Opioid Market Size, Share, Trends And Industry Outlook Report, 2030 from Tushki Desale's blog

Opioids Market Growth & Trends

The global opioid market size is expected to reach USD 25.3 billion by 2030, registering a CAGR of 1.4% during the forecast period, according to a new report by Grand View Research, Inc. 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 L.P.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 the opioids for the management of post-operative pain, caused due to the 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 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 the 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. 

Request a free sample copy or view report summary: https://www.grandviewresearch.com/industry-analysis/opioids-market

Opioids Market Report Highlights

• By product, ER/long acting opioids segment held the largest market share in 2022 due to the increasing approval and launch of the novel ER/ long-acting opioids. For instance, in June 2021, the U.S. FDA accepted a review application for a new drug application for buprenorphine (Brixadi) for the pain management. Buprenorphine is an extended release long-acting opioid drug
• By application, pain relief segment dominated the opioids market in 2022 and is expected to witness significant market growth owing to increasing prevalence of the patients with chronic pain. According to the Canadian Institute for Health Information and Canadian Pain Task Force report of 2021, 1 in every 5 adults in Canada suffers from chronic pain
• By route of administration, injectable segment dominated the opioids market in 2022. This dominance can be attributed to wide availability of products used for the treatment of chronic pain and increased procedures requiring anesthesia
• By distribution channel, retail pharmacy dominated the opioids market in 2022. The availability of retail pharmacies with high dispensing rate of opioid driving segment growth
• Asia pacific is expected to be the fastest growing region during the forecast period. The growth of the region can be attributed to increasing geriatric population which are susceptible to the chronic pain. 

Opioids Market Segmentation

Grand View Research has segmented the global opioid market based on product, application, route of administration, distribution channel, and region:

Opioids Product Outlook (Revenue, USD Million, 2018 - 2030)

• IR/Short Acting Opioids
• ER/Long-Acting Opioids

Opioids Application Outlook (Revenue, USD Million, 2018 - 2030)

• Pain relief
• Anesthesia
• Cough suppression
• Diarrhea suppression
• De-addiction

Opioids Route of administration Outlook (Revenue, USD Million, 2018 - 2030)

• Oral
• Injectable
• Others

Opioids Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Hospital pharmacy
• Retail Pharmacy
• Others

Opioids Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

List of Key Players in the Opioids Market

• Purdue Pharma L.P.
• Johnson & Johnson Services, Inc.
• Hikma Pharmaceuticals PLC
• Pfizer, Inc.
• AbbVie Inc.
• Sanofi
• Sun Pharmaceutical Industries Ltd
• Grünenthal

Browse Full Report: https://www.grandviewresearch.com/industry-analysis/opioids-market