Global Opioids Market Highlights Over 2022 - 2031
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.
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 Opioids Market Regional Synopsis
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:
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North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
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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
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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
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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 opioids market includes the following segments:
By Product Type
- Codeine
- Fentanyl
- Methadone
- Oxycodone
- Morphine
- Hydrocodone
By Application
- Pain Management
- Cough Treatment
- Diarrhea Treatment
By Receptor Binding
- Strong Agonist
- Mild to Moderate Agonist
Growth Drivers
- Rising Cases of Cancer Globally
- Growing Number of Patients with Chronic Pain
Challenges
- Stringent Regulatory Guidelines
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
- Purdue Pharma L.P
- AstraZeneca Plc
- Boehringer Ingelheim International GmbH
- Mallinckrodt Plc
- Sanofi aventis Groupe
- Pfizer Inc.
- Sun Pharmaceutical Industries Ltd.
- Hikma Pharmaceuticals PLC
- Amneal Pharmaceuticals LLC
