Opioids Market Expected to Reach $6.1 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Opioids Market," The Opioids Market size was valued at $4.4 billion in 2020 and is estimated to reach $6.1 billion by 2030, growing at a CAGR of 3.2% from 2021 to 2030.

Opioids are pain relievers as they include substances that relax muscles and ease pain and stress. The opioid is a prescription drug known by names such as Actiq, Duragesic, and Sublimaze. Prescription opioids are primarily used to treat moderate to severe pain, while some opioids can be used to alleviate coughing and diarrhea. Hydrocodone, oxycodone, codeine, fentanyl, methadone, morphine, and other pharmaceutical opioids are among them. Opioids are used to decrease pain by increasing the threshold for pain. These analgesics are used to treat severe continuous pain in individuals with terminal conditions and to manage pain in cancer patients.

The Opioids Market trends are a surge in the consumption of opioid drugs to combat pain and a rise in the geriatric population that is more prone to orthopedic pain. In addition, an upsurge in disposable income in developing economies such as India, China, and others contributes to the Opioids Market growth. However, the surge in opioid addiction (opioid crisis) across the globe and the implementation of stringent government regulation for opioid prescription are the factors anticipated to hamper the market growth. In addition, the increase in death rates owing to the overdose of these drugs is a major factor restraining the market growth. For instance, according to the National Institute of Drug Abuse, more than 130 people in the U.S. die daily because of overdosing on opioids.

COVID-19 Impact

Coronavirus (COVID-19) was discovered in December 2019 in Hubei province of Wuhan city in China. The disease is caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans.

After its discovery in Wuhan, the disease rapidly spread to other parts of the globe. Moreover, this virus causes various symptoms in patients, which range from common symptoms to serious symptoms. For instance, common symptoms include fever, dry cough, and fatigue. However, serious symptoms include difficulty in breathing or shortness of breath, chest pain or pressure, and loss of speech or movement. Furthermore, the virus has a high potential for lethality in the geriatric population. On March 11, 2020, the World Health Organization made an assessment that COVID-19 can be characterized as a pandemic. In addition, only a few vaccines received emergency approvals for COVID-19 prevention. Thus, social distancing is observed as the most important measure to stop the spread of this disease. Furthermore, to maintain social distancing, various countries across the world have adopted nationwide lockdowns.

The overall impact of COVID-19 remains negative on the global opioid market, owing to a decline in the number of patients in hospitals & clinics for surgery such as cancer surgery. For instance, the Centers for Medicare & Medicaid Services (CMS) issued guidelines regarding the nonessential planned surgeries and procedures based on the need in critical situations. The guidelines suggest providing surgical services to patients who require urgent attention and postponing the surgeries if not urgent which leads to a decline in the demand for opioid products in the market as these drugs are used to reduce chronic surgeries.

The Opioids market is segmented on the basis of type of product, application, and region. According to the type of product, the market is classified into codeine, fentanyl, oxycodone, methadone, morphine, hydrocodone, and others. On the basis of application, the market is divided into pain management, cough treatment, and diarrhea treatment. The pain management segment is further divided into neuropathic pain, migraine, back pain, osteoarthritis pain, and cancer pain. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA

By product type, the oxycodone segment was the major revenue contributor in 2020 and is anticipated to continue this trend during the forecast period, owing to an increase in the intake of opioids across the globe for pain management. On the other side, the demand for fentanyl is projected to exhibit the fastest market growth during the forecast period, owing to a rise in the use of fentanyl for the treatment of severe pain after surgeries.

By application, the pain management segment has the largest Opioids Market share and is expected to remain dominant during the forecast period. This segment is expected to exhibit a prominent growth rate, owing to a rapid increase in the number of patients suffering from chronic headaches, migraine, and backaches across the world, which has considerably boosted the need for opioids across the globe, thereby augmenting the growth of the market.

North America accounted for more than 45.23% of the global market share in 2020 and is expected to remain dominant throughout the forecast period. This was attributed to an increase in demand for opioid drugs, a rise in healthcare expenditures, and increase in the number of surgeries. Asia-Pacific is projected to register the highest CAGR of 3.5% during the forecast period, owing to an increase in the incidence of the population suffering from various diseases such as migraine, arthritis, and cancer pain disease and a rise in the aging population. In addition, an increase in healthcare expenditure offers a lucrative opportunity for market growth.

The major companies operating in Opioids Industry are Purdue Pharma, Boehringer Ingelheim, Janssen Pharmaceuticals, Inc., Sanofi, Sun Pharmaceuticals, Mallinckrodt Pharmaceuticals, Endo Pharmaceuticals Inc., Teva Pharmaceuticals, Pfizer, Inc

KEY FINDINGS OF THE STUDY

• By product type, the Methadone segment is expected to experience rapid growth in the market and is projected to grow at a CAGR of 3.0% from 2021 to 2030
• By application, the pain management segment is projected to grow at a CAGR of 2.9% during the forecast period.
• Region-wise, Asia-Pacific is expected to experience a growth at the highest rate, registering a CAGR of 3.5% during the forecast period.