Global Opioids Market: Substantial rise in road accidents, trauma, and surgical procedures are expected to drive market growth during the forecast period
In this MRFR market note, the global Opioids Market is discussed at length. Market Research Future (MRFR) forecasts a CAGR of 7.12% for the global opioids market from 2018 to 2023. The market growth is linked to Increasing use of opioids for disease condition causing chronic pains such as cancers, arthritis, lower back pain, and fibromyalgia. According to the National Health Interview Survey conducted in 2017, 25.3 million American suffered from chronic pain daily and 23.4 million reported their pain as severe. This huge population suffering from chronic pain is increasing the demand for opioid-based medications and contributing to boosting the opioids market.
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The global opioids market is expected to grow significantly during the forecast period. Currently, the market is dominated by many market players. The growing competition among existing and new market players to develop better opioids based products is expected to fuel market growth. Also, key companies are being involved in collaborating with each other to enhance their market share. For instance, in August 2016, Teva Pharmaceutical Industries Ltd. entered into a definitive agreement to purchase Allergan’s Anda Inc., i.e., the largest distributor of generic pharmaceuticals in the US. This will enable Teva and Anda to provide enhanced offerings to customers.
Extended-release opioids will remain the largest product in the global opioids market
The extended-release opioids segment accounted for a market value of USD 12,750.91 million in 2017. Extended-release opioids are designed to deliver stable concentration over the dosing interval and provide patients with chronic pain the convenience of less dosing intervals especially at night. Aggressive promotion from the pharmaceutical industry is expected to drive the growth of the market.
Pain relief segment will dominate the application segment in the global opioids market
The pain relief sub-segment is expected to register the higher CAGR of 6.28% during the forecast period. The increasing aging population is expected to drive the market growth.
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The hospitals and clinics segment would dominate the end user segment in the global opioids market
The hospitals & clinics segment accounted for a value of USD 9,877 million in 2017. The increasing prevalence of orthopedic diseases is anticipated to boost the market growth of hospitals and clinics in developing regions during the assessment period.
Asia-Pacific opioids market to exhibit the highest CAGR
Asia-Pacific is the fastest growing market with a CAGR of 10.34% for the opioids. South Korea held a share of 6% in the Asia-Pacific opioids market in 2017. Developing regions such as China, India, and South Korea have evolved as cost-effective manufacturing platforms for the opioids market. Due to the availability of raw materials at affordable cost, low labor charges, and low transportation cost compared to developed nations, developing regions act as the best opportunity for the opioids market.
Sanofi SA (France), Pfizer Inc. (US), Boehringer Ingelheim GmbH (Germany), Teva Pharmaceutical Industries Ltd (Israel), Allergan Inc. (US), Purdue Pharma L.P. (US), West-Ward Pharmaceuticals Corporation (Jordan), Sun Pharmaceutical Industries Ltd (India), Egalet Corporation (US), Janssen Global Services, LLC (US), Vertice Pharma LLC (UK), Mallinckrodt (Surrey), and others are some of the key companies operating in the market.
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