NEW YORK, Sept. 21, 2016
NEW YORK, Sept. 21, 2016 /PRNewswire/ -- The North America opioid market is expected to reach USD 18.5 billion by 2024, according to a new report by Grand View Research, Inc. Favorable regulations and healthcare reforms are providing an environment, conducive for research and development as well as commercialization efforts directed toward the development of novel abuse-deterrent opioids, to flourish and drive the industry growth during the forecast period. Furthermore, the key players are deploying large funds in the development of abuse-deterrent technology wherein drugs are designed to be tamper resistant. This is achieved through alterations involving, among others, the use of physical or chemical barriers to resist convenient extraction of the opioids, the addition of an aversive agent to the formulation that would yield an unpleasant effect upon its extraction, and the formulation of opioid prodrugs that are dependent on enzymatic activity in order to be rendered to their active forms. These tamper-resistant opioid drug forms are anticipated to mitigate the incidence of their misuse.
Opioids are the mainstay of chronic pain management that is used to alleviate varied pain conditions. Opiates including codeine and morphine are frequently employed as cough suppression medication. Codeine is considered as a gold standard for cough suppression since it has minimal side effects. Moreover, these narcoticsare used in the treatment of irritable bowel syndrome-induced diarrhea since they act on gastrointestinal receptors. In addition, peripherally acting loperamide is commonly used to suppress diarrhea. Thus, theprofitable growth of the Opioid Market lies in its breadth of applications in the management of diverse conditions including cough, diarrhea, and pain.
Further key findings from the study suggest:
The extended-release opioids segment accounted for the largest share over 55% in 2015. The dominance of the segment is attributed to the high usage of these drugs for chronic pain management and the development of innovative dosage forms, such as transdermal patches.
Market share of the immediate-release dosage formsincluding morphine and codeine, is expected to decline owing to the frequent product recalls and severe side effects associated with their use. The segment is estimated to witness a CAGR of around 1.7% over the forecast period.
In terms of applications, the pain relief segment held the largest market share in 2015 with a revenue generation of over 9.3 billion. The extensive amount of pain caused during chemotherapy and radiotherapy are the primary factors resulting in the increasing incorporation of these drugs in the cancer segment.
The post-operative pain management segment is expected to be the fastest growing application in the pain relief category.As a result of their high applicability in post- surgical pain management, the rise in number of surgical procedures is expected to fuel the sectorpenetration of opioids in the near future.
The U.S. region dominated the global Opioid Market with a sizable revenue share in 2015. One of the major determinants is the growing geriatric population with clinically demonstrated susceptibility to terminal conditions, such as rheumatoid arthritis, is positively impacting this vertical.
In addition, the increasing adoption of opioids for pain management related to trauma and injury cases, in severe and chronic disabling diseases, and in cases of post-surgical pain, is driving the growth of the market in the North America region
The Canada regional verticalis expected to witnesssignificant growth over the forecast period with a CAGR of over 5.3% due tothe improvinghealthcare infrastructure and the presence of favorable government reforms governing the use of narcoticsin the treatment of both, acute and chronic pain, as well as in the cases of persistent cough and diarrhea. Additionally, the expanding generic drugs market in this region is expected to provide a potential growth platform for the key players in this vertical.
Some of the leadingplayers in this verticalinclude Pfizer, Inc., Purdue Pharma L.P., Janssen Pharmaceuticals, Inc., Allergan Plc (Actavis), and Egalet Corporation. Extensive research and development endeavors carried out by companies with the aim of expanding their product pipeline are expected to boost the growth of this sector.
Read the full report: http://www.reportlinker.com/p04144358-summary/view-report.html
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SOURCE ReportlinkerPR Newswire
Last updated on: 22/09/2016
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