Opioids Market Outlook
Opioids refer to drugs utilized for controlling persistent and intense pain among patients who are suffering from chronic headaches and backaches. They can be categorized into numerous product types, such as codeine, fentanyl, methadone oxycodone, morphine, hydrocodone, etc., which can be administered into the vein via an intravenous (IV) injection or taken through oral and transdermal routes.
The global opioids market reached a value of US$ 20.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.9 Billion by 2027, exhibiting at a CAGR of 3.3% during 2022-2027.
These opioids interact with proteins in the brain, gut, spinal cord, and other parts of the body to obstruct pain signals and mask discomfort, thereby offering a sense of relief. Consequently, they are extensively used in hospitals, clinics, and other healthcare establishments across countries.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Opioids Market Trends:
The elevating prevalence of cancer, on account of the excessive consumption of alcohol and tobacco, is among the key factors driving the opioids market. In addition to this, the expanding geriatric population and the increasing number of individuals undergoing surgical interventions across the globe are also positively influencing the market growth. Moreover, the growing participation of children in physical activities and professional sports that has led to an increase in the incidents of severe injuries and the shifting preferences toward effective painkillers that help reduce post-surgical pain, facilitate speedy recovery, and lower the chances of complications, including pneumonia and blood clots are acting as another significant growth-inducing factor.
Apart from this, the inflating investments by various leading market players in research and development (R&D) activities to evaluate the efficacy and safety of the drugs in several new diseases are expected to bolster the opioids market over the forecasted period.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Boehringer Ingelheim International GmbH
- Hikma Pharmaceuticals PLC
- Mallinckrodt plc
- Pfizer Inc.
- Purdue Pharma L.P.
- Sanofi S.A.
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceutical Industries Ltd.
Key Market Segmentation:
The report has categorized the market based on product type, application and distribution channel.
Breakup by Product Type:
- Codeine
- Fentanyl
- Methadone
- Oxycodone
- Morphine
- Hydrocodone
Breakup by Application:
- Pain Management
- Cough Treatment
- Diarrhea Treatment
- Others
Breakup by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- Online Stores
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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