New York – May 10, 2023 - Research Nester’s recent market research report on “Narcotics Analgesics Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview in terms of market segmentation by application, type, route of administration, and by region.
Increasing Prevalence of Chronic Pain to Promote Global Market Share of Narcotics Analgesics
According to a report by the National Institutes of Health (NIH), chronic pain affects an estimated 20% of adults in the United States, which is approximately 50 million people. This rising prevalence of chronic pain is driving the demand for narcotics analgesics. With the increasing number of surgical procedures being performed globally, the demand for pain management medications, including narcotics analgesics, is expected to rise.
Treatment for chronic pain often involves a combination of approaches, including medications, physical therapy, psychological counseling, and lifestyle changes. Narcotics analgesics, also known as opioid analgesics, are commonly used to manage chronic pain, but they come with risks such as addiction, dependence, and overdose. Therefore, their use must be carefully monitored by healthcare professionals.
Some of the major growth factors and challenges that are associated with the growth of the global narcotics analgesics market are:
• Government Support to Improve Pharmaceutical and Analgesic Industries
• Increasing Dispensing Rates of Opioids
Drugs such as heroin can be highly addictive when used once. Addiction can, in the long run, push people further into serious disorders like substance abuse. Their misuse, abuse, and use beyond prescribed medical purposes can lead to opioid addiction and other health problems. The World Health Organization estimates that drug use is responsible for about half a million deaths worldwide. Imposed regulations to prevent misuse are some of the major factors anticipated to hamper the global narcotics analgesics market.
Access our detailed report at: on” Narcotics Analgesics Market Analysis by Type (Non-Opioids, and Opioids); Application (Pain Management, Cough Treatment, Diarrhea); Administration Route (Oral, Intravenous, Rectal, Transdermal, Topical) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035”
By application, the narcotics analgesics market is segmented into pain management, cough treatment, and diarrhea. The pain management segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Narcotic analgesics are often used to relieve pain. These drugs can be very effective in relieving pain in patients suffering from cancer and cardiovascular problems. Therefore, rising cases of cancer and heart patients are expected to fuel the segment's growth. According to the World Cancer Research Fund International, there were 18.1 million new cancer cases worldwide in 2020. 9.3 million of these cases affected men, while 8.8 million affected women. In addition, every fourteenth person worldwide suffers from a heart or circulatory disease. In addition, according to current estimates, around 290 million women and almost 260 million men worldwide suffer from cardiovascular diseases.
By region, the North America narcotics analgesics market is to generate the highest revenue by the end of 2035. The growth of the market is mainly attributed to the increased consumption of opioids for medical and non-medical purposes. More than 80% of the world's opioids are used in the United States, which is home to 4.4% of the world's population. About 99% of hydrocodone used worldwide is used in the US, between 2015 and 2018 about 10. According to statistics from the Centers for Disease Control and Prevention (CDC), 7% of US adults age 20 and older used one or more prescription pain relievers (opioid or non-opioid) and 5.7% used one or more prescription pain relievers.
This report also provides the existing competitive scenario of some of the key players of the global narcotics analgesics market which includes company profiling of Pfizer Inc, Teva Pharmaceutical Industries Ltd., AbbVie Inc, Sun Pharmaceutical Industries Ltd., Sanofi, Abbott, Janssen Pharmaceuticals, LLC, Novartis AG, Bayer AG, GlaxoSmithKline plc, and others.