The global opioids market is anticipated to grow at a CAGR of 3.5% during the forecast period. Opioids can be prescription medications often referred to as painkillers. Many prescription opioids are used to block pain signals between the brain and the body and are typically prescribed to treat moderate to severe pain. In addition to controlling pain, opioids can make some people feel relaxed, happy, or “high,” and can be addictive. The increasing number of people suffering from chronic pains is contributing to the market growth. For instance, as per the CDC, the prevalence of chronic pain was 7.4% in the US in 2019 and an estimated 20.4% of US adults (50.0 million) had chronic pain and 8.0% of US adults (19.6 million) had high-impact chronic pain 2016. Apart from these, increasing cancer prevalence globally is also paved the way for market growth. Opioids are considered highly effective medicine for relieving cancer pain. As per the World Cancer Research Fund International, there were an estimated 18.1 million cancer cases around the world in 2020. Of these, 9.3 million cases were in men and 8.8 million in women. By 2040, the global burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths simply due to the growth and aging of the population. This will generate a huge demand for opioids, thereby driving market growth.
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However, the excessive or longer-term use of opioids can lead to addiction. In addition, it can restrict the ability to breathe when taken at a higher dose, and when misused, can lead to a fatal overdose. The stringent government regulations for opioid prescription are the factor anticipated to hamper the market growth. Furthermore, the rise in cases of orthopedic diseases, HIV, and other diseases is expected to offer lucrative growth opportunities in the opioids market in the upcoming years.
Segmental Outlook
The global opioids market is segmented based on product type and application. Based on product type, the market is segmented into codeine, fentanyl, oxycodone, methadone, morphine, hydrocodone, and others. Among these, the oxycodone segment was the major revenue contributor in 2021 and is anticipated to hold the highest share in the market. The segment growth is attributed to the increase in the adoption of oxycodone in the treatment of neuropathic pain, migraine, back pain, osteoarthritis pain, and cancer pain. In addition, oxycodone is also used in providing relief after operations, surgeries, and other medical conditions, thus boosting the demand for oxycodone. The rising number of chronic disorders is also the key factor shaping the growth of oxycodone. However, oxycodone may cause serious or life-threatening breathing problems, especially during the first 24 to 72 hours of treatment and any time when the dose is increased, this is the factor that may limit their adoption or act as a barrier to segment growth. Based on application, the market is segregated into pain management, cough treatment, and diarrhea treatment.
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Regional Outlook
Geographically, the global opioids market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). Asia-Pacific emerged as the fastest-growing region in the opioids market. China, India, and Japan are the major contributors to the growth of the market. China has a huge number of cancer patients. It is estimated that each year, around 1.8 million patients are found to be affected by cancer, and 1.4 million patients die from this deadly condition. Pain management is a critical issue in the care of patients suffering from cancer-associated or non-cancer-associated pain. Due to this, the demand for opioids is comparatively high in China.
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