LONDON, Jan. 16, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Opioids Global Market Report 2024, opioids market has exhibited consistent growth and is set to expand further, reaching $23.54 billion in 2024, with a CAGR of 3.4%. Anticipating steady growth, the opioids market is projected to reach $26.51 billion by 2028, driven by factors such as non-cancer pain indications, regulatory changes, telemedicine, and evolving trends in chronic pain management.
Segments and Trends:
Growth Potential: The historic period's growth, attributed to pain management, surgical procedures, palliative care, and regulatory environment, sets the stage for future expansion.
Forecast Period: Steady growth is expected in non-cancer pain indications, regulatory changes, telemedicine, and chronic pain management. Major trends include opioid-sparing strategies, medication-assisted treatment (MAT), risk mitigation, and public health initiatives.
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Rising Demand in Surgical Procedures:
The opioids market is witnessing an upswing due to a surge in surgical procedures globally. Opioids play a pivotal role during surgical interventions, providing effective pain relief and serving as primary anesthetic agents. The rising number of surgical procedures, such as cataract surgeries in the Czech Republic and laparoscopic repairs of inguinal hernias in Turkey, underscores the integral role opioids play in modern healthcare practices.
Key Players and Innovation:
Major players, including Pfizer Inc., Johnson & Johnson Inc., and Braeburn Pharmaceuticals Inc., are at the forefront of innovation, focusing on advanced drug solutions. The recent authorization of Brixadi by the US FDA, using FluidCrystal Injection Depot Technology, exemplifies the commitment to addressing opioid addiction and enhancing treatment options.
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Regional Landscape:
North America emerged as the largest region in opioids market in 2023, with Asia-Pacific expected to witness the fastest growth. As markets evolve, players must adapt their strategies to leverage opportunities arising in these dynamic regions.
For businesses seeking strategic insights, this comprehensive opioids market report is a roadmap for success. Understanding market dynamics, segments, and regional trends equips players to make informed decisions, navigate regulatory challenges, and position themselves for growth. This opioids market report is not just an analysis; it's a tool for businesses to thrive in the evolving landscape of the opioids industry.
Opioids Global Market Report 2024 by The Business Research Company provides insights on the opioids market size, opioids market segments, opioids market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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