NEWARK, Del, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The global opioid analgesics market is projected to reach a value of US$ 69.55 Bn in 2032, with the market expanding at a steady CAGR of 5.4% from the forecast period of 2022 to 2032. Predicted to reach an estimated US$ 41.11 Bn in 2022, the opioid analgesics market is driven by the advancing demand for post-surgery pain management. The progress made in drug formulations to lessen the analgesic side effects also propel the market expansion of opioid analgesics during the forecast period.
Heightened prevalence of orthopedic diseases, cancer, and the rising cases of chronic pain, particularly among the geriatric population fuels the market growth of opioid analgesics. Opioid analgesics are drugs that are largely used for pain management and palliative care. The effectiveness and convenience of such drugs have resulted in their wide usage. However, there is always a risk of addiction and overuse. Many market manufacturers are thus increasing their investment in research and development activities so as to produce milder and less addictive drugs. This is likely to augment future possibilities for the opioid analgesics market. In addition to this, the commercialization of opioid-tolerant drugs is expected to open up many lucrative opportunities for the target market. The use of opioid-tolerant drugs will aid in the reduction of the side effects caused by high dosages of opioid analgesics which in turn will bolster the sales of opioid analgesics in the international market during the assessment period of 2022-2032.
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Along with positive prospects, the opioid analgesics market is also faced with certain deterrents. The growing prevalence of opioid addiction and other side effects as well as the unavailability of opioids in emerging markets are likely to hinder the overall market growth. Rising cases of abuse and misuse of opioids pose a serious obstacle to the opioid analgesics market. Many healthcare practitioners have stopped prescribing opioid analgesics for pain management due to chronic side effects and elevated abuse of the drugs.
“Efficacy and convenience of opioid analgesics when consumed in cases of pain management and palliative care will likely drive the market growth of the same over the forecast period,” says an FMI analyst.
Key Takeaways:
- Unavailability in emerging markets may impede market possibilities.
- Elevated healthcare costs and rising disposable income provide several profitable opportunities.
- By drug class, the oxycodone segment will account for 19.4% of the market share.
- Surgical pain indication is predicted to hold 45.9% of the total market share.
- By end user, hospital pharmacies are expected to acquire 33.1% of the overall market share.
- The United States will dominate the market in North America.
Competitive Landscape
Pfizer Inc, Abbott Laboratories, Janssen Pharmaceuticals, Inc., Johnson & Johnson, Novartis AG, Bayer AG, GlaxoSmithKline plc, F. Hoffmann-La Roche AG, Boehringer Ingelheim International GmbH, Bausch Health Companies Inc., and Sanofi S.A. among others are some of the major players in the opioid analgesics market profiled in the full version of the report.
Leading market players are concentrating on product portfolio expansion strategies. These enterprises engage in partnerships, agreements, and strategic collaborations to maintain a competitive edge. Some market players are focused on product approvals and facility expansion.
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More Insights into Opioid Analgesics Market Report
In its latest report, FMI offers an unbiased analysis of the global opioid analgesics market, providing historical data and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on drug class (morphine, codeine, fentanyl, meperidine, methadone, tramadol, oxycodone, dextromethorphan, buprenorphine, others), indication (surgical pain, cancer pain, neuropathic pain, other), route of administration (oral, parenteral, transdermal, other), end user (hospitals, retail pharmacies, drug stores, online pharmacies), and region.
According to the latest FMI reports, based on region, the opioid analgesics market in the United States accounts for 86% of the market share in North America. The increasing incidences of chronic illnesses coupled with the rising adoption of opioid analgesics as a pain killer drive the market growth of the country during the forecast period. Aside from the U.S., Germany, China, the U.K., and India are anticipated to present many lucrative opportunities to the target market during the forecast period.
Based on segmentation, by drug class, the oxycodone segment will dominate the market due to its popularity as the most potent pain reliever. Surgical pain indication and hospital pharmacies also lead the market growth in their respective segments during 2022-2032.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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