The global opioids market size is estimated to reach USD 34.96 billion by 2025, exhibiting a CAGR of 4.8% during the forecast period. Growing geriatric population, coupled with increasing focus on palliative care, is estimated to boost the market. Moreover, increasing number of acquisitions and collaborations by market players is expected to drive growth.
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Furthermore, rising prevalence of disease conditions with chronic pain, such as cancer, lower back pain, arthritis, and fibromyalgia is driving the market. Substantial rise in road accidents and trauma, coupled with constantly increasing cases of surgical procedures, is also driving demand for opioid-based pain management solutions.
North America is leading the opioids market with a share of over 56.0% in 2016. One of the major reasons for its dominance is rising geriatric population with terminal conditions, such as rheumatoid arthritis. However, opioid abuse in U.S. has been rising at an alarming rate. Overdose of opioids has killed over 28,000 people in 2014 alone. Almost half of those deaths were caused by prescription opioids. Hence, opioid abuse has been declared a “public health emergency” in U.S., and this is likely to limit the growth of opioids in North America.
Further key findings from the report suggest:
- Extended release opioids were the largest product segment in 2016 due to its high usage in chronic pain management
- Anesthesia is estimated to be the fastest growing application segment over the forecast period due to factors such as safety and high drug efficacy
- Cancer pain was the largest pain relief segment in 2016 owing to global increase in prevalence of cancer
- North America was the largest region in 2016 owing to local presence of key players and increasing adoption of opioids for pain management
- Europe was the second-largest segment in 2016 due to factors such rising geriatric population
- Asia Pacific is expected to witness fastest growth over the forecast period due to increase in geriatric population, coupled with increase in focus on palliative care
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- Some of the key players are Purdue Pharma L.P; West-Ward Pharmaceuticals Corporation; Allergan; Pfizer, Inc.; Janssen Pharmaceuticals, Inc.; Egalet Corporation; and Sun Pharmaceutical Industries Limited
- Most key players are focusing on entering untapped regions and expanding their product portfolios.