Global Hydrocodone Market Highlights over 2022 – 2030
The global hydrocodone market is estimated to grow at a moderate CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing application of hydrocodone in manufacturing drugs, which include, pain killers, paracetamol, cough suppressants, and others. Hydrocodone is an opioid, meaning, it is derived from natural opium, which is why, it is a controlled drug. The growing usage of hydrocodone-based drugs to relieve pain in medical conditions, such as, cancer, arthritis, and surgeries, among others, is estimated to boost the market growth. Moreover, the rising prevalence of cancer across the globe, is further estimated to boost the market growth. According to the data by the World Health Organization (WHO), over 10 million people died due to cancer in 2020.
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Moreover, the growing R&D activities, for the development of new drugs, is estimated to boost the market growth. In addition to this, the increasing investment in the field of medical research by pharmaceutical companies, is projected to propel the market growth. According to the World Bank data, 2.204% of the global GDP was spent for R&D activities in 2018.
The market is segmented by application into pain relief, cough treatment, and others, out of which, the pain relief segment is anticipated to hold the notable share in the global hydrocodone market over the forecast period on account of its analgesic effect on brain and spinal cord. Hydrocodone is prescribed for moderate-to-severe pain, depending on the drug combination. Such factors are estimated to boost the segment growth.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Hydrocodone Market Regional Synopsis
On the basis of geographical analysis, the global hydrocodone market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Europe region is estimated to witness modest growth over the forecast period on the back of advancements in the healthcare sector, backed by rising healthcare expenditure across the region. Moreover, the increasing investment in the medical research is estimated to further propel the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the rising cases of arthritis and other diseases, which requires pain killer drugs. According to the data by the Center for Disease Control and Prevention (CDC), about 58.5 million people, which is 23.7% of the total population in the United States, have doctor-diagnosed arthritis. Moreover, the liberty to research with narcotics for medicinal use, in developed countries, is anticipated to propel the market growth.
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The global hydrocodone market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global hydrocodone market includes the following segments:
By Application
- Pain Relief
- Cough Treatment
- Others
By End-User
- Hospitals
- Surgical Centers
- Specialty Clinics
- Others
Growth Drivers
- Growing Demand for Pain Relieving Drugs Globally
- Increasing Medical Research and Development Activities
Challenges
- Stringent Regulations for the Use of Opioids in Some Regions
- Addictive Nature of Hydrocodone
Top Featured Companies Dominating the Market
- Teva Pharmaceuticals Industries Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Gilead Sciences, Inc.
- Novartis AG
- Sanofi-aventis Groupe
- Abbott Laboratories
- Merck & Co., Inc.
- Siemens Healthcare GmbH
- Pfizer Inc.
- Eli Lilly and Company
- BioControl Medical
