Opioids Market – Insights
Opioids are used for pain relief, suppression of diarrhea, anesthesia, replacement therapy for opioid use disorder, reversing opioid overdose, and suppressing cough. Opioids act on opioid receptors to produce morphine-like effects. Heroin, synthetic opioids such as fentanyl, and pain relievers such as oxycodone, hydrocodone, codeine, and morphine are legally available opioids.
The global opioids market is estimated to account for US$ 51,005.8 Mn in terms of value by the end of 2027.
Global Opioids Market: Drivers
Increasing prevalence of lung infection, cancer, and HIV is expected to boost growth of the global opioids market over the forecast period. For instance, according to the study, ‘Estimates of the global, regional, and national morbidity, mortality, and aetiologies of lower respiratory infections in 195 countries, 1990–2016: a systematic analysis for the Global Burden of Disease Study 2016’, published in the journal The Lancet Infectious Diseases in September 2018, lower respiratory infections led to 652,572 deaths (for children younger than 5 years) and 1,080,958 deaths (for adults older than 70 years).
Moreover, increasing number of surgeries is also expected to boost growth of the market. For instance, according to 2018 Plastic Surgery Statistics Report by The American Society of Plastic Surgeons, 1.8 million cosmetic surgical procedures were performed in 2018, in the U.S.
North America region held dominant position in the global opioids market in 2018, accounting for 64.8% share in terms of volume, followed by Europe.
Figure 1. Global Opioids Market Value (US$ Mn), by Region, 2018
Global Opioids Market: Restraints
Use of opioids may lead to adverse effects such as sedation, nausea, vomiting, constipation, urinary retention, and falls, which is expected to hinder growth of the global opioids market.
Moreover, increasing cases of opioids overdose is also expected to hamper growth of the market. For instance, in the first half of 2018, Massachusetts recorded 657 confirmed opioid?related overdose deaths. Moreover, the Massachusetts Department of Public Health estimated that there will be an additional 322 to 396 deaths.
Global Opioids Market: Opportunities
Opioid analgesics made with abuse-deterrent formulations (ADFs) are a prominent strategy designed to combat the opioid epidemic. Therefore, increasing R&D to evaluate the efficacy of ADFs both in vivo and in vitro is expected to offer lucrative growth opportunities for players in the global opioids market.
Moreover, commercialization of opioid tolerant drugs is also expected to boost growth of the market as it would help in reducing the side effects associated with or caused by the increased consumption of opioid drugs.
Morphine segment in the global opioids market was valued at US$ 13,697.6 Mn in 2018 and is expected to reach US$ 17,766.2 Mn by 2027 at a CAGR of 2.9% during the forecast period.
Market Trends/Key Takeaways
Key players in the market are focused on commercializing low risk opioids. For instance, in January 2018, Depomed, Inc. announced the closing of commercialization agreement with Collegium Pharmaceutical Inc. for the U.S. rights to commercialize both NUCYNTA Extended Release and NUCYNTA Immediate Release for management of short-term (acute) pain in adults.
Emerging economies are witnessing mass abuse of the pain killer tramadol, owing to lack of regulations for the use of the opioid and production of counterfeit pills.
In the U.S., opioids and other narcotics are regulated under § 812 Schedules of Controlled Substances of Controlled Substances Act. Title 21 U.S. Code (USC) Controlled Substances Act allows medical group practices to dispense narcotic drugs in schedules III, IV, or V for maintenance or detoxification treatment (retains the 30-patient limit for an individual physician).
In Canada, The Narcotics Safety and Awareness Act, 2010 controls the dispensing and prescribing of controlled substances to reduce the misuse and abuse of drugs. Ontario Regulation 381/11 under the Narcotics Safety and Awareness Act, 2010 also ensures the strict monitoring of opioids, which are not listed under the Controlled Drug and Substances Act (Canada).
Global Opioids Market: Competitive Landscape
Major players operating in the global opioids market include, Pfizer, Inc., Boehringer Ingelheim, Janssen Pharmaceuticals, Inc., Actavis Plc., Sanofi SA, Sun Pharmaceutical Industries Ltd., Mallinckrodt Pharmaceuticals, Endo Pharmaceuticals Inc., and Zyla Life Sciences.
Global Opioids Market: Key Developments
Key players in the market are focused on product approval and launch to expand their product portfolio. For instance, in November 2018, AcelRx Pharmaceuticals, Inc. received approval for DSUVIA for use in adults in certified medically supervised healthcare settings for the management of acute pain severe enough to require an opioid analgesic, from the U.S. FDA.
In December 2019, Averitas Pharma, Inc., a subsidiary of GRT US Holding, Inc., announced that the U.S. Food and Drug Administration (FDA) set a goal date under the Prescription Drug User Fee Act (PDUFA) of July 19, 2020 for QUTENZA for the treatment of neuropathic pain associated with diabetic peripheral neuropathy.