NEW YORK, April 18, 2019 /PRNewswire/ -- Opioids Market Size, Share & Trends Analysis Report By Product (IR/ Short-acting, ER/Long-acting), By Application (Pain Relief, Anesthesia), By Region, And Segment Forecasts, 2019 - 2026
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The global opioids market size is estimated to reach USD 29.4 billion by 2026., expanding at a CAGR of 1.8% over the forecast period. Growing geriatric population, coupled with increasing focus on palliative care, is estimated to drive the market. Moreover, increasing geographical expansions by market players is expected to fuel growth. Rising prevalence of disease conditions with chronic pain, such as cancer, lower back pain, arthritis, and fibromyalgia, is driving the opioids market. Substantial rise in road accidents and trauma, coupled with constantly increasing cases of surgical procedures, is also driving demand for opioid-based pain management solutions. On the basis of product, ER was the dominant segment in 2018 owing to its high usage in chronic pain management. However, the abuse and misuse of these drugs have resulted in a serious public health crisis. North America led the market in 2018 with a share of 55.5% in terms of revenue. One of the major reasons for its dominance is rising geriatric population with terminal conditions, such as rheumatoid arthritis. However, opioid abuse in U.S. has been rising at an alarming rate. Overdose has killed over 28,000 people in 2014 alone. Almost half of those deaths were caused by prescription drugs. Hence, drug abuse has been declared a "public health emergency" in U.S. and this is likely to limit market growth in North America. According to the federal government, around 4,000 Canadians died due to opioid-related overdose in 2017, which is a 34% jump from the previous year.Globally, Canadians are one of the highest users of prescription opioids and this rate, along with associated deaths and hospital visits, has been growing rapidly. To combat this, Health Canada aims to restrict the marketing of such drugs. The federal government is calling on pharmaceutical companies to stop marketing opioids.For instance, Purdue Pharma has stopped marketing its opioids in Canada, thereby limiting the growth of the North America market. The company has, in fact, shifted its focus to other regions, such as Asia Pacific, to retain its hold in the market. APAC is likely to witness the fastest growth in the coming years. Further key findings from the study suggest:
• Extended release was the largest product segment in 2018 due to its high usage in chronic pain management • Cancer pain was the largest pain relief segment in 2018 owing to global increase in prevalence of cancer • North America was the largest regional market in 2018, driven by presence of key players and highest use of prescription opioids • Europe was the second-largest regional market in 2018, primarily fueled by growing geriatric population • Asia Pacific is expected to witness the fastest growth over the forecast period due to increase in geriatric population, coupled with shifting focus of key players towards this region in order to strengthen their position • Some of the key players are Purdue Pharma L.P; West-Ward Pharmaceuticals Corporation; Allergan; Pfizer, Inc.; Janssen Pharmaceuticals, Inc.; Egalet Corporation; and Sun Pharmaceutical Industries Limited. Most key players are focusing on entering untapped regions and expanding their product portfolios.Read the full report: https://www.reportlinker.com/p05768005/?utm_source=PRN
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