The main factor anticipated to propel market expansion over the forecast period is the high prevalence of chronic pain in adults. The number of persons who experience chronic pain on a global scale is very great. This is expected to fuel the expansion of the worldwide opioid market. For instance, in 2019, 7.4% of Americans reported having high-impact chronic pain, according to the National Health Interview Survey (NHIS) from the Centers for Disease Control and Prevention (CDC). Market participants are concentrating on the release of generic versions of opioid drugs, which is anticipated to accelerate market growth throughout the forecast period. For instance, in December 2016, Amneal Pharmaceuticals' Impax Laboratories, Inc., a division, introduced a generic version of Kadian (morphine sulphate) Extended Release Capsules, USP CII 20, 30, 50, 60, 80, and 100 mg. These capsules are intended to treat severe persistent pain.
According to Coherent Market Insights, the worldwide Opioids Drugs Market is anticipated to reach US$ 42,429 Mn in 2021 and grow at a CAGR of 3.2% during the projected period (2021-2028).
Prominent Players in the Opioid Drugs Industry:
1. Teva Pharmaceutical Industries Ltd.
Israel's Tel Aviv serves as the company's headquarters, which was formed in 1901. Generic medications are its main area of expertise, but it also has certain additional business interests in active pharmaceutical ingredients and, to a lesser extent, patented pharmaceuticals. In January 19, 2023, the Science Based Targets programme (SBTi) will have externally validated Teva's ambitious climate targets. Following receiving widespread support from the states, Teva announced on January 9th, 2023 that the nationwide opioids settlement will proceed.
2. Johnson & Johnson,
Johnson & Johnson was established in 1886 and has its corporate headquarters in New Brunswick, New Jersey. Medical technology, prescription drugs, and consumer packaged goods are all developed by Johnson & Johnson. In November 2021, the business stated that it would divide into two publicly listed businesses, one specialising on consumer goods and the other in medicines and medical technologies. The business claimed that its Covid-19 vaccination generated $100 million in sales in the first quarter in April 2021. Johnson & Johnson paid $16.6 billion to acquire Abiomed Inc. in November 2022.
3. Mallinckrodt Pharmaceuticals
In St. Louis in 1867, the company Mallinckrodt was founded. Although the operational offices of Mallinckrodt are in the United States, the company's tax headquarters are in Ireland. Mallinckrodt purchases products (for price changes), manufactures goods, and distributes for use in diagnosing, treating, and managing pain and associated diseases. For the treatment of hepatorenal syndrome, Mallinckrodt announced in June 2022 that Terlipressin would be resubmitted to the FDA. Mallinckrodt was given permission to list on the NYSE American in October 2022.
4. Endo International plc
The business was established in 1997 and is headquartered in Dublin, Ireland. Endo International Plc, through its operational companies, creates, produces, and sells a variety of branded pharmaceuticals, generic pharmaceuticals, sterile injectables, and other items. In FEBRUARY 2023, Endo started its "Man with a Plan" campaign to help men who exhibit Peyronie's disease symptoms. In October 2022, Endo released an unscripted video series featuring actual patients with Dupuytren's contracture.
5. Lupin Limited
Mumbai served as the location of Lupin's founding in 1968. Children's health, cardiovascular health, anti-infectives, diabetology, asthma, and anti-tuberculosis are among the company's primary emphasis areas. In order to offer a wide variety of diagnostic tests in India, Lupin entered the diagnostics market in December 2021.
6. Purdue Pharma L.P.
The corporation was established in 1892, and Stamford, Connecticut serves as its corporate headquarters. Purdue Pharma develops, produces, and sells drugs, pharmaceuticals, and consumer health products. Purdue stated on January 18, 2023, that the FDA approved and had given priority review to the company's Abbreviated New Drug Application (ANDA) for Nalmefene Hydrochloride (HCI) injection.
7. Rhodes Pharmaceuticals LP
Founded in 2007, Rhodes Pharma is a U.S. company with its headquarters in Rhode Island. The company Rhodes Pharma manufactures generic opioid drugs. In MAY 2020, Rhodes Pharmaceuticals L.P. introduced an authorised generic version of Aptensio XR® CII Capsules in the United States.
8. Pfizer Inc.
The business was founded in 1849, and its main office is in Manhattan, New York City. Pfizer discovers and makes medications and vaccines for the medical specialties of immunology, cancer, heart, endocrinology, and neurology. Pfizer purchased Amplyx Pharmaceuticals in April 2021, along with the anti-fungal drug fosmanogepix (APX001). The business successfully acquired Biohaven Pharma in October 2022, along with its calcitonin gene-related peptide projects.
Definition: Opioids are drugs used to treat severe or ongoing pain, including backaches and headaches that don't go away as well as by people recovering from surgery or dealing with severe pain brought on by cancer, as well as by adults and children who were injured while playing sports.
