Growing cases and demand for pain management is increasing the number of referrals to pain management clinics, which is resulting in the growth of the oxycodone market. According to the latest research conducted by the Future Market Insights (FMI), the global oxycodone market is anticipated to account for over US$ 4,016.1 Mn, in terms of value, by 2028 end. The report further projects significant growth potential for the market, which is expected to expand at a CAGR of 4.6 % through 2028.
The market has been segmented by product type, applications, distribution channels and regions. The product type segment of the market includes long acting oxycodone and short acting oxycodone. The application segment of the market includes pain management and de-addiction. On the basis of distribution channel, the market has been segmented into retail pharmacies and hospital pharmacies. Based on product type, the long acting segment is expected to account for the largest share of 69.5 % in 2018 and is expected to grow at the highest CAGR of 4.9% during the forecast period.
The growth of the global oxycodone market is being primarily driven by the rise in the number of patients suffering from terminally ill diseases, severe cough resulting from lung infection, cancer and high surge in prescription for post-operative pain medication. These are some of the important factors expected to boost the consumption of opioids as a pain medicine.
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According to the Center for Disease Control and Prevention, in 2013, 239 million surgeries were conducted across the globe, of which 69 million were conducted in the U.S. Of all these 239 million surgeries, around 65% of the patients experienced moderate to severe post-operative pain. Opioid pain management drugs adoption is indirectly expanding the growth of the oxycodone market. However, poor efficiency and efficacy of oxycodone might hamper the growth of the oxycodone market during the forecast period. The companies operating in the market are involved in developing advanced formulations and new experimental drugs.
Concerns over opioid abuse and associated mortality due to opioid abuse are the primary restraints negatively impacting the concerned market. Opioid abuse deaths accounted for 49,000 of the 72,000 drug overdose deaths in the U.S. in 2017. According to the estimates presented by the center of disease control, about 66% of the 63,600 drug overdose deaths in 2016 involved the use of an opioid. On an average, 115 U.S. citizens die every day due to opioid overdose.
This oxycodone report assesses the trends that are driving the growth of each segment of the market at the global as well as regional level and offers potential takeaways that could prove substantially useful for manufacturers planning to enter the market.
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North America is expected to be the dominant regional market for oxycodone and accounted for a high revenue share in 2017. The U.S. market is expected to account for a large share and is expected to grow at a CAGR of 5.9% over the forecast period. Europe and Asia Pacific are expected to grow at CAGRs of 4.8% and 4.2%, respectively. The developing regions, led by India and China, are expected to drive the future oxycodone market owing to their developing economies and expanding healthcare infrastructure.
The Middle East and Africa market is dominated by the gulf economies owing to their high per capita income and high public healthcare expenditure. The development of large hospital complexes in the Gulf nations will drive market adoption of oxycodone products.
FMI’s report tracks some of the key companies operating in the market, such as Purdue Pharma, Pfizer Inc., Janssen Pharmaceuticals Inc., Teva Pharmaceuticals, Endo Pharmaceuticals plc., Westward Pharmaceuticals, Mallinckrodt Pharmaceuticals, Mylan N.V., Impax Laboratories Inc. and Indivior plc., among others.
The companies operating in the oxycodone market are focusing on developing new drugs. Concerns over oxycodone use and the growing mortality from overdose are the primary constraints in the oxycodone market.
Preview Analysis on Oxycodone Market Segmentation by Product Type- long acting oxycodone and short acting oxycodone; Application – pain management and de-addiction; Distribution Channel – retail pharmacies and hospitals pharmacies
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