The global U.S. Opioids Market is estimated to be valued at US$ 17180.89 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Opioids are a class of drugs that bind to opioid receptors, thereby preventing the transfer of pain signals to the brain. They are commonly prescribed for treating moderate to severe chronic pain arising from various health conditions such as cancer, arthritis, back injuries, etc. Opioids help relieve pain by altering the way the brain and nervous system respond to pain. Common prescription opioids available in the U.S. market include oxycodone, hydrocodone, morphine, codeine, fentanyl, and others. These are approved by the U.S. Food and Drug Administration (FDA) and prescribed by physicians to treat various levels of pain. The advantages of using opioids include strong pain relief and management of chronic pain conditions that do not respond well to over-the-counter medications.
Market Key Trends:
Rising Prevalence of Chronic Pain - Chronic pain affects over 50 million adults in the U.S., causing immense suffering. Common chronic pain conditions include lower back pain, arthritis, migraine, and cancer pain. The growing prevalence of these conditions is expected to boost the demand for opioid drugs.
Increasedprescription of Opioids- Opioids remain the mainstay treatment for moderate to severe chronic pain despite controversies over opioid crisis. As per CDC data, over 226 million opioid prescriptions were written in 2018. Increased prescription rate indicates high dependence and is a key factor fostering market growth.
FDA Approvals of Abuse-deterrent Opioids - The FDA approval and launch of abuse-deterrent versions of popular opioids such as OxyContin is anticipated to positively impact the market. Abuse-deterrent formulations make the drug crush resistant and reduce risks of misuse and abuse.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as establishing brand recognition and developing distribution networks requires high investment and expertise in the regulated opioids market.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market is dominated by a few large pharmaceutical companies and buyers have some influence over prices.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the fragmented nature of suppliers and availability of substitutes.
Threat of new substitutes: The threat of new substitutes is high as alternative treatments for pain such as non-opioid medications, medical marijuana, and non-drug therapies pose competition to opioids.
Competitive rivalry: The competitive rivalry in the opioids market is high due to established brands and regulatory environment.
Key Takeaways
Global U.S. Opioids Market Demand is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing prevalence of chronic pain disorders and geriatric population in the US. The regional analysis indicates that the south region dominates the US opioids market owing to higher healthcare infrastructure and more number of pain clinics in the region.
The U.S. opioids market size for 2023 is projected to reach US$ 17180.89 Mn. The prevalence of chronic pain conditions such as osteoarthritis, musculoskeletal disorders, and cancer pain has been increasing which is driving the demand for opioid drugs in the country. According to a survey, 20.4% of adults in the US suffer from chronic pain and millions use prescription pain relievers for long-term management of pain.
Key players operating in the U.S. opioids market are Purdue Pharmaceuticals L.P., Titan Pharmaceuticals, Inc., Pfizer Inc., Mallinckrodt, Pfizer Inc., Assertio Holdings, Inc., Par Pharmaceutical, Amneal Pharmaceuticals LLC, Trevena, Inc., Lupin, and Endo Pharmaceuticals, Inc. Purdue Pharmaceuticals leads the market with its wide range of branded and generic opioid products. Titan Pharmaceuticals specializes in developing proprietary therapeutics utilizing its proprietary continuous delivery systems.
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