Global Opioids Market, by Drug Class (Agonist (Codeine, Fentanyl, Meperidine, Methadone, Morphine, Hydrocodone, Diphenoxylate, Hydromorphone, Methylphenidate, Oxycodone, Oxymorphone) and Antagonist (Buprenorphine, Naloxone, Naltrexone, Methylnaltrexone, Nalbuphine)), by Therapeutic Application (Pain Management, Cough Treatment, Diarrhea Treatment), and by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa) was valued at US$ 28,252.3 million in 2016 and is expected to witness a CAGR of 5.3% over the forecast period (2017 - 2025), as highlighted in a new report published by Coherent Market Insights. Increasing incidences of chronic pain, easy accessibility to opioids, especially in developed economies, and low cost of opioids as compared to alternative pain therapy are the prime forces driving growth of this market. However, increasing intervention from government or regulatory bodies and growing adoption of cannabis may hinder the growth of the market.
In October 2017, the U.S. president Donald Trump declared the opioid crisis as a public health emergency. This declaration will be helpful in increasing the awareness about the drug overuse or abuse and also, restrict the doctors from over-prescribing the opioids drug. However, the government denied any financial assistance.
The New York State Attorney General’s office sent letters to three largest pharmacy benefit managers in the U.S. — CVS Caremark, Express Scripts, and OptumRx respectively, in September 2017, asking them to provide information on the steps they are undertaking to address the opioid crisis. Moreover, during the same month, Attorney General of over 35 states in the U.S. sent a letter to the health insurance industry’s main trade group, recommending its members to reconsider coverage policies that may be fueling the opioid crisis.
Browse 130 Market Data Tables and 42 Figures spread through 313 Pages and in-depth TOC on Opioids Market, by Drug Class (Agonist (Codeine, Fentanyl, Meperidine, Methadone, Morphine, Hydrocodone, Diphenoxylate, Hydromorphone, Methylphenidate, Oxycodone, Oxymorphone) and Antagonist (Buprenorphine, Naloxone, Naltrexone, Methylnaltrexone, Nalbuphine)), by Therapeutic Application (Pain Management, Cough Treatment, Diarrhea Treatment), and by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa) – Global Forecast to 2024
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Several regulatory authorities in U.S. undertook measures to combat overuse of opioid drugs by encouraging the use of opioid antagonists as prescription opioids for adults and children. For instance, the Commissioner’s Opioid Action Plan by U.S. FDA in 2016 addressed the epidemic of opioid abuse, addiction and overdose wherein, the FDA approved two products of naloxone for the community use in adults and pediatrics. Furthermore, the FDA made the regulatory guidelines more stringent pertaining to prescription opioids (agonists), for both medical practitioners and healthcare providers as well as for prescription opioids manufacturers.
According to a report by RTI International, the lifetime rate of nonmedical opioid use in the European Union was close to 14% in 2016, which was significantly high than the previous year where the rate was computed to be around 5%. Moreover, according to The European Drug Situation in 2017 report, opioids overdose resulted in 81% of all deaths due to drug overdose in European countries in 2016.
European Monitoring Centre for Drugs and Drugs Addiction warned against the opioid overuse in 2017. Moreover, The European Drug Report 2017 states that five countries (Germany, Spain, France, Italy, and UK) accounted for around 76% of the high-risk opioid users in the European Union. Opioid abuse has been a major factor for its higher sales and addiction. The report further stated that around 38% of the treatment requests in European Union included opioid as the principal drugs. However, several governments are taking steps to promote opioid antagonists use that are safe compared to the opioid agonist drugs.
Key Takeaways of the Opioids Market:
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