Opioids Market to Surpass US$ 52,732 Million by 2028 - Coherent Market Insights

Global Opioids Market, by Drug Type (Codeine, Fentanyl, Morphine, Hydrocodone, Oxycodone, and Others), by Application (Analgesia, Cough Suppression, and Diarrhea Suppression), by Route of Administration (Oral, Topical, Parenteral, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 42,429 million in 2021, and is expected to exhibit a CAGR of 3.2% during the forecast period (2021-2028).

Companies operating in the global opioids market are focusing on developing new opioid drugs in order to prevent drug abuse and overdoses, which is anticipated to propel the market growth over the forecast period. For instance, in April 2021, Ensysce Biosciences, Inc. a clinical-stage biotech company which is focusing on new technology platforms such as Trypsin Activated Abuse Protection (TAAP) and Multi-Pill Abuse Resistance (MPAR) to develop safer prescription drugs, received approval from the U.S. Food and Drug Administration (FDA), for an Investigational New Drug (IND) application for PF614-MPAR, a two-step extended-release oxycodone prodrug which is designed to provide abuse deterrent and overdose protection properties

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

COVID-19 outbreak was first reported on December 31, 2019, in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 256.4 million cases and 5.1 million deaths due to Coronavirus (COVID-19) were reported till November 21, 2021, across the globe.

Supply chain and manufacturing activities in India, Italy, Spain, U.K., and the U.S. have been disrupted due to lockdowns implemented by governments in the past few months, while countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of raw materials, chemicals as well as finished products.

The coronavirus or COVID-19 outbreak that started from Wuhan, China has spread across continents, affecting various industries globally. Supply of key materials has been severely disrupted due to forced quarantine, and lack of labor and raw materials. As the link between regional warehouses is not smooth, the transportation of raw materials between regions cannot be carried out successfully. This shortage of raw materials and components have affected the supply chain of the global opioids market.

Browse 42 Market Data Tables and 44 Figures spread through 203 Pages and in-depth TOC on Global Opioids Market, by Drug Type (Codeine, Fentanyl, Morphine, Hydrocodone, Oxycodone, and Others), by Application (Analgesia, Cough Suppression, and Diarrhea Suppression), by Route of Administration (Oral, Topical, Parenteral, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

To know the latest trends and insights prevalent in the global opioids market, click the link below:

https://www.coherentmarketinsights.com/market-insight/opioid-drugs-market-1017

Increasing prevalence of chronic diseases such as cancer is anticipated to augment the growth of global opioid market over the forecast. For instance, according to the American Cancer Society, in 2017, an estimated 252,710 new cases of invasive breast cancer were diagnosed among women and 2,470 cases were diagnosed in men in the U.S. In addition to this, 63,410 cases of in situ breast carcinoma were estimated to be diagnosed among women, in the U.S. in 2017. Furthermore, according to the American Cancer Society’s estimates, prostate cancer is expected to be the second leading cause of death among men in the U.S. and 160,000 cases were registered in the U.S. in 2018.

Key Takeaways of the Global Opioids Market:

• The global opioids market is expected to exhibit a CAGR of 3.2% over the forecast period (2021-2028). North America is expected to account for major market share over the forecast period (2021-2028), owing rising number of product launches and approvals. For instance, in January 2017, Teva Pharmaceutical Industries Ltd., received approval from the U.S. Food and Drug Administration (FDA) for VANTRELA ER (hydrocodone bitartrate) extended-release tablets, indicated for the management of sever chronic pain
• Among drug type, oxycodone segment is expected to witness fastest growth in the global opioids market over the forecast period. The growth of the segment is attributed to increasing number of surgeries during the forecast period. For instance, according to the European Union (EU) statistics by Eurostat, around 685,500 caesarean sections were performed in Turkey in 2018.
• Among application, analgesia segment held dominant position in the global opioids market in 2020, owing to increasing prevalence of chronic diseases such as cancer. For instance, according to estimates by the American Society of Clinical Oncology, the U.S. is estimated to witness 3,610 new cases of bone cancer and an expected 2,060 deaths due to bone cancer in 2021.
• Some of the major players operating in the global opioids 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