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DUBLIN--(BUSINESS WIRE)--Nov 16, 2022--
The "Opioids Market Size, Share & Trends Analysis Report by Product (IR/ Short Acting Opioids, ER/Long-Acting Opioids), by Application (Pain Relief, Anesthesia), by Route Of Administration, by Distribution Channel, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global opioids market size is expected to reach USD 25.33 billion by 2030, registering CAGR of 1.2% during the forecast period. Supportive regulatory policies aid manufacturers to introduce products that may contribute to the market growth. For instance, in June 2021, the U.S. FDA approved nalmefene hydrochloride injection developed by Purdue Pharma. The Nalmefene injectable is an opioid antagonist designed to reverse opioid overdose. The expected approval of a product is anticipated to drive the growth.
Moreover, in June 2021, morphine sulfate tablets and morphine sulfate oral solution were approved by FDA for the management of severe pain in pediatric and adult patients for whom other treatment options were less. Thus, approval of new opioid and their launch is also expected to drive the growth.
Growing use of opioids for the management of post-operative pain, caused due to surgeries, is expected to drive the market growth. According to the Canadian Centre on Substance Use and Addiction, in 2020, approximately 11.8% of all the Canadian population used opioid analgesics for the management of symptoms. Tramadol and codeine are frequently dispensed for the postoperative opioid prescription in surgeries within the region.
Emergence of non-addictive alternative products to opioids for pain-management leads to decline in the growth of opioid market. According to American Society of Anesthesiologists, there are several non-opioid medicines that are available over the counter--steroids and NSAIDs such as aspirin, ibuprofen, and acetaminophen among others. Furthermore, wide availability and low cost associated with these drugs contribute to increase in demand for such products during the forecast period. For instance, aspirin cost USD 10 for a pack of 30 tablets.
In addition, in February 2022, the U.S. FDA has undertaken an initiative to encourage the development of non-addictive analgesics alternatives to opioids under its HHS overdose prevention strategy for the management of acute and chronic pain. The regulatory agency issued recommendation to pharmaceutical companies to develop non-opioid analgesic products. Such initiatives may restrain the overall growth of the opioids market.
Opioids Market Report Highlights
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
Chapter 4 Global Opioids Market - Segment Analysis, By Product, 2018 - 2030 (USD Million)
Chapter 5 Global Opioids Market - Segment Analysis, by Application, 2018 - 2030 (USD Million)
Chapter 6 Global Opioids Market - Segment Analysis, by Route of Administration, 2018 - 2030 (USD Million)
Chapter 7 Global Opioids Market - Segment Analysis, by Distribution Channel, 2018 - 2030 (USD Million)
Chapter 8 Opioids Market: Segment Analysis, by Region, 2018 - 2030 (USD Million)
Chapter 9 Global Opioids Market: Competitive Analysis
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/wv1i4h
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PUB: 11/16/2022 12:17 PM/DISC: 11/16/2022 12:17 PM
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