CODEINE MARKET ANALYSIS

Market Challenges And Opportunities

Codeine Market Drivers

Codeine is widely used in the treatment and management of pain and cough. High prevalence of pain due to increasing ageing population in key regions such as North America, and Asia- Pacific is expected to significantly increase demand for codeine formulation and drive global codeine market growth over the forecast period.

For instance, according to the data published by National Health Interview Survey (NHIS) in 2016, it was estimated that around 20.4% (50.0 million) of the adults in the U.S. are suffering from chronic pain and around 8.0% of adults in the U.S. (19.6 million) had high impact chronic pain.

According to a study published by the National Centre for Biotechnology Information (NCBI) in 2015, around 19.6% of the individuals aged between 20 to 60 years were suffering from low back pain worldwide.

Codeine Market Restraint

Stringent regulations in key regions for codeine formulation is expected to be a major factor restraining growth of the codeine market in the near future. For instance, in February 2018, The Therapeutic Goods Administration reclassified codeine as prescription only medicine in Australia, which was previously available as over-the-counter medication. The fact behind this reclassification was that regular use of medicines containing codeine may lead to its addiction.

Similarly, Health Canada also proposed to ban non-prescription codeine sales in 2017. Reclassification of codeine to prescription drugs is expected to hinder its sales and adoption and is expected to restrain the global codeine market growth over the forecast period