Global Opioids Market - Segmented by Product Type, Application, Receptor-binding, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global opioids market is expected to register a CAGR of nearly 5.0 % during the forecast period, 2018-2023. Opioid drugs obtained from the opium poppy plant are broadly classified into legally manufactured medications and illicit narcotics. The opioids market is primarily driven by rising palliative care facilities, and increasing prevalence of pain management. By region, owing to the rising adoption of opioids, growing geriatric patient population, and increasing demand for superior healthcare facilities in the United States and Canada, North America is expected to retain its dominance, over the forecast period.
Increasing Prevalence of Orthopedic Diseases and Chronic Pain
The rising prevalence of orthopedic disorders, such as arthritis, elbow pain, fibromyalgia, and osteoporosis, coupled with the associated chronic pain, are the primary factors responsible for the growth of the opioids market. Opioids play a vital role in the acute post-operative settings, to provide adequate analgesia. As per the Center for Disease Control and Prevention, over 30 million patients are affected by osteoarthritis each year, in the United States. In addition, the International Osteoporosis Foundation states that osteoporosis is considered one of the most serious public health concerns among women, affecting more than 30% of the population each year, in the United States and Europe, and leading to multiple fractures. Opioid therapy remains the mainstay in the orthopedics treatments of patients with moderate to severe pain, thus driving the growth of the market studied.
The other driving factors include - shifting focus from intermediate release to extended release formulations of opioids, increasing focus on abuse-deterrent formulations by generic manufacturers, and growing palliative care facilities.
Prescription Drug Abuse to Hinder the Market’s Growth
The increased prescription of opioid medications has led to the widespread misuse of both prescription and non-prescription opioids, which leads to its highly addictive nature. According to the US Department of Health and Human Services, in 2016, more than 11 million people misused the prescription opioids, including nearly two million who misused the prescription drug for the first time. The Canadian Institute of Health Information reported that in 2016, there were more than 2,800 opioid-related deaths in the country. In Asia-Pacific, countries like Japan do not cover opioids under insurance, thereby leading to concerns of drug abuse in the region. Thus, the aforementioned factors are restraining the market’s growth, globally.
The other factors impeding the market studied include the advent and legalization of cannabis as an alternative to opioids.
The United States is Poised to Dominate the Opioids Market
Due to rising adoption of opioids and growing geriatric population, particularly in the United States, North America is expected to dominate the market studied. The country is affected by the over-consumption of prescription and over-the-counter opioids. A large section of the US population indicates an increased dependence over oxycodone, hydrocodone, and morphine, which are being commonly prescribed to treat pain. With high usage and demand, the FDA requires companies to provide more training to prescribers, in order to help prevent abuse and addiction. Over the forecast period, with the rise in hospitalization and better healthcare facilities, the United States is expected to be major revenue generating region for the opioids market.
Key Developments in the Market
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