The global oxycodone market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2030. Oxycodone is a semisynthetic opioid, and has analgesic nature, similar to morphine. It is prescribed to cancer patients who experience extreme pain, owing to its analgesic and sedative properties. The growth of the market can be attributed to the growing prevalence of cancer, along with rising cancer mortality across the world. According to the data by the World Health Organization (WHO), over 10 million people died due to cancer in 2020, up from 9.6 million in 2018. Moreover, there were 2.26 million new cases of breast cancer, 2.21 million cases of lung cancer, and 1.41 million cases of prostate cancer in 2020 itself.
Moreover, the increasing cancer awareness, and rising demand for the development of new methods for treatment are estimated to propel the market growth. Along with this, growing investment in medical research activities is anticipated to boost the market growth. Furthermore, oxycodone is marketed as a combination narcotic, combined with either acetaminophen or aspirin, which reduces the abuse potential of the drug, which is also projected to fuel the market growth.
The market is segmented by route of administration into oral, intravenous, and others, out of which, the oral segment is anticipated to hold the largest share in the global oxycodone market over the forecast period. This can be attributed to the safer action of oxycodone when taken orally, as it retains half of its analgesic properties when administered orally. CLICK TO DOWNLOAD SAMPLE REPORT
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.
On the basis of geographical analysis, the global oxycodone market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth, over the forecast period, on the back of large number of cancer patients in the region, along with the growing healthcare sector in the region.
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 cancer in the region. According to the US National Cancer Institute, an estimated of 1,806,590 new cases of cancer were diagnosed in the United States in 2020. Moreover, the presence of major research institutes in the region, combined with high healthcare expenditure are estimated to boost the market growth.
The global oxycodone market is further classified on the basis of region as follows:
Our in-depth analysis of the global oxycodone market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing incidences of cancer globally is estimated to boost the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
The side effects and addictive nature of opioids are estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period on the back of increasing prevalence of cancer in the region.
The major players in the market are Bayer AG, Abbott Laboratories, Merck & Co., Inc., Validus Pharmaceuticals LLC, Teva Pharmaceutical Industries Ltd., Siemens Healthcare GmbH., 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 route of administration, application, end-user, and by region.
The oncological centers segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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