According to a recent assessment by Future Market Insights (FMI), the opioid analgesics market is slated to expand at a 5.4% CAGR, attaining a worth of US$ 41.11 Billion in 2022. Soaring demand for post-surgery pain management and advancements in dru
As per an exhaustive study by FMI, the Global Opioid Analgesics Market is anticipated to reach US$ 65.8 billion by 2031. In response to surging demand for post-surgery pain management and focus on novel drug formulations for analgesics, the market is estimated to expand at a CAGR of 5.4% over the forecast period 2021-2031, in comparison to the 4.2% CAGR registered from 2106 to 2020.
Opioid analgesics market is largely driven by the increasing prevalence of chronic disorders, neuropathic pain, and orthopedic diseases. Opioids are extensively used for anesthesia, cough suppression, cancer pain management, and treatment of several other conditions. In addition to this, the development of novel analgesics with fewer side effects is expected to spur sales by 1.7X through 2031.
A considerable rise in the number of surgical procedures has been reported in the last few years. According to the International Society of Aesthetic Plastic Surgery (ISAPS), around 11.3 million surgeries were reported across the world in 2019. As opioids are used as medications for managing and reducing pain post-surgeries, the surgical pain indication segment is anticipated to account for nearly 45.9% of the total sales by 2031.
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The growth in the region is attributed to the increasing prevalence of chronic diseases and presence of favorable medical reimbursement policies in the U.K and Germany.
“Commercialization of non-abusive opioids and increasing availability of opioid analgesics through online distribution channels are expected to accelerate the sales of opioid analgesics,” says the FMI analyst.
Key Takeaways from Opioid Analgesics Market Study
Key Drivers
Key Restraints
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Competitive Analysis
Leading manufacturers are emphasizing on launching new and revised products to enhance their product portfolios. Strategies such as product approvals, partnerships, agreements, merger, facility expansion, and collaborations are expected to assist market players strengthen their footprint and gain a competitive edge over other players. For instance,
In May 2020, Assertio Therapeutics, Inc., an American specialty pharmaceutical company, announced entering into merger agreement with a U.S.-based pharmaceutical company, Zyla Life Sciences. The merger will assist companies to expand their product portfolio of inflammation, neurology, and chronic pain medications.
In September 2018, Novartis, a Swiss multinational pharmaceutical corporation, announced signing an agreement for marketing, distribution, and sales, of well-known pain medicine brands such as Cataflam (diclofenac potassium) and Voltaren (diclofenac sodium) in Thailand, Malaysia and Philippines.
Opioid Analgesics Market by Category
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Future Market Insights (ESOMAR certified 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.
Nov 03, 2022