U.S. Opioids Market Growth to reach US$ 18,985.4 Million by 2024 | CAGR: 5.2%: Coherent Market Insights
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U.S. Opioids Market, By Drugs (Codeine, Fentanyl, Meperidine, Methadone, Morphine, and Hydrocodone) and Therapeutic Application (Pain Management (Neuropathic Pain, Migraine, Back Pain, Osteoarthritis Pain, Cancer Pain, and Others), Cough Treatment and Diarrhea Treatment) was valued at US$ 12,627.6 million in 2016 and is expected to exhibit CAGR of 5.2% during the forecast period (2016–2024).
The increasing incidence of chronic diseases such as cancer and cardiovascular diseases in developed countries such as U.S., easy accessibility and low cost of opioids pain killers compared to other pain killers such as nonsteroidal anti-inflammatory drugs (NSAIDs) and acetaminophen are the major factors driving the growth of the U.S. opioids market. Strict regulatory guidelines on opioids prescriptions and the rising awareness about harmful effects of the drug are likely to hamper the growth of the market. In October 2017, the government of U.S. declared the opioid crisis as a public health emergency.
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This declaration has increased awareness about overuse or abuse of the drug and has led doctors to reduce over-prescription of the opioids drug. Moreover, attorney generals of more than 35 U.S. states sent a letter to America’s Health Insurance Plans, a national association whose members provide coverage for health care and related services, urging its members to reconsider coverage policies that may be fueling the growth of the opioid crisis. Due to low cost of opioids compared to other painkillers such as nonsteroidal anti-inflammatory drugs (NSAIDs) and acetaminophen, the insurance company has covered opioids (except costly ones) which resulted in limited access to costly painkillers. The attorney generals have sent a letter to modify this coverage policy so that all painkillers have equal access.
The growing focus on opioids drug has led pharmacy chains such as CVS to cooperate with the government in managing this crisis. CVS health has announced plans to reduce opioid prescription and provided detailed guidelines for its use. One such steps is that their chemists are expected to contact doctors in case of over prescription of drug.
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According to the National Center for Health Statistics (NCHS), a division of the Centers for Disease Control and Prevention, (CDC) in 2017, drug overdose killed around 64,070 people in the U.S. Over 52,898 drug overdose deaths were recorded in 2015 and death due to synthetic-opioid fatalities more than doubled in number from 9,945 during 2015 to 2016, to 20,145 between 2016 and 2017. The same source has estimated that opioid overdose resulted in the deaths of approximately 300,000 people in the U.S. during 1999 – 2015. The CDC figure also shows that the rate of increase in deaths from synthetic opioid was much higher than natural or semi-synthetic opioids during 1999 – 2015. According to the CDC report, in 2016, nearly half of all opioid overdose deaths involved prescription opioids.
Key Takeaways of the U.S. Opioids Market:
- The U.S. opioids market is expected to exhibit a CAGR of 5.2% during the forecast period (2017 – 2025) owing to the rising incidence of chronic pain.
- Opioid overuse or abuse, which is contributing significantly to this market expansion, has become a major concern for the U.S. economy.
- Alternative drugs such as cannabis have gained significant demand in pain management. If proven effective and safe, cannabis has potential to replace opioids.
- The use of medical cannabis has been endorsed by numerous professional organizations in the U.S. including the American Academy of Family Physicians (AAFP), the American Public Health Association (APHA), and the American Nurses Association (ANA).
- Pressure is mounting on leading pharmacy chain, such as CVS to act positively to limit the opioid drug prescription.
- Key companies covered in the global U.S. opioids market report are Purdue Pharma L.P., Titan Pharmaceuticals, Inc., Boehringer Ingelheim GmbH, Janssen Pharmaceuticals, Inc., Sanofi S.A., Sun Pharmaceuticals Industries Limited, Mallinckrodt Pharmaceuticals, Egalet Corporation, Endo Pharmaceuticals plc., Allergan, Plc., and Pfizer Inc.
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Neuropathic Pain Market, By Drug Class (Tricyclic Anti-Depressant, Anticonvulsant, Local Anaesthesia, Opioids, Steroids, Others), By Indication (Diabetic neuropathy, Chemotherapy-induced Peripheral neuropathy, Other), By Distribution Channel (Retail Pharmacies, Drug Store, Online Pharmacies), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
Global Opioids Agonist Drugs Market, By Product Type (Codeine, Fentanyl, Meperidine, Methadone, Morphine, Hydrocodone), Therapeutic Application (Pain Management, Cough Treatment, Diarrhea Treatment), and Geography – Trends, Analysis, and Forecast till 2024
Opioids Market, By Product Type (Morphine, Codeine, Fentanyl, Meperidine, Methadone), By Application (Analgesia, Cough Suppression, Diarrhea Suppression), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.
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