According to a study published by Insure Insights, the global opioid market is estimated to grow at a CAGR of 4.3% during the forecast period. Opioids are naturally occurring, a synthetic or semi-synthetic compound that binds to opioid receptors and activates them. These receptors are present throughout the human body’s central nervous system and block the pain signals sent from the brain to the other parts of the body and release more massive amounts of dopamine in the body. Opioids reduce pain intensity and are generally safe when taken as prescribed by the healthcare professional for a shorter duration. Opioids are majorly used to treat rheumatic diseases, cancer, anxiety or sleep disorders, and severe pain related to coughing & diarrhea.

Top Driver: An Increase in Orthopedic Diseases & Chronic Pain Incidence.

The global opioids market growth is driven by an increase in orthopedic diseases & chronic pain incidence. In addition to this, an increase in disposable income and a growing global geriatric population are expected to drive the growth of the global opioids market. On the other hand, the emergence and legalization of cannabis as a replacement for opioids hinders the growth of the market. However, an increase in the consumption of opioid analgesics for pain management in emerging countries is anticipated to create lucrative opportunities for the opioids market during the forecast period.

Oxycodone Segment is Estimated to Grow at Significant Pace During Forecast Period

The opioid market is segmented into codeine, fentanyl, oxycodone, and others based on product type. The oxycodone segment held the largest market share in the opioids market and is expected to continue the dominance during the forecast period. The growth is attributed to an increase in consumption for pain management. The fentanyl segment is anticipated to grow due to its availability in several formulations, including injection solutions in many concentrations for acute pain management and anesthesia. Based on the application, the market is segmented into pain management, cough treatment, and diarrhea treatment market.

Presence of Significant Players to Benefit Asia Pacific Market

Based on the region, the global opioid market has been segmented into North America, Asia Pacific, Europe, and SAMEA. Asia Pacific is anticipated to witness the significant growth in the coming years as companies such as Purdue Pharma are shifting their focus towards this region with an aim to strengthen their position in the market.

Players to Focus on Geographical Expansion and Increase Market Share

The global opioid market is anticipated to stay fragmented during the forecast period owing to the possible new entrants. Some of the key market players operating in the market are Purdue Pharma L.P.; Allergan; West-Ward Pharmaceuticals Corporation; Janssen Pharmaceuticals, Inc.; Pfizer, Inc.; Egalet Corporation; and Sun Pharmaceutical Industries Limited. Significant players are focusing on geographical expansion to increase market penetration in untapped regions.

For Instance, Purdue Pharma is expanding its market into Asia, Latin America, the Middle East, and Africa. The company is promoting awareness programs where doctors are encouraged to prescribe painkillers to help patients overcome opiophobia.

Scope of the Report

By Product Type

• Codeine
• Fentanyl
• Oxycodone
• Others

By Application

• Pain management
• Cough treatment
• Diarrhea treatment

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.