The latest report by IMARC Group, titled “Opioids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global opioids market size reached US$ 20.4 Billion in 2021. Opioids refer to naturally occurring, synthetic, or semi-synthetic drugs that interact with opioid receptors in the nervous system and activate them. These potent medicines include morphine, codeine, oxycodone, hydrocodone, and methadone. They decrease the pain of treatments and injuries by preventing the pain signals from reaching other parts of the body. Opioids can be administered through intravenous (IV) injection or taken through oral and transdermal routes. They are prescribed by healthcare professionals as they are safe, cost-effective and easily available. As a result, they are majorly used to treat the pain associated with rheumatic diseases, cancer, anxiety, sleep disorder, and severe pain related to coughing and diarrhea.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Opioids Market Trends:
The market is primarily driven by the increasing prevalence of chronic pain associated with diseases such as cancer, arthritis, lower back pain, fibromyalgia, and post-surgical pain. Opioids are standard practice in most parts of the world as an effective way of managing chronic pain. In addition to this, the rising consumption of alcohol and tobacco, coupled with the occurrences of obesity, human papillomavirus (HPV) and multiple sunburns are also propelling the market growth. Furthermore, the growing number of individuals undergoing surgery has positively influenced the demand for opioids, especially in controlling post-surgical pain, speedy recovery, and reducing the chances of complications in patients. Moreover, the rising focus on the abuse-deterrent formulation (ADF) by generic manufacturers has resulted in the introduction of new opioid variants, which, in turn, is escalating their demand as effective drugs for pain management. Looking forward, the market is expected to grow at a CAGR of 3.3% during the forecast period (2022-2027).
- Based on the product type, the market has been segmented into codeine, fentanyl, methadone, oxycodone, morphine, and hydrocodone.
- On the basis of the application, the market has been classified into pain management, cough treatment, diarrhea treatment, and others.
- The market has been categorized based on the distribution channel into hospital pharmacies, retail pharmacies, drug stores, online stores, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Boehringer Ingelheim International GmbH, Hikma Pharmaceuticals PLC, Mallinckrodt plc, Pfizer Inc., Purdue Pharma L.P., Sanofi S.A., Sun Pharmaceutical Industries Limited, and Teva Pharmaceutical Industries Limited.
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