The global opioids market is estimated to garner ~4% CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing number of cancer patients worldwide. Opioids are a group of analgesic agents and they are extensively used as pain killers. Furthermore, the global opioids market is projected to exhibit remarkable growth during the forecast period on the back of its soaring demand for treatment of cough pain and diarrhea. The World Health Organization states that there are nearly 1.7 billion cases of childhood diarrhoea each year. On the back of this, the global opioid market is expected to grow significantly over the forecast period. Additionally, the increasing number of patients with cancer leads to a surge in demand for opioids. According to the data released by World Cancer Research Fund International, there were 18.1 million cancer cases, and 10 million cancer deaths in the year 2020. The opioid works efficiently in treating excruciating pain in cancer patients. On account of this, the global opioids market is expected to grow over the forecast period.
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The market is segmented by application into pain management, cough management, and diarrhea treatment, out of which, the pain management sub-segment is anticipated to hold a notable share in the global opioids market on account of the increasing number of cancer patients. Opioids are very efficient in assuaging acute pain in cancer patients. On account of this, the global opioids market is projected to grow over the forecast period.
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 opioids market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness noteworthy growth over the forecast period on the back of a surging number of cancer patients. According to the data released by the Centers for Disease Control and Prevention (CDC) in 2018, the United States reported 436 new cancer cases for every 100,000 people. Moreover, opioids are also utilized by patients with chronic pain. The other data released by the CDC states that 20.4% of adults had chronic pain in the year 2019. Furthermore, the North America region has a well-established healthcare infrastructure. On account of this, the North America region is projected to witness significant growth over the forecast period.
Moreover, the global opioids market is estimated to witness noteworthy growth during the forecast period in the Europe region on the back of the presence of a large geriatric population in the region. According to the data released by Eurostat, the population of people aged 65 or more in Europe will reach up to 129.8 million by 2050. Furthermore, the region has flexible government guidelines and has state-of-the-art healthcare infrastructure. On account of this, the global opioids market is expected to grow over the forecast period.
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The global opioids 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
Our in-depth analysis of the global opioids market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing number of patients with cancer and chronic pain is estimated to be the major factor that is driving the growth of the global opioid market.
The global opioids market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 - 2031
The major players in the market are Boehringer Ingelheim International GmbH, Mallinckrodt Pharmaceuticals, Sanofi Aventis Groupe, and Pfizer Inc.
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 product type, application, receptor binding, and by region.
The pain management sub-segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
Stringent regulatory guidelines are estimated to hamper the market growth.
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