Palliative care focuses on improving the quality of life for patients with serious illnesses. Oxycodone plays a crucial role in managing pain for patients receiving palliative care.
Future Market Insight predicts that the global Oxycodone Market is poised to achieve a staggering valuation of US$ 8.92 billion by 2033, exhibiting a CAGR of 5.7%. This anticipated expansion is a substantial rise from its projected worth of US$ 5.11 billion in 2023.
During the forecast period, the market revenue growth is anticipated to be driven by several factors, including
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The rising number of elderly individuals worldwide is driving the market growth. This population has a heightened vulnerability to cancer. By 2050, the proportion of people aged 60 and above is predicted to reach 12% to 22% compared to 2015 to 2050.
Global healthcare spending has witnessed a substantial rise in the last 20 years. Furthermore, there has been a surge in research investments in oxycodone drugs. There has also been a notable rise in clinical trials explicitly focusing on oxycodone. These upward trends are projected to persist throughout the forecast period.
Cancer incidence measures the number of individuals living without a cancer diagnosis. It encompasses both the frequency of cancer development and the length of time individuals survive after diagnosis. Oxycodone, widely utilized in cancer treatment, is anticipated to be a significant factor driving growth.
Palliative care focuses on improving the quality of life for patients with serious illnesses. Oxycodone plays a crucial role in managing pain for patients receiving palliative care. This is especially true for those with advanced cancer or other terminal conditions. The growing emphasis on palliative care across healthcare systems has increased the demand for oxycodone.
One of the primary factors anticipated to impede market growth is the rising personal apprehension regarding the side effects linked to cancer medications. Other restraining factors include
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Concerns over the addictive potential and adverse effects of opioids have sparked interest in non-opioid alternatives for pain management. Non-opioid alternatives encompass non-pharmacological interventions and the development of new classes of medications. Companies prioritizing research and development in non-opioid pain management options can establish a strong position in the evolving healthcare industry.
Key Takeaways:
Competitive Landscape in the Oxycodone Market:
Key players are implementing diverse strategies to uphold their market positions and expand their presence on a global scale. Following are a few of these strategies:
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Recent Developments by Key Players in the Oxycodone Market:
Daiichi Sankyo Company, also known as Daiichi Sankyo, introduced a new generic version of oxycodone hydrochloride hydrate injection to treat cancer pain in June 2019. This unique formulation is called Oxycodone Injections 10 mg and 50 mg "Daiichi Sankyo." The introduction of this new formulation took place in Japan.
Daiichi Sankyo and Inspirion Delivery Sciences LLC announced their collaboration in May 2017. Daiichi Sankyo took the lead in commercializing RoxyBond™ (oxycodone hydrochloride) immediate-release tablets in the United States. These tablets received FDA approval and are designed for oral use (CII). Inspirion provided an additional salesforce as part of their co-promotion rights under the License Agreement.
Leading Oxycodone Manufacturers as Profiled by FMI include:
Key Segments Covered in Oxycodone Market Study:
By Oxycodone Type:
By Application:
By Distribution Channel:
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By Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 14, 2023