected to register the highest CAGR of 3.5% during the forecast period, owing to increase in the incidence of the population suffering from various diseases such as migraine, arthritis, and cancer pain disease and rise in the aging population.
Major market players-
- Boehringer Ingelheim
- Pfizer, Inc.
- Purdue Pharma
- Janssen Pharmaceuticals, Inc.
- Sun Pharmaceuticals
- Sanofi
- Endo Pharmaceuticals Inc.
- Mallinckrodt Pharmaceuticals
- Teva pharmaceuticals
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