Global Opioids Market to Surpass US$ 42.6 Billion Threshold by 2024

Published On : Nov 09, 2017

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

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

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

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:

  • The global opioids market is expected to exhibit a CAGR of 3% over the forecast period (2016 – 2024), owing to increasing incidence of chronic pain, especially in developed countries
  • Opioids overuse or abuse, which is contributing significantly to this market expansion, has become a major concern in developed regions such as North America
  • Alternative drugs for pain management such as cannabis, have gained attraction over the recent past. If proven effective and safe, cannabis is expected to potential to replace opioids
  • The use of medical cannabis has been endorsed by numerous professional organizations in the U.S., including the American Academy of Family Physicians, the American Public Health Association, and the American Nurses Association. In other developed countries such as UK, Germany, and other European countries, cannabis has gained significant traction, however it is yet to receive endorsements
  • Pressure is mounting on leading pharmacy chains such as CVS, to assist in limiting the opioid drug prescription
  • Key companies covered in this study include Purdue Pharma L.P., Titan Pharmaceuticals, Inc., Boehringer Ingelheim GmbH, Janssen Pharmaceuticals, Inc., Sanofi S.A., Sun Pharmaceutical Industries Ltd., Mallinckrodt Pharmaceuticals, Egalet Corporation, Endo Pharmaceuticals Inc., Allergan, Plc, and Pfizer Inc.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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