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Opioids Drug Market : Industry Analysis & Opportunities-DataM Intelligence

(PharmaNewsWire.Com, August 31, 2021 ) Market Overview

Opioids are a class of drugs naturally found in the opium poppy plant and work in the brain to produce various effects, including pain relief with many of these drugs. Opioids can be prescription medications often referred to as painkillers or so-called street drugs, such as heroin. Many prescription opioids are used to block pain signals between the brain and the body and are typically prescribed to treat moderate to severe pain.



Market Dynamics:

The key drivers contributing to the global opioids drug market's growth are escalating palliative care for patients suffering intensely and using abuse-deterrent preparations to restrict opioid abuse. Moreover, the increasing prevalence of diseases that cause chronic pain, such as post-surgical pain, cancer, fibromyalgia, lower back pain, and arthritis, drives the market.



The growing prevalence of cancer leads to the market’s growth.

The rising number of medical cases and the growing prevalence of cancer are considered major factors driving the market's growth worldwide. Opioids are narcotic drugs recommended for the management of moderate to severe pain in cancer treatment. The American Cancer Society explicates that opioids play a critical role in relieving pain due to this disease and curing cancer patients. Therefore, with the considerable increase in cancer prevalence globally, the demand for prescription opioid drugs is also expected to rise during the forecast period.



The rising number of lawsuits for opioids may hinder the market growth.

The increasing number of lawsuits against opioid manufacturers and the rising incidence of fatalities related to opioid overdose are major factors that impede the opioids drug market growth. The increasing opioid crisis has led to the filing of lawsuits instead of pharmaceuticals companies engaged in manufacturing opioid drugs. The lawsuits are filed against the companies alleging that the drug manufacturers hid data of the addiction after-effects of opioid drugs. The number of deaths due to drug overdose is increasing greatly, and opioids contribute significantly to such health issues. The opioid addiction and growing trend of opioid abuse are the major factors contributing to the high death rate related to opioid overdose.



Segment Analysis

By Product

• Buprenorphine

• Fentanyl

• Hydrocodone

By Application

• Pain Relief

• Anesthesia

• Cough Suppression



Geographical Analysis

North America dominated the global market throughout the forecast period.

North America contributed the major share in the global opioids drug market in 2019. The well-developed healthcare infrastructure in the U.S. and several healthcare research centers drive the region's growth. However, the US is likely to witness a decline in its market growth during the forecast period, backed by the rising government initiatives to tackle the country's crisis. In June 2018, the Government of the U.S. launched a public awareness advertising campaign to fight against addiction. Besides, a few of the opioid products, including Purdue Pharma’ OxyContin, have been discontinued in the U.S. and Canada.

Moreover, the Asia Pacific region is expected to project the highest CAGR globally during the forecast period. Most Asian-Pacific economies suffer from a stigma related to the addiction associated with opioids among patients and physicians. To tackle this growing stigma, the Government of China launched a ‘good pain management’ program in the year 2011, which targets regulating cancer pain treatment, thereby improving the quality of cancer patients' lives. Moreover, companies such as Purdue Pharma shift their focus towards this region, intending to strengthen their market position.



Competitive Landscape

The opioids drug market is dominating by a few companies. Some of the key players in the market's growth include Purdue Pharma L.P., Sun Pharmaceutical Industries Limited, Allergan PLC, and Pfizer Inc. The key players execute several growth strategies such as product launches, acquisitions, and collaborations, which are estimated to boost the opioids drug market growth globally.



Related Topic's

Imatinib Drug Market, AMD Drugs Market, Generic Drugs Market, Gastroretentive Drug Delivery System Market, Penicillin Drug Market

DataM Intelligence

Sai Kiran

+1 877 441 4866

pr@datamintelligence.com

Source: EmailWire.Com

Source: EmailWire.com


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