NEWARK, Del, June 20, 2023 (GLOBE NEWSWIRE) -- Future Market Insight predicts that the global Oxycodone Market is poised to achieve a staggering valuation of US$ 8.92 billion by 2033, exhibiting a CAGR of 5.7%. This anticipated expansion is a substantial rise from its projected worth of US$ 5.11 billion in 2023.
During the forecast period, the market revenue growth is anticipated to be driven by several factors, including:
- the growing usage of opioids for the treatment of moderate to severe chronic pain
- the increasing occurrence of chronic conditions like osteoarthritis and neuropathic disorders
- the rising demand for oxycodone to effectively manage and relieve post-operative pain
- the growing prevalence of cancer and the increasing number of cancer-related deaths worldwide
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The rising number of elderly individuals worldwide is driving the market growth. This population has a heightened vulnerability to cancer. By 2050, the proportion of people aged 60 and above is predicted to reach 12% to 22% compared to 2015 to 2050.
Global healthcare spending has witnessed a substantial rise in the last 20 years. Furthermore, there has been a surge in research investments in oxycodone drugs. There has also been a notable rise in clinical trials explicitly focusing on oxycodone. These upward trends are projected to persist throughout the forecast period.
Cancer incidence measures the number of individuals living without a cancer diagnosis. It encompasses both the frequency of cancer development and the length of time individuals survive after diagnosis. Oxycodone, widely utilized in cancer treatment, is anticipated to be a significant factor driving growth.
Palliative care focuses on improving the quality of life for patients with serious illnesses. Oxycodone plays a crucial role in managing pain for patients receiving palliative care. This is especially true for those with advanced cancer or other terminal conditions. The growing emphasis on palliative care across healthcare systems has increased the demand for oxycodone.
One of the primary factors anticipated to impede market growth is the rising personal apprehension regarding the side effects linked to cancer medications. Other restraining factors include:
- limited awareness of these drugs among individuals in low and middle-income countries
- the absence of reimbursement policies for cancer treatment in certain countries
- the potential for misuse, abuse, and fatal outcomes of oxycodone overdose requires lower therapeutic dosages and strict regulations
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Concerns over the addictive potential and adverse effects of opioids have sparked interest in non-opioid alternatives for pain management. Non-opioid alternatives encompass non-pharmacological interventions and the development of new classes of medications. Companies prioritizing research and development in non-opioid pain management options can establish a strong position in the evolving healthcare industry.
Key Takeaways:
- The oxycodone industry in the United Kingdom is anticipated to rise, exhibiting a CAGR of 5.5% through 2033.
- The United States held a 91.3% share of the global oxycodone industry in 2022.
- With a CAGR of 4.1% over the forecast period, India is predicted to develop rapidly in the oxycodone industry.
- In 2022, Japan had a 23.7% share of the oxycodone industry globally.
- The oxycodone industry in China is expected to increase, registering a CAGR of 5.6% over the forecast period.
- The pain management segment emerged as the leading power in the oxycodone industry, securing a 78.68% share of the global market.
- With a significant market share of 70.31%, the long-acting oxycodone segment emerged as the dominant force in the oxycodone industry.
- The oxycodone industry was predominantly led by the retail pharmacies segment, capturing a 75.8% global share of the global market.
Competitive Landscape of this Market:
Key players are implementing diverse strategies to uphold their market positions and expand their presence on a global scale. Following are a few of these strategies:
- Developing oxycodone formulations that are difficult to misuse
- Investing in improving efficacy and safety
- Conducting rigorous clinical trials and generating robust scientific evidence to support the effectiveness
- Continuously enhancing oxycodone formulations based on advancements
- Strong campaigns to increase brand awareness
- Working with healthcare providers and institutions
- Ensuring adherence to quality and safety regulations
- Targeting regions with high demand
- Offering complementary medications and alternative routes
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Recent Developments by Key Players in this Market:
Daiichi Sankyo Company, also known as Daiichi Sankyo, introduced a new generic version of oxycodone hydrochloride hydrate injection to treat cancer pain in June 2019. This unique formulation is called Oxycodone Injections 10 mg and 50 mg ‘Daiichi Sankyo’. The introduction of this new formulation took place in Japan.
Daiichi Sankyo and Inspirion Delivery Sciences LLC announced their collaboration in May 2017. Daiichi Sankyo took the lead in commercializing RoxyBond™ (oxycodone hydrochloride) immediate-release tablets in the United States. These tablets received FDA approval and are designed for oral use (CII). Inspiration provided an additional salesforce as part of their co-promotion rights under the License Agreement.
Leading Oxycodone Manufacturers include:
- Teva Pharmaceutical Industries Ltd.
- Purdue Pharma L.P
- Daiichi Sankyo
- Acorda Therapeutics
- Teikoku Pharma USA, Inc.
- Mylan N.V
- Endo Pharmaceuticals Inc.
- Janssen Pharmaceuticals, Inc.
Key Segmentation Covered:
By Oxycodone Type:
- Long-acting oxycodone
- Short-acting oxycodone
By Application:
- Pain Management
- De-addiction
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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