by The global opioids market is on a trajectory of promising growth in the short term, driven by a range of factors that are reshaping the landscape of pain management and pharmaceuticals. A recent report provides valuable insights into how the market is expected to unfold in the coming years.
Rapidly Increasing Chronic Pain Spurs Opioids Market
Chronic pain, a widespread issue affecting millions worldwide, is fueling the demand for opioids. Opioids, known for their effectiveness in managing pain, play a crucial role in alleviating discomfort for patients undergoing cancer treatments or recovering from surgery. While opioids remain a reliable solution for pain management, some individuals seek alternatives due to concerns about dependence or side effects. Healthcare professionals often recommend alternatives such as ibuprofen, acetaminophen, steroids, aspirin, local anesthetics, muscle relaxants, and even cannabidiol (CBD).
Diverse Range of Opioids
Opioids encompass a range of drugs, including natural opioids derived from the poppy plant (e.g., opium, morphine, codeine), semi-synthetic opioids (e.g., hydrocodone, oxycodone), and endogenous opioids (e.g., endorphins, enkephalins). The market for legal opioids like morphine, meperidine, codeine, and oxycodone continues to thrive, with sustained demand.
Growth Supported by Neuropathy Prevalence
The global opioids market is anticipated to see significant growth in the face of rising cases of chronic pain-causing disorders, particularly neuropathy. For instance, in the United States, nearly 8% of individuals over 65 reported experiencing some form of neuropathy. Powerful agonist opioids such as fentanyl, morphine, and oxycodone remain essential for managing severe pain.
Morphine Dominates Opioids Market
Morphine stands out as a market leader among opioid products and is expected to maintain its growth trajectory. The availability of generic morphine opioids in Asian countries has contributed to its significant market share. Increasing prescriptions for painkillers to address various conditions, including cancer, cardiovascular problems, and arthritis, are propelling the demand for medical morphine.
North America: A Key Growth Driver
North America is poised to remain the largest and fastest-growing opioids market during the forecast period. Factors such as the prevalence of chronic diseases, an aging population, and the presence of prominent industry players are driving market expansion in the region. The impact of the COVID-19 pandemic on pain management services has underscored the importance of opioids in addressing chronic pain.
Competitive Landscape
Key players in the opioids market, including Trevena Inc., Pfizer Inc., Janssen Pharmaceuticals, Inc., Mallinckrodt Pharmaceuticals, and others, are actively contributing to market growth through product approvals, expansions, partnerships, and mergers. Ongoing research and development efforts continue to bring innovative opioid solutions to the market, enhancing patient care and pain management.
The global opioids market is poised for substantial growth, driven by the persistent need for effective pain management solutions in the face of increasing chronic pain cases. As market players continue to innovate and expand their offerings, patients can expect more accessible and advanced pain relief options.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/opioids-market
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This press release first seen on Brilad
COMTEX_442320021/2840/2023-10-23T08:21:12
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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