IMARC Group, a leading market research company, has recently released a report titled "Opioids Market Report by Product Type (Codeine, Fentanyl, Methadone, Oxycodone, Morphine, Hydrocodone), Application (Pain Management, Cough Treatment, Diarrhea Treatment, and Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Drug Stores, Online Stores, and Others), and Region 2024-2032". The study provides a detailed analysis of the industry, including the opioids market share, size, trends and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global opioids market size reached US$ 21.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 28.3 Billion by 2032, exhibiting a growth rate (CAGR) of 2.8% during 2024-2032.
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Factors Affecting the Growth of the Opioids Industry:
- Prevalence of Chronic Pain Conditions:
Chronic pain, often resulting from conditions such as arthritis, cancer, fibromyalgia, and neuropathy, affects millions of people worldwide. Opioids are widely prescribed for managing moderate to severe pain that cannot be adequately controlled by other medications. The aging global population exacerbates this issue, as older adults are more prone to chronic pain due to degenerative diseases and other age-related health issues. According to the World Health Organization (WHO), a significant portion of the elderly population suffers from chronic pain, driving the demand for effective pain management solutions like opioids. The necessity for effective pain relief options ensures that opioids remain a critical component of pain management protocols despite the risks associated with their use, aiding the market growth.
- Expansion of Palliative Care Services:
Palliative care focuses on improving the quality of life for patients with serious illnesses by managing pain and other distressing symptoms. Opioids play a crucial role in palliative care by providing relief from severe pain, particularly in terminal illnesses such as cancer. As healthcare systems worldwide place greater emphasis on patient-centered care and quality of life, the demand for palliative care services has increased. Additionally, global health organizations and governments are increasingly recognizing the importance of palliative care, leading to improved access and availability of these services. This increased focus on comprehensive pain management in palliative care settings is bolstering the demand for opioids.
- Increase in Surgical Procedures:
Surgeries, ranging from minor outpatient procedures to major operations, often necessitate effective postoperative pain management to facilitate recovery and improve patient outcomes. Opioids are commonly used to manage acute pain following surgery due to their potent analgesic properties. The rise in the number of surgeries can be attributed to advancements in medical technology, improved healthcare access, and the growing prevalence of conditions requiring surgical intervention. For instance, the global rise in obesity has led to an increase in bariatric surgeries, while advancements in orthopedic procedures have contributed to a higher number of joint replacements and spinal surgeries. Each of these surgical interventions typically involves the administration of opioids to manage postoperative pain effectively, contributing to the market expansion.
Opioids Market Report Segmentation:
By Product Type:
- Codeine
- Fentanyl
- Methadone
- Oxycodone
- Morphine
- Hydrocodone
Oxycodone accounts for the majority of shares due to its high efficacy in treating moderate to severe pain and its widespread prescription by healthcare professionals.
By Application:
- Pain Management
- Cough Treatment
- Diarrhea Treatment
- Others
Pain management represents the majority of shares as opioids are primarily prescribed for their potent analgesic properties to manage various types of pain.
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- Online Stores
- Others
On the basis of distribution channels, the market is classified into hospital pharmacies, retail pharmacies, drug stores, online stores, and others.
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America enjoys the leading position due to the high prevalence of chronic pain conditions, advanced healthcare infrastructure, and higher prescription rates of opioids.
Global Opioids Market Trends:
The rise in awareness and diagnosis of mental health conditions such as anxiety and depression, where opioids are sometimes prescribed as part of comprehensive pain management strategies, coupled with the expansion of telemedicine services that increase access to prescriptions and healthcare guidance, strengthening the market growth. In line with this, the increasing prevalence of sports injuries and accidents requiring pain management, the rising incidence of complex regional pain syndrome (CRPS), and the development of abuse-deterrent formulations that address safety concerns while maintaining effective pain relief are supporting the market expansion.
Top Companies Operated in Opioids Industry:
- Boehringer Ingelheim International GmbH
- Hikma Pharmaceuticals PLC
- Mallinckrodt plc
- Pfizer Inc.
- Purdue Pharma L.P.
- Sanofi S.A.
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceutical Industries Ltd.
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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