According to a recent assessment by Future Market Insights (FMI), the Opioid Analgesics Market is slated to expand at a 5.4% CAGR, attaining a worth of US$ 41.11 Billion in 2022. Soaring demand for post-surgery pain management and advancements in drug formulations to reduce analgesic side effects are predicted to propel sales of opioid analgesics over the forecast period.
Morphin sales are expected to command 13% of the overall opioid analgesics market share, with a market valuation of US$ 69.55 billion in 2032, according to FMI.
Request a report sample to gain comprehensive insights@ https://www.futuremarketinsights.com/reports/sample/rep-gb-14043
A considerable rise in the number of surgical procedures has been reported in the last few years. In 2019, approximately 11.3 million surgeries were reported worldwide, according to the International Society of Aesthetic Plastic Surgery (ISAPS). As opioids are used as medications for managing and reducing pain post-surgeries, the surgical pain indication segment is anticipated to account for nearly 45.9% of the total sales by 2031.
According to FMI, Europe is expected to account for a significant share of the global market, with sales increasing at a CAGR of 5.4% between 2021 and 2031. The region’s growth is attributed to the rising prevalence of chronic diseases and the presence of favourable medical reimbursement policies in the United Kingdom and Germany.
“Commercialization of non-abusive opioids and increasing availability of opioid analgesics through online distribution channels are expected to accelerate the sales of opioid analgesics,” says the FMI analyst.
Key Takeaways from Opioid Analgesics Market Study
- The United States is expected to lead the market in North America, accounting for nearly 86% of total sales in 2021.
- In Germany, sales of opioid analgesics are expected to total US$ 2.2 billion, growing at a CAGR of 3.8% during the assessment period.
- The market in India is forecast to account for 35.4% of the sales in South Asia, expanding at a CAGR of 5.7% between 2021 and 2031.
- China is expected to become the most profitable market for opioid analgesics in East Asia, accounting for approximately 54.2% of regional sales revenue by the end of 2021.
- Oxycodone is expected to dominate the drug class verticals, accounting for more than 19% of global demand in 2021.
Request Discount@ https://www.futuremarketinsights.com/request-discount/rep-gb-14043
Key Drivers
- Surging demand for facial and body aesthetics in response to an increase in the number of aesthetic surgical procedures such as breast implantation, eyelid surgeries, and abdominoplasty performed globally will drive sales in the surgical pain segment.
- Increased adoption of opioid maintenance treatment (OMT) for treating opioid dependence (OD) in Germany, the United Kingdom, the United States, and other countries is expected to drive market growth.
Key Restraints
- Side effects associated with opioid analgesics such as drowsiness, nausea, constipation, clouded thinking, and psychological & physical addiction are hampering the market growth.
- Stringent government regulation and guidelines regarding manufacturing, storage, marketing, and selling of opioid products are restraining the growth of opioid analgesics.
Competitive Landscape
Leading manufacturers are emphasizing on launching new and revised products to enhance their product portfolios. Strategies such as product approvals, partnerships, agreements, merger, facility expansion, and collaborations are expected to assist market players strengthen their footprint and gain a competitive edge over other players. For instance,
- In May 2020, Assertio Therapeutics, Inc., an American specialty pharmaceutical company, announced entering into merger agreement with a U.S.-based pharmaceutical company, Zyla Life Sciences. The merger will assist companies to expand their product portfolio of inflammation, neurology, and chronic pain medications.
- In September 2018, Novartis, a Swiss multinational pharmaceutical corporation, announced signing an agreement for marketing, distribution, and sales, of well-known pain medicine brands such as Cataflam (diclofenac potassium) and Voltaren (diclofenac sodium) in Thailand, Malaysia and Philippines.
- Pfizer Inc.
- Abbott Laboratories
- Janssen Pharmaceuticals, Inc. [Johnson & Johnson]
- Novartis AG
- Bayer AG
- GlaxoSmithKline plc
- F. Hoffmann-La Roche AG,
- Boehringer Ingelheim International GmbH
- Bausch Health Companies Inc.
- Sanofi S.A.
- Teva Pharmaceuticals
- AbbVie Inc. (Allergan plc)
- Purdue Pharmaceuticals L.P.
- Sun Pharmaceutical Industries Ltd.
- Mallinckrodt Pharmaceuticals
- Endo Pharmaceuticals Inc. [Endo International plc]
- Assertio Therapeutics, Inc. [Assertio Holdings, Inc.]
Request Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-14043
More Valuable Insights on Opioid Analgesics Market
FMI, in its new report, offers an unbiased analysis of the global opioid analgesics market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in opioid analgesics market with detailed segmentation:
By Drug Class:
- Morphine
- Codeine
- Fentanyl
- Meperidine
- Methadone
- Tramadol
- Oxycodone
- Dextromethorphan
- Buprenorphine
- Others
By Indication:
- Surgical Pain
- Cancer Pain
- Neuropathic Pain
- Other
By Route of Administration:
- Oral
- Parenteral
- Transdermal
- Other
By End User:
- Hospitals
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs