Growing at a relatively modest CAGR of 4.6%, the worldwide market for oxycodone is likely to touch a market revenue of US$ 4 Billion through 2028 end—reflecting absolute dollar prospects of US$ 181.3 Million, during 2018-2019. An increase in the number of patients suffering from fatally-ill ailments, such as HIV and cancer, and a higher rise in post-operative pain drug prescription is likely to boost the usage of oxycodone as an analgesic.
As per the Center for Disease Control & Prevention, the majority of patients underwent moderate to grave post-operative pain. This aspect boosts the acceptance of opioid pain management drugs as well as indirectly boosts the market growth. Novel drug development is a bigger market prospect for the oxycodone market. Novel products with innovations in drug designing and formulations such as abuse-deterrent formulations done in Opana and Oxycontin, drive the branded opiate market. Additionally, the U.S. FDA is moreover encouraging drug producers to come up with a novel drug generation that is less addictive.
A rise in novel drug applications by pharmaceutical organizations and several products in the pipeline boosts the market. Other formulations, for example, restraint release of drugs for increased pain management are rising in the market. Advanced drug formulations, for example, elongated-release medications for pain control are instances of enhanced formulation fueling the market.
“Based on demand, higher effectiveness of semi-synthetic and synthetic opioids increases its usage. Additionally, Opioids prescription is majorly synchronized by a set of clinical practice guidelines, whereas ascertaining proper dosage and safe access. Opioids are dealt with under such strict regulations that renders into increased utilization. Increasing awareness regarding palliative care in terminal ailment conditions together with favorable reimbursement policies are a few additional demand-side aspects, increasing the utilization of opioids.”
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Key Takeaways from Market Study
- Based on business expansion prospects, acquisitions, licensing agreements, and strategic investments hold noteworthy prospects.
- Investments in R&D exercises will present probable expansion prospects for oxycodone makers.
- Growing strategic collaborations between makers and generic drug distributors functioning in the pain management business, would prove vital to advance growth plans.
- Since the need for oxycodone stays uniform all over patients of all age groups, opioids are projected to provide enhanced solubility of API and efficient drug formulations, moreover prompting makers to take advantage of the rising latent prospect.
- Increasing prevalence of chronic ailments in humans and growing need for parenteral formulations worldwide, mainly in North American nations, will augment the oxycodone market growth in the region.
The productions of innovative opiate drugs are presently taking up a lion’s share. Formulations innovations not necessarily targeted at drug efficacy— are a significant supply-side driver in the worldwide market. Abuse-deterrent formulations by Purdue Pharma in Oxycontin is one such instance. Additionally, Purdue has been conceded sole selling rights for Oxycontin by 2030, after it made formulations alterations to the drug’s chemical structure, thus marketing it as a slow-releasing, ‘abuse-proof’ pill. Additionally, the FDA’s nod to novel drugs generation, making them ‘less-addictive’, would gain importance by 2028. Drug progressions in extensive-release medications for pain control will supplement to the oxycodone sales, worldwide. This landscape is projected to generate favorable acceptance prospects for long-standing oxycodone.
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