Pune, India, April 18, 2019 (GLOBE NEWSWIRE) -- Global Opioids Market is poised to achieve a valuation of USD 29,535.80 million by 2023, registering a CAGR of 7.12% as per the latest report by Market Research Future. The treatment of chronic diseases using opioids is expected to drive market demand exponentially.  According to a report by the National Institute on Drug Abuse in 2017, nearly 200 million opioid prescriptions were doled out by retail pharmacies.

Growth Drivers

Opioids are substances prescribed by doctors and physicians to treat various levels of pain. These can include acute pain and chronic non-cancer pain. They are used in conjunction with other drugs for alleviating the sensation of pain. Some of the popular opioids include oxycodone, morphine, hydrocodone, and others.

Strict policies by regulatory agencies to curb the death rate causes by opioid addiction can bolster its demand. States of Massachusetts and Florida in the United States have decreed new laws with the dispensing of opioid prescriptions for seven days. The patient can increase the coverage for getting a larger supply from pharmacies.

Product labeling laws enforced by the same agencies for preventing misuse can work in favor of the market. New labels caution pregnant mothers against consuming anti-pain drugs to avert any consequences for the unborn child. Preventive measures can lower the cases of neonatal opioid withdrawal syndrome, a rising epidemic in developed economies.

In order to lower the opioid dependence rate, manufacturers are launching generic versions of their formulations. This can curtail the addiction rate and reduce overprescribing. In February 2019, Mylan launched naloxone and buprenorphine sublingual films, which in turn are non-proprietary versions of Indivior’s Suboxone. The drug got approval by the U.S. Food and Drug Administration (FDA) for rapid commercialization.

Alternatives to opioids such as medical marijuana pose a threat to the market growth.

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A Look at the Competition:

Prominent companies operating in the opioids market include Janssen Global Services, LLC, Boehringer Ingelheim GmbH, Mallinckrodt, Vertice Pharma LLC, Purdue Pharma L.P, Egalet Corporation, Allergan Inc., Teva Pharmaceutical Industries Ltd, Sanofi SA, Pfizer Inc., West-Ward Pharmaceuticals Corporation, and Sun Pharmaceutical Industries Ltd.

New in Research

The overuse of opioids has led to deaths and opioid use disorders. According to the World Health Organization, nearly 450,000 died from drug use in 2015 and another 27 million were diagnosed with opioid use disorder. New research indicates the success of rapastinel alleviates depression, which is a major symptom in opioid use disorder. It has shown positive signs when tested on murine models.

Opioid-induced constipation has gained attention due to the inefficacy of analgesics in treating diarrhea. Technological advances in the pharmaceutical industry coupled with increased demand for constipation solutions is likely to augur favorably for the market. In 2019, Novartis joined hands with Shinogi & Co Ltd, a Japanese company, for the commercialized production of Rizmoic in selected regions of the U.K., the Netherlands, and Germany.

Segments In-Detail:

MRFR’s analysis has its ground in the segmentation based on product, application, and end-user. Based on the product, the Opioids Market can be segmented into extended release/long-acting opioid and immediate release/short-acting opioid. The extended release segment had accounted for USD 12,750.91 million valuation in 2017. This segment can expand further due to hard marketing strategies of pharmaceutical companies.

By application, it is segmented into diarrhea suppression, cough suppression, pain relief, anesthesia, deaddiction, and others. The pain relief segment is expected to be the dominant application of the opioids market due to rise in pain management therapies. Moreover, new guidelines for selling prescription drugs coupled with rise in palliative and end-of-life care can boost segment growth. This in turn can drive the market demand exponentially.

By end-user, the market caters to academic research institutes, hospitals & clinics, and pharmacies.

Browse the market data and information spread across 110 pages with 169 data tables and 15 figures of the report “Opioids Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/opioids-market-7626

Regional Analysis:

MRFR’s report takes a deep look into major regions which include the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).

The Americas held the largest market share in 2017 due to patient awareness of opioids and high need for pain management medications. Rising number of accidents coupled with large prevalence of chronic diseases which require analgesics for numbing the pain is likely to net the opioids market significant revenue by 2023.

The APAC region is expected to exhibit the highest growth rate due to reputed companies shifting their focus towards the region. Large patient pool, reimbursement policies, and medication coverage policies are factors projected to spur the market growth.

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