A recent study by Triton Market Research titled ‘Global Opioid Drugs Market,’ covers the Global Analysis and Forecasts by Product (Fentanyl, Hydrocodone, Buprenorphine, Oxycodone, Morphine, Tramadol, Other Products), by Application (Anesthesia, Pain Relief, Diarrhea Suppression, Cough Suppression, De-addiction) and by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).
Opioids are pain-relieving drugs. They are comprised of chemicals that help relax muscles and relieve pain & stress. Some opioid drugs are also used for treating cough and diarrhea. However, prescription opioids are used mostly for treating moderate to severe pain.
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The report by Triton estimates the global opioid drugs market to showcase a CAGR of 2.56% in the forecasting period from 2019 to 2028, generating a revenue of $33.78 billion by 2028.
The number of people suffering from cancer, around the world, is rising rapidly. They experience severe pain, and opioid drugs help alleviate this pain. This has significantly raised the demand for opioids. Opioid drugs are also used for various other purposes, such as diarrhea and orthopedic treatments, among others. With a surge in these cases too, there has been a spike in the demand for opioid drugs.
On the flip side, millions of deaths arise due to opioid abuse per year, globally. This has forced the governments across the world to take stringent measures to curb this public health crisis. They have therefore implemented strict rules & regulations when it comes to the manufacture, supply, and sales of these opioid products. This has majorly hampered the growth of the market for opioid drugs.
The market for opioid drugs is bifurcated into product and application. The first segment, product, includes fentanyl, hydrocodone, buprenorphine, oxycodone, morphine, tramadol, and other products. Whereas, the second segment, application, consists of anesthesia, pain relief, diarrhea suppression, cough suppression, and de-addiction.
The North American market for opioid drugs has been predicted to register the highest growth in the global market over the forecasting period. The growing prevalence of cancer, as well as several chronic diseases, is the primary driving factor of the opioid drugs market in this region. In addition, state-of-the-art healthcare infrastructure and enhanced healthcare spending are also some of the main reasons supporting the market growth. Cancerous tumor removal procedures, such as lumpectomy or mastectomy, require postoperative pain drugs to be given to patients. With the surge in the cases of cancer in the countries of US and Canada, the market for opioid drugs is set to propel even further.
Lannett Co Inc, Lupin Ltd, Acura Pharmaceuticals, Sun Pharmaceutical Industries Ltd, Indivior Inc, Mylan NV, and Sanofi-Aventis SA, Daiichi Sankyo, Cipher Pharmaceuticals Inc, Janssen Pharmaceuticals Inc, Hikma Pharmaceuticals Plc, Allergan (Acquired By Abbvie), Pfizer Inc, Johnson Johnson, Biodelivery Sciences International Inc, Teva Pharmaceutical Industries Ltd, Collegium Pharmaceutical Inc, and Purdue Pharma LP are some of the noteworthy names in this market.
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Question & Answer: Opioid Drugs Market
Question 1: What factors have raised the demand for the opioid drugs market?
Answer: The number of people suffering from cancer, around the world, is rising rapidly. They experience severe pain, and opioid drugs help alleviate this pain. This has significantly raised the demand for opioids. Opioid drugs are also used for various other purposes, such as diarrhea and orthopedic treatments, among others. With a surge in these cases, too, there has been a spike in the demand for opioid drugs.
Question 2: What factor has majorly hampered the growth of the market for opioid drugs?
Answer: millions of deaths arise due to opioid abuse per year, globally. This has forced governments across the world to take stringent measures to curb this public health crisis. They have therefore implemented strict rules & regulations when it comes to the manufacture, supply, and sales of these opioid products. This has majorly hampered the growth of the market for opioid drugs.
Question 3: Which region is expected to register the highest growth in the global opioid drugs market?
Answer: The North American market for opioid drugs has been predicted to register the highest growth in the global market over the forecasting period. The growing prevalence of cancer, as well as several chronic diseases, is the primary driving factor of the opioid drugs market in this region. In addition, state-of-the-art healthcare infrastructure and enhanced healthcare spending are also some of the main reasons supporting the market growth. Cancerous tumor removal procedures, such as lumpectomy or mastectomy, require postoperative pain drugs to be given to patients. With the surge in the cases of cancer in the countries of the US and Canada, the market for opioid drugs is set to propel even further.
Question 4: Which are some of the noteworthy names in the opioid drugs market?
Answer: Lannett Co Inc, Lupin Ltd, Acura Pharmaceuticals, Sun Pharmaceutical Industries Ltd, Indivior Inc, Mylan NV, and Sanofi-Aventis SA, Daiichi Sankyo, Cipher Pharmaceuticals Inc, Janssen Pharmaceuticals Inc, Hikma Pharmaceuticals Plc, Allergan (Acquired By Abbvie), Pfizer Inc, Johnson Johnson, Biodelivery Sciences International Inc, Teva Pharmaceutical Industries Ltd, Collegium Pharmaceutical Inc, and Purdue Pharma LP are some of the noteworthy names in this market.
Related Report:
Global Ophthalmology Drugs and Devices Market
The global market for ophthalmology drugs and devices is expected to flourish in the projected period, while registering a CAGR of 6.16% and generating $106.09 billion in revenue by 2028.
Over the last few years, the average life expectancy, around the globe, has increased. This has also increased the population of older adults. At present, their population stands at around 714 million people. They face severe age-related issues with their growing age, with vision loss being a major issue. Around 1 in 3 persons is said to be affected by some kind of vision-reducing eye disease by the time they reach 65 years of age. Common causes leading to vision loss in the elderly are glaucoma, cataract, age-related macular degeneration, and diabetic retinopathy. Thus, the growing geriatric population has bolstered the demand for ophthalmology drugs and devices substantially.
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