WASHINGTON, Aug. 23, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research the Global Opioids Drugs Market is expected to reach a value of USD 18.96 Billion in 2020. The Opioids Drugs Market is projected to showcase a CAGR of 2.96% from 2021 to 2028 and is estimated to be valued at USD 23.65 Billion by 2028.
The Opioids Drugs Market encompasses a range of pharmaceutical compounds derived from the opium poppy plant or synthetically manufactured to replicate its effects. These drugs are primarily used for their potent pain-relieving properties and are prescribed for various conditions, including acute and chronic pain management, cancer-related pain, and post-operative pain. The market's growth is driven by factors such as the rising prevalence of chronic pain conditions, increasing surgical procedures, and the expanding geriatric population requiring pain management solutions.
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Top Report Findings:
- Growing utilization of opioids for cancer pain management.
- Increased investment in research and development for safer opioid formulations.
- Surge in telehealth services for opioid prescription and monitoring.
- Opioid prescription patterns shifting towards multi-modal pain management approaches.
Top Companies in The Global Opioids Drugs Market
- Allergan
- Orexo Pharmaceuticals
- Purdue Pharma
- Pfizer
- AbbVie
- Teva pharmaceuticals
- Johnson & Johnson
- Endo Pharmaceuticals
- Sanofi-aventis US LLC
- Hospira
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Opioids Drugs Market Dynamics:
The dynamics of the Opioids Drugs Market are influenced by a complex interplay of factors. The increasing awareness among healthcare professionals regarding the appropriate and responsible use of opioids has led to more cautious prescribing practices. Regulatory bodies and healthcare organizations are implementing stringent guidelines to curb the misuse and overprescription of these drugs, aiming to strike a balance between pain relief and potential risks of addiction.
Top Trends in the Opioids Drugs Market:
- Rise of Abuse-Deterrent Formulations: Pharmaceutical companies are focusing on developing opioids with abuse-deterrent formulations that make it more challenging to alter the drug's composition for illicit purposes.
- Integration of Technology: The market is witnessing the integration of technology for better monitoring of opioid use, including smart pill bottles, wearable devices, and digital health platforms.
- Shift towards Non-Opioid Alternatives: There's a growing emphasis on non-opioid pain management alternatives, including physical therapy, psychological interventions, and innovative medical devices.
- Personalized Pain Management: Advancements in pharmacogenomics are leading to the customization of opioid therapy based on an individual's genetic makeup and susceptibility to side effects.
- Telemedicine Adoption: Telemedicine platforms are being leveraged for remote opioid therapy consultations, enhancing patient access to pain management specialists.
Global Opioids Drugs Market Segmentation
By Product
- Codeine
- Fentanyl
- Methadone
- Oxycodone
- Morphine
- Hydrocodone
- Others
By Application
- Pain Management
- Cough Treatment
- Diarrhea
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Challenges:
- Risk of Addiction and Overdose: The potential for opioid misuse, addiction, and fatal overdoses remains a significant concern.
- Regulatory Scrutiny: Regulatory bodies are intensifying scrutiny on opioid prescribing, impacting prescription practices and market growth.
- Stigma and Perception: Opioids carry a stigma due to their association with addiction, affecting patient acceptance and healthcare provider decisions.
- Lack of Provider Training: Some healthcare providers may lack comprehensive training in pain management, leading to inappropriate opioid prescription.
Opportunities:
- Innovative Formulations: Developing novel, safer opioid formulations with reduced abuse potential presents a lucrative opportunity for pharmaceutical companies.
- Integrated Healthcare Solutions: Creating integrated platforms that combine telehealth, data analytics, and personalized pain management can enhance patient outcomes.
- Patient Education and Support: Educating patients about responsible opioid use and offering support programs can improve compliance and reduce misuse.
- Collaborative Research: Collaborations between pharmaceutical companies, researchers, and healthcare organizations can lead to breakthroughs in pain management and addiction prevention.
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Recent Development
- In July 2023, Johnson & Johnson agreed to pay $572.3 million to settle a lawsuit filed by the state of California over its role in the opioid epidemic. The settlement is the largest ever reached between a state and an opioid manufacturer.
- In June 2023, Purdue Pharma, the maker of OxyContin, filed for bankruptcy as part of a settlement agreement with the federal government and several states. The settlement, which is still pending approval, would require Purdue to pay $6 billion and dissolve the company.
- In May 2023, the FDA approved a new opioid pain reliever called Oxectra. Oxectra is a long-acting version of oxycodone that is designed to be less addictive than other opioids.
Key Questions Answered in the Report:
- How is the Opioids Drugs Market evolving in terms of prescription patterns and usage trends?
- What are the primary drivers fueling the demand for opioids in pain management?
- How are regulatory changes impacting the opioid prescription landscape?
- What are the innovative technologies being integrated into opioid therapy monitoring?
- What strategies are pharmaceutical companies adopting to develop abuse-deterrent opioid formulations?
- How does the opioid stigma affect patient adherence to prescribed treatments?
- What role does telemedicine play in opioid prescription and patient consultations?
- How are non-opioid alternatives shaping the future of pain management approaches?
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Opioids Drugs Market Forecast Report (2023-2030).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 18.96 Billion |
| Revenue Forecast by 2028 | USD 23.65 Billion |
| CAGR | 2.96 % from 2021 - 2028 |
| Base Year | 2020 |
| Forecast Year | 2021 to 2028 |
| Key Players | Allergan, Orexo Pharmaceuticals, Purdue Pharma, Pfizer, AbbVie, Teva pharmaceuticals, Johnson & Johnson, Endo Pharmaceuticals, Sanofi-aventis US LLC, Hospira. |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/opioids-drugs-market-0205/request-sample |
Regional Analysis:
In North America, the Opioids Drugs Market is highly prevalent due to the region's high incidence of chronic pain conditions, aging population, and advanced healthcare infrastructure. The United States, in particular, contributes significantly to the market share. However, the region is also grappling with the opioid epidemic, prompting stringent regulatory measures, increased public awareness, and a shift towards alternative pain management solutions.
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