Opioid Analgesics Market is expected to grow at a 5.4% CAGR, reaching a valuation of US$ 65.8 Billion in 2031
According to a recent study by Future Market Insights (FMI), the global opioid analgesics market is projected to reach US$ 38.97 Bn in 2021, expanding at a 5.4% CAGR over the forecast period.
Opioids are a type of narcotic pain medication used to treat moderate to severe pain, such as diarrhea suppression, cough suppression, anesthesia, cancer pain, injury or trauma, surgical pain, and neuropathic pain.
Increasing incidence of chronic conditions such as cancer and chronic pulmonary obstructive disease (COPD) in the geriatric population is spurring demand for opioid analgesics. Opioids effectively help in post-operative pain management and pain caused by orthopedic disorders, resulting in high demand for the same.
As per the American Cancer Society, the global incidence of cancer was 19.3 million in 2020. According to the National Cancer Institute, 20% to 50% of cancer patients suffer from pain continuous pain.
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Around 80% of patients suffering from advanced-stage cancer have severe pain. By 2030, the global burden of cancer is expected to grow to 21.7 million new cancer cases, majorly because of the growing aging population. As a result, sales of opioid analgesics are projected to rise in tandem.
Opioid analgesics are effective in relieving pain; however, excess consumption of opioids can result in mental and physical dependency. In response to this, manufacturers are investing in research and development to launch non-addictive opioid variants.
Based on drug class, the oxycodone segment is expected to hold a market share of 19.7% in 2020. In terms of indication, the surgical pain segment is projected to hold 45.5% of the total opioid analgesics market share. The oral route of administration segment is expected to expand at a 6.5% CAGR through 2031. Sales of opioid analgesics through hospital pharmacies are projected to generate revenues worth Us$ 23,355.2 Mn by 2031. The U.S. is projected to lead the North America opioid analgesics market, capturing 86% of the total market share in 2021. Germany will emerge as a lucrative market with sales growing at a 3.8% CAGR in 2021. The U.K. is projected to lead the Europe opioid analgesics market, expanding at a 4.7% CAGR through 2031. China is anticipated to account for 54.2% of the East Asia opioid analgesics market share in 2021. Sales of opioid analgesics in India are expected to account for 35.4% of the South Asia market share in 2021. Japan opioid analgesics market is projected to expand at a 5.6% CAGR, and South Korea will account for 14.5% of the East Asia market share.
Leading companies operating in the global opioid analgesics market are investing in research and development to launch commercially available and non-addictive opioids in the market to gain a competitive edge. Apart from this, mergers, acquisitions, and collaborations will remain a part of prominent growth strategies used by market players.
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