Future Market Insights (FMI), a leading provider of market intelligence and consulting services, has released a compelling forecast projecting substantial growth in the global oxycodone market. According to FMI’s latest projections, the market is poised to achieve an impressive valuation of US$ 8.92 billion by 2033, with a remarkable Compound Annual Growth Rate (CAGR) of 5.7%. This forecast marks significant progress from the anticipated value of US$ 5.11 billion in 2023.
The projected upsurge in the oxycodone market underscores promising opportunities for industry players, and FMI is excited to announce its anticipation of exponential growth within this sector. As a trusted authority in the pharmaceutical landscape, FMI is strategically positioned to capitalize on emerging market trends and contribute to the industry’s upward trajectory.
The pharmaceutical sector is undergoing notable transformations, and the oxycodone market is positioned as a major beneficiary of these shifts. Future Market Insight’s forecast underscores the industry’s potential to emerge as a significant player on the global stage, and FMI is committed to driving innovation and meeting the evolving needs of patients worldwide.
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Senior citizens are becoming increasingly prevalent globally, which is driving market growth. This population is more prone to getting cancer. Between 2015 and 2050, there will be a projected 12% to 22% increase in the proportion of persons 60 and older.
Global healthcare spending has significantly increased during the last 20 years. Spending on opioid drug research has also significantly grown. Additionally, there has been a discernible rise in clinical trials specifically involving oxycodone. These promising trends are expected to persist throughout the life of the projection.
The cancer incidence is the proportion of people who have not yet received a cancer diagnosis. It takes into account both the risk that cancer will manifest and the typical amount of time that people live after being diagnosed. Oxycodone, which is often used to treat cancer, is projected to have a significant impact on growth.
Palliative care, which focuses on improving patient quality of life, is provided to patients with life-threatening illnesses. Oxycodone is necessary for patients undergoing palliative care to adequately control pain. For those who have advanced cancer or other serious illnesses, this is particularly true. As palliative care is given increasing attention by healthcare organisations, there is a rising need for oxycodone.
One of the primary factors anticipated to impede market growth is the rising personal apprehension regarding the side effects linked to cancer medications. Other restraining factors include
- limited awareness of these drugs among individuals in low and middle-income countries
- the absence of reimbursement policies for cancer treatment in certain countries
- the potential for misuse, abuse, and fatal outcomes of oxycodone overdose requires lower therapeutic dosages and strict regulations
The potential for addiction and the negative effects of opioids have generated interest in non-opioid options to treat pain. Non-pharmacological therapies and the creation of new drug classes are examples of non-opioid options. Businesses that prioritise non-opioid pain treatment research and development might take a commanding position in the rapidly changing healthcare market.
Key Takeaways:
- The oxycodone industry in the United Kingdom is anticipated to rise, exhibiting a CAGR of 5.5% through 2033
- The United States held a 91.3% share of the global oxycodone industry in 2022
- With a CAGR of 4.1% over the forecast period, India is predicted to develop rapidly in the oxycodone industry
- In 2022, Japan had a 23.7% share of the oxycodone industry globally
- The oxycodone industry in China is expected to increase, registering a CAGR of 5.6% over the forecast period
- The pain management segment emerged as the leading power in the oxycodone industry, securing a 78.68% share of the global market
- With a significant market share of 70.31%, the long acting oxycodone segment emerged as the dominant force in the oxycodone industry
- The oxycodone industry was predominantly led by the retail pharmacies segment, capturing a 75.8% global share of the global market
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Competitive Landscape in the Oxycodone Market:
Key players are implementing diverse strategies to uphold their market positions and expand their presence on a global scale. Following are a few of these strategies:
- Developing oxycodone formulations that are difficult to misuse
- Investing in improving efficacy and safety
- Conducting rigorous clinical trials and generating robust scientific evidence to support the effectiveness
- Continuously enhancing oxycodone formulations based on advancements
- Strong campaigns to increase brand awareness
- Working with healthcare providers and institutions
- Ensuring adherence to quality and safety regulations
- Targeting regions with high demand
- Offering complementary medications and alternative routes
Recent Developments by Key Players in the Oxycodone Market:
Daiichi Sankyo Company, also known as Daiichi Sankyo, introduced a new generic version of oxycodone hydrochloride hydrate injection to treat cancer pain in June 2019. This unique formulation is called Oxycodone Injections 10 mg and 50 mg “Daiichi Sankyo.” The introduction of this new formulation took place in Japan.
Daiichi Sankyo and Inspirion Delivery Sciences LLC announced their collaboration in May 2017. Daiichi Sankyo took the lead in commercializing RoxyBond™ (oxycodone hydrochloride) immediate-release tablets in the United States. These tablets received FDA approval and are designed for oral use (CII). Inspirion provided an additional salesforce as part of their co-promotion rights under the License Agreement.
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Leading Oxycodone Manufacturers as Profiled by FMI include:
- Teva Pharmaceutical Industries Ltd.
- Purdue Pharma L.P
- Daiichi Sankyo
- Acorda Therapeutics
- Teikoku Pharma USA, Inc.
- Mylan N.V
- Endo Pharmaceuticals Inc.
- Janssen Pharmaceuticals, Inc.
Key Segments Covered in Oxycodone Market Study:
By Oxycodone Type:
- Long-acting oxycodone
- Short-acting oxycodone
By Application:
- Pain Management
- De-addiction
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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