Oxycodone Sales to Grow as Demand for Novel, Efficient Pain Relieving Drug Formulations Increase
Use of oxycodone is going to witness a moderate growth in terms of value due to improvements caused in pain management and formulations. Drug development sector will present new opportunities. Expanding at a rather modest annual growth rate of 4.6 percent, the global market for oxycodone is projected to reach a revenue of US$ 4 Billion in 2028—showcasing an absolute dollar opportunity of US$ 181.3 Mn, through 2018-2019
The oxycodone market is expected to expand at CAGR of 4.6% in terms of value through the forecast period (2018-2028). Hospitals and health centres are likely to contribute for the maximum share. North America will dominate oxycodone market in terms of revenue due to better healthcare infrastructure and reimbursements provided by the government. Patients suffering from terminally-ill diseases consume more of oxycodone, thereby, boosting the production.
“Better medical facilities and healthcare industry in North America with higher standards of living, improving economic conditions and favourable reimbursement policies by the government is expanding the growth of oxycodone which will help the market witness proper growth, boosting the use globally,” states the FMI Analyst.
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Oxycodone Market – Important Highlights
- North America exhibits a lucrative opportunity for oxycodone market while Japan, India and Australia are among the other lucrative markets
- On the basis of application, medical and healthcare segment is expected to witness steady demand during the course of the forecast period
- A noticeable demand will be seen for oxycodone in post-operative pain management and opioid pain-management drugs through 2028.
- US Food and Drug Administration is planning a new drug generation which will be less addictive.
Oxycodone Market – Critical Factors
- Use of oxycodone is largely noticed in health care industries for managing pain and in drug-formulation processes.
- Owing to the benefit it provides as post-operative pain management and opioid pain management, demand for oxycodone has witnessed a steady growth.
- Improving economic conditions, better healthcare infrastructures and positive in reimbursement policies in North America is boosting the market.
- Oxycodone finds innumerable use in pharmaceutical companies, hospitals, drug designing and development, avoiding drug overdose etc.
Oxycodone Market – Key Restraints
- Due to poor efficiency at times and potential side effects, this market is not being able to flourish as it should.
- Reduction in market growth has happened due to abuse potential, nausea, itching etc.
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Expected Impact on Market by Coronavirus Outbreak
The pandemic has affected every small and big industry in terms of profit or production. This particular sector has not experienced much of a loss because health issues are misfortunes and drug overdose has only increased in this lockdown. Though people are shifting towards a better and safe lifestyle yet huge number of positive cases across India and USA has only caused entire economy to droop down sharply. Patients are now relying on to better medical aids than before.
North America is expected to witness a considerable amount of growth, presenting ample opportunities like it did in the past. The key players in this market include: Pfizer Inc., Teva Pharmaceutical Industries Ltd., Purdue Pharma L.P, Daiichi Sankyo, Acorda Therapeutics, Teikoku Pharma USA, Inc., Mylan N.V., Endo Pharmaceuticals Inc., and Janssen Pharmaceuticals, Inc.
Key Players are operating on the basis of market shares, strategies and product offerings. This market is based on demand-supply approach and diagnosis rate.
More on the Report
The report presents macro as well as micro economic factors with segmentation on the basis of product type (Long-acting oxycodone and short-acting oxycodone), end-user (hospitals, retail pharmacies and pharmacies) and in-depth region wise analysis (North America, Latin America, Europe, Asia).
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