Narcotics analgesics are medicinal drugs that relieve pain through interaction with opioid receptors. They are used to treat moderate to severe pain, unlike non-narcotic pain relievers. Opioid analgesics are majorly used to treat pain from cancer, trauma or surgery, while nonsteroidal anti-inflammatory drugs (NSAIDs) are used to treat mild to moderate pain and inflammation. Growing geriatric population suffering from chronic diseases like cancer, arthritis, and other musculoskeletal disorders is increasing the demand for pain management drugs.
The global Narcotics Analgesics Market is estimated to be valued at Us$36.45 Bn in 2024 and is expected to exhibit a CAGR Of 12% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing geriatric population suffering from chronic diseases presents a major market opportunity for narcotics analgesics. As per a United Nations report, the number of people aged 65 or above is projected to rise from 600 million in 2000 to nearly 1.4 billion in 2030 and 2.1 billion in 2050, with most of the increase in developing countries. Aged people are more prone to develop chronic conditions like cancer, musculoskeletal disorders among others. Moreover, the prevalence of chronic pain disorders like arthritis, fibromyalgia increases significantly with age. As chronic diseases associated with aging are difficult to treat and cause prolonged periods of pain, demand for narcotics analgesics for long-term pain management is growing rapidly. The manufactures of narcotics analgesics can capitalize on this opportunity by developing new delivery systems and formulations targeted towards geriatric patients.
Porter's Analysis
Threat of new entrants: The narcotics analgesics market requires substantial R&D investment and regulatory approvals pose entry barriers.
Bargaining power of buyers: Large buyers such as hospitals can negotiate lower prices from producers.
Bargaining power of suppliers: Large pharmaceutical companies have significant control over raw material suppliers.
Threat of new substitutes: Alternate pain management methods can pose a threat though narcotics remain effective for severe pain.
Competitive rivalry: Major players compete on drug efficacy, side effects, and pricing leading to industry consolidation.
SWOT Analysis
Strengths: Narcotics are highly effective for severe acute and chronic pain. Established brands have strong brand loyalty.
Weaknesses: Risk of addiction and dependency. Strict regulations limit drug approvals. Opioid abuse has affected public perception.
Opportunities: Untapped growth potential in emerging markets. New delivery methods and combined drug formulations provide opportunities.
Threats: Increased regulation on narcotic usage. Alternate non-opioid pain treatments may capture market share.
Key Takeaways
The Global Narcotics Analgesics Market Demand is expected to witness high growth over the forecast period.
The market is dominated by North America currently due to the high prescription rates of opioids. However, Asia Pacific is poised to grow at the fastest pace due to improving access to healthcare facilities and increasing awareness.
Key players operating in the narcotics analgesics market are Kimberly-Clark Corporation, Essity AB, Georgia-Pacific LLC, Asia Pulp and Paper Group, Procter & Gamble Co., Sofidel Group, CMPC Tissue S.A., WEPA Hygieneprodukte GmbH, Metsä Group, Cascades Inc. Regional analysis of the fastest growing and dominating region Asia Pacific region is growing due to improving access to healthcare facilities and rising medical expenditures in countries like China and India.
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