U.S. Opioids Market, By Drugs (Codeine, Fentanyl, Meperidine, Methadone, Morphine, and Hydrocodone) and Therapeutic Application (Pain Management (Neuropathic Pain, Migraine, Back Pain, Osteoarthritis Pain, Cancer Pain, and Others), Cough Treatment, and Diarrhea Treatment) was valued at US$ 12,627.6 million in 2016 and is expected to exhibit CAGR of 5.2% over the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing incidences of chronic diseases, such as cancer and cardiovascular diseases in developed countries such as U.S., easy accessibility and low cost of opioids pain killers compared to other pain killers such as nonsteroidal anti-inflammatory drugs (NSAIDs) and acetaminophen are the major drivers for growth of the U.S. opioids market. Strict regulatory guidelines for opioids prescription and increasing awareness about harmful effects of the drug are restraining growth of the market.
In October 2017, Government of the U.S. declared the opioid crisis, as a public health emergency. This declaration is expected to increase the awareness about the drug overuse or abuse and it led the doctors to reduce from over-prescribing the opioids drug. Moreover, Attorney General of more than 35 states sent a letter to the America’s Health Insurance Plans, national association whose members provide coverage for health care and related services, urging its members to reconsider coverage policies that may be fueling the growth of opioid crisis. Due to low cost of opioids compared with other painkillers such as nonsteroidal anti-inflammatory drugs (NSAIDs) and acetaminophen, the insurance company has covered the opioid but not costly one which resulted in limited access to costly painkillers. This is the major concern for all states and letter from Attorney general of the states have been sent to modify this coverage policy so that every painkiller have equal access.
Due to increased focus on opioids drug, leading pharmacy chains such as CVS has also opted to cooperate the government in managing this crisis. CVS health has announced to reduce opioid prescription and has given detailed guidelines for its use. One among such steps is that their chemist are expected to contact doctors in case of is over prescription of drug.
Browse 11 Market Data Tables and 19 Figures spread through 132 Pages and in-depth TOC on U.S. Opioids Market by Drugs (Codeine, Fentanyl, Meperidine, Methadone, Morphine and Hydrocodone) and Therapeutic Application (Pain Management (Neuropathic Pain, Migraine, Back Pain, Osteoarthritis Pain, Cancer Pain, Others), Cough Treatment and Diarrhea Treatment)
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According to the National Center for Health Statistics (NCHS), a division of the Centers for Disease Control and Prevention, (CDC) in 2017, drug overdose killed around 64,070 people in the U.S. in 2016, a rise of 21% over the 52,898 drug overdose deaths was recorded in 2015 and death due to synthetic-opioid fatalities more than doubling in number during the same time increasing from 9,945 in 2015 -2016 to 20,145 in 2016 - 2017.
The same source estimated that opioid overdose resulted in the deaths of approximately 300,000 people in the U.S. during 1999 – 2015. The CDC figure also shows that the rate of increase in deaths from synthetic opioid was much higher than natural or semi-synthetic opioids during 1999 - 2015. According to the CDC report, 2016 nearly half of all opioid overdose deaths involved a prescription opioid.
Key Takeaways of the U.S. Opioids Market:
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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