OPIOID DRUGS MARKET ANALYSIS

The global opioid drugs market is estimated to be valued at US$ 45.0 billion in 2023 and is expected to exhibit a CAGR of 3.3% during the forecast period (2023-2030).

The increasing incidence of cancer and the increasing number of orthopedic surgical procedures are expected to drive market growth.

Analysts’ Views on Global Opioid Drugs Market:

Opioids are medications used for the treatment of severe pain such as cancer pain, surgery pain, and pain due to auto accidents or other incidents. Increasing number of post-surgical pain is expected to drive market growth. Thus, it is expected to show significant growth opportunities for the market over the forecast period

Figure 1. Global Opioid Drugs Market Share (%), By Drug Class, 2023

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Global Opioid Drugs Market– Drivers

Increasing incidence of cancer

An increase in the number of cancers, such as breast cancer, is expected to increase the usage of opioids for the management of chronic pain. For instance, according to the World Health Organization (WHO), on July 12, 2023, there were more than 685,000 deaths associated with breast cancer in 2020, globally.

Increasing number of orthopedic surgical procedures

A rise in the number of invasive surgical procedures, such as orthopedic surgeries, is expected to increase the use of opioids for pain management. For instance, according to an article published by American College of Rheumatology, a U.S.-based organization of physicians, health professionals, and scientists for advancement in rheumatology, in February 2023, approximately 790,000 total knee replacements and over 450,000 hip replacements are performed annually in the U.S.

Figure 2. Global Opioid Drugs Market Share (%), By Region, 2023

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Global Opioid Drugs Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global opioid drugs market over the forecast period. North America is estimated to hold 33.5% of the market share in 2023, and this is attributed to the presence of major players such as Teva Pharmaceutical Industries Ltd., Johnson & Johnson, AbbVie Inc., Fresenius Kabi, Pfizer Inc., and others, which contribute to the development of the opioids drugs market in North America.

Global Opioid Drugs Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease had spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, are facing problems with the transportation of things from one place to another.

However, the COVID-19 pandemic had a negative impact on the global opioid drugs market, owing to a decline in the number of patients visiting hospitals and clinics due to travel restraints. Moreover, the COVID-19 pandemic led to a decrease in face-to-face appointments and an increase in telehealth visits. In addition, as COVID-19 is respiratory-related disorder, the use of opioid drugs in COVID-19 patients can worsen the respiratory condition and decrease the oxygen saturation further. For instance, according to an article published in the National Library of Medicine, in January 2022, high doses of opioids might exacerbate the respiratory depression found in COVID-19 patients, their chronic use can trigger opioid tolerance, and the higher doses used during the pandemic might result in greater adverse effects.

Global Opioid Drugs Market Segmentation:

The global opioid drugs market report is segmented into by drug class, application, route of administration, distribution channel and by region.

• By Drug Class, the market is segmented into alkaloid, semisynthetic opioids and synthetic opioids. Out of which, synthetic opioids is expected to hold a dominant position in the global opioid drugs market during the forecast period, and this is attributed to the wide application of synthetic opioids, such as in the treatment of end-stage cancer pain, and others.
• By Application, the market is segmented into analgesia, cough suppression, and diarrhea suppression. Out of which, analgesia is expected to dominate the market over the forecast period, and this is attributed to increased demand for opioids for the management of postoperative pain.
• By Route of Administration, the market is segmented into oral, topical, parenteral, others (intramuscular, etc.). Out of which, parenteral is expected to dominate the market over the forecast period, and this is attributed to the increasing approval of novel opioid injectable.
• By Distribution Channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Out of which, hospital pharmacies is expected to dominate the market over the forecast period, and this is attributed to the increase in the number of hospitals and hospital pharmacies.

Among all the segmentation, the application segment has the highest potential and this is attributed to increasing prevalence of chronic pain that require potent analgesic such as opioids for its management.

Global Opioid Drugs Market- Cross Sectional Analysis:

In the distribution channel segment, hospital pharmacies segment held a dominant position in the Asia Pacific region due to an increase in the number of hospitals and hospital pharmacies in this region. For instance, according to an article published by Asian Hospital & Healthcare Management in December 2022, there were more than 36,570 hospitals in China in 2021. Thus, the rising number of hospitals will eventually increase the number of hospital pharmacies.

Global Opioid Drugs Market: Key Developments

In August 2020, the U.S. Food and Drug Administration (FDA) announced that they had approved Olinvyk (oliceridine) an opioid agonist, for the management of moderate to severe acute pain in adults.

On May 9, 2023, Jiangsu Nhwa Pharmaceutical Co., Ltd., a china-based pharmaceutical company and a distribution partner of Trevena Inc., a U.S.-based clinical stage biopharmaceutical company, announced that they had received approval from China’s National Medical Products Administration (NMPA) for Olinvyk (oliceridine), an opioid agonist indicated to manage pain severe enough to require an intravenous opioid analgesic in adult patients whose alternative treatments are inadequate.

In August 2022, Adalvo Limited, a global pharmaceutical company, announced that they had acquired Onsolis, a fentanyl-based opioid agonist, from Aveva, a U.S.-based pharmaceutical company, for the management of chronic pain in patients recovering from surgery.

Global Opioid Drugs Market: Key Trends

Inorganic strategies such as acquisition by key market players

Key market players are focused on inorganic growth strategies such as acquisition so as to enter into opioids drugs market. This is expected to drive the global opioids drugs market growth for the forecast period. For instance, in Nvember 2022, Indivior PLC, a U.S.-based specialty pharmaceutical company, announced that they have acquired Opiant Pharmaceuticals, a pharmaceutical company, for US$ 145 million, so as to support the launch of OPNT003, an opioid overdose reversal agent.

Global Opioid Drugs Market: Restraint

Side effects associated with use of opioids

The factor that can act as an anchor to the growth of the global opioids drugs market is side efects associated with long-term use of opioid medications. Opioids are prescribed to treat pain. With prolonged use, pain-relieving effects may lessen, and pain can become worse. In addition, the body can develop dependence. Opioid dependence causes withdrawal symptoms, which make it difficult to discontinue opioids. Addiction occurs when dependence interferes with daily life. Taking more than the prescribed amount or using illegal opioids, such as heroin, may result in death.

As a result, the regulatory authorities especially the U.S. FDA, should focus on providing stringent guidelines for the manufacturing and use of opioids so as to reduce misuse of these drugs.

Global Opioid Drugs Market - Key Players

Major players operating in the global opioid drugs market include Teva Pharmaceutical Industries Ltd., Johnson & Johnson, Endo International plc, Lupin Limited, Cadila Healthcare Limited, Purdue Pharma L.P., AbbVie Inc., Fresenius Kabi, Mallinckrodt Pharmaceuticals, Pfizer Inc., Rhodes Pharmaceuticals L.P., Sun Pharmaceutical Industries Limited, Nesher Pharmaceuticals (USA) LLC, Amneal Pharmaceuticals LLC, Trevena Inc., and Aurobindo Pharma Limited

*Definition: Opioids are substances that act on opioid receptors to produce morphine-like effects. Medically, they are primarily used for pain relief, including anesthesia. Other medical uses include suppression of diarrhea, replacement therapy for opioid use disorder, reversing opioid overdose, and suppressing cough.