The global narcotics analgesics market is estimated to garner a revenue of USD 51 Billion by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
Further, the market generated a revenue of USD 27 Billion in the year 2021. The growth of the market can be attributed to an increment in the research and development of narcotics analgesics worldwide. Further, the increased use of heroin, a type of narcotic analgesic, is also expected to contribute to market growth. In 2019, more than 40,000 people tried heroin for the first time and in 2020, around 7,00,000 people used heroin. Besides this, the rise in concern for the misuse of pain killers and the myth that pure heroin is less harmful than less pure heroin forms is also poised to create numerous opportunities for market growth in the coming years. Also, a growing tolerance to non-narcotics analgesics is the major reason for the constant increase in sales of narcotics analgesics.
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The growth of the global narcotics analgesics market can also be attributed to the quick onset of action of these pharmaceutical drugs and the high efficiency of these drugs for neuropathic pain management. In addition to this, the rise in demand for drugs for pain relief related to the central nervous system (CNS), such as morphine, is also anticipated to drive market growth. International Narcotics Control Board reported that 79% of the world’s population consumed 13% of morphine used for the management of pain and suffering or 1% out of 388.2 tons of total morphine manufactured across the world.
Increased Research for Cancer Treatment Drugs – As per the National Cancer Institute the funding for cancer research increased from USD 4,952.6 in 2015 to USD 6,440.4 in 2019.
Increase in Incidence of Chronic Diseases such as Cancer, Heart Disorders, Arthritis, and Tuberculosis – About 60 million adults have arthritis in the U.S, which is about 1 in 4 adults.
Rising Consumption of Different Types of Drugs – In the year 2020, the use of different types of drugs increased by more than 20% from 2010 during the COVID-19 pandemic.
Increasing Dispensing Rates of Opioids – In 2020, over 3% of U.S countries dispensed adequate opioid prescriptions for every individual to have one. Further, the overall dispensing rate in the U.S in the same year was over 40 prescriptions per 100 people, while some countries had nine times higher rates.
Government Support to Improve Pharmaceutical and Analgesic Industries – The estimated R&D expenditure in the pharmaceutical industry in 2019 was more than USD 80 billion.
Growth of Geriatric Patient Population Who Uses Painkillers – As per the United Nations Department of Economic and Social Affairs, globally, 703 million people were aged over 65 years in 2019. The share of the population aged over 65 years had increased from 6% in 1999 to 9% in 2019 across the globe.
The global narcotics analgesics market is segmented and analyzed for demand and supply by administration route into oral, intravenous, rectal, transdermal, and topical, out of which, the oral segment is anticipated to hold the largest market share by the end of 2031. The growth of the segment can be attributed to the simple administration through the oral route, the non-invasive nature of administration, and the increased efficiency of these drugs when compared to other routes of administration. Over 80% of drugs in high demand are oral route products with a value of USD 30 billion and a growth rate of 10% annually.
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.
Regionally, the global narcotics analgesics market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2031 on the back of an increase in demand for pain killers. Between 2015-2018 about 10.7% of U.S adults aged 20 and above used one or more prescription pain medications (opioid or nonopioid) and 5.7% used one or more prescription opioids, as per the statistics by the Centers for Disease Control and Prevention (CDC).
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The global narcotics analgesics market is further classified on the basis of region as follows:
Our in-depth analysis of the global narcotics analgesics market includes the following segments:
By Administration Route
FREQUENTLY ASKED QUESTIONS
Increased research for cancer treatment drugs and rising consumption of different types of drugs are the major factors driving the growth of the narcotics analgesics market.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
Shortage of analgesic medication and addiction to narcotics drugs are estimated to hamper the market growth.
The market in North America region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are 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.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, administration route, and by region.
The oral segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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