Global Opioids Market Analysis By Key Vendors, Segmentation, Region-wise Analysis Forecast To 2028
Opioids is a type of medicine used to relieve pain as it lowers the number of pain signals which body sends to the brain. It is often prescribed by the doctors to relive pain from toothaches and dental procedures, surgeries, injuries and chronic disease. Opioids have both, benefits if taken for right condition and when used properly, however when taken in excess, it develops into a serious risk leading to mortality in patients. According to US FDA, many people in US have been impacted by serious harm associated with these medications and hence to reduce the impact of opioid misuse and abuse, US FDA has developed a comprehensive Opioids Action Plan so as to address the growing epidemic of opioid abuse and dependence and overdose.
Increasing incidence of chronic diseases is expected to gain traction of opioids market over the forecast period. According to Centers for Disease Control and Prevention as of 2012, 117 million people in US had one or more chronic health conditions such as stroke, heart disease, cancer, type 2 diabetes, obesity which in turn is expected to create demand for opioids drugs over the forecast period. Increasing number of generic approvals by health authorities of various countries is other factor contributing to growth of the global opioids market.
Global opioids market is segmented based of drug class, therapeutic application, and regions. Factors driving demand for opioid market includes increasing prevalence of chronic disease globally and rising number of product approvals in various region which will further augment the market growth over the forecast period. However, stringent government regulation regarding the prescription of the opioids so to avoid the dependency and misuse of these drug will limit the growth of global opioids market over the forecast period.
The application segment includes pain management, diarrhea treatment, and cough treatment. Pain management segment is expected to contribute major market share in opioids drug market, owing to the increasing prescription of opioids drugs in chronic diseases such as cancer, orthopedic etc. Revenue from the market in Asia Pacific is expected to continue to rise significantly into the future owing to factors such as increasing prevalence of chronic disease in the region.
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North America market dominates the global opioids market in terms of revenue contribution as compared to that of markets in other regions. This is attributed to key manufacturer operating in the region and increasing incidence of chronic diseases in the region. Europe accounts for second-largest revenue share contribution to the global ocular surgery market, followed by markets in Asia Pacific, Latin America, and Middle East & Africa respectively.
Some prominent players in the global opioids market are Pfizer Inc., Boehringer Ingelheim, Janssen Pharmaceuticals, Inc., Sanofi S.A., Allergan, Plc, GlaxoSmithKline, Teva Pharmaceutical Industries Ltd., Sun Pharmaceuticals, Mallinckrodt Pharmaceuticals, and Endo Pharmaceuticals Inc.