NORTH AMERICA SYNTHETIC OPIOIDS MARKET ANALYSIS

North America synthetic opioids market is estimated to be valued at US$ 90.5 billion in 2023 and is expected to exhibit a CAGR of 2.0% during the forecast period (2023-2030).

Analysts’ Views on North America Synthetic Opioids Market:

North America synthetic opioids market is expected to witness growth, owing to increasing prevalence of cancer in North America.  According to an article published in January 2022, by National Center for Biotechnology Information, 1,918,030 cancer cases and 609,360 cancer deaths were reported in the U.S in 2020. According to report published by Centers for Disease Control and Prevention, synthetic opioid such as fentanyl is used for treating severe pain such as advanced cancer pain. Hence, increasing prevalence of cancer in the region is expected to drive the market growth over the forecast period.

Figure 1. North America Synthetic Opioids Market Share (%), By Product Type, 2023

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North America Synthetic Opioids Market – Driver

Lauching New Strategy By Government Organizations

Increasing launches of new strategy by government organization, in order to prevent global crisis of synthetic opioids is expected to drive the market growth over the forecast period. For instance, in November 2021, United Nations Office on Drugs and Crime (UNODC), a government organization,  launched a new strategy to prevent global crisis of synthetic opioids. This new strategy will help policymakers to introduce effective policy directions and strategies, and to provide access to treatment in different parts of the world. This strategy will also help to introduce new policy directions to interrupt the manufacture and trafficking of synthetic drugs.

Figure 2. North America Synthetic Opioids Market Value (US$ billion), By Country, 2023

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North America Synthetic Opioids Market- Country Analysis

Among country, the U.S. is estimated to hold a dominant position in the North America synthetic opioids market over the forecast period. The U.S. holds 60.1% of the market share due to increasing prevalence of chronic pain in the country. According to the data publishedon April 14, 2023, by Center for Disease Control and Prevention, 20.9% of the U.S. adults (51.6 million people) had chronic pain, while 6.9% (17.1 million people) had high-impact chronic pain in 2021.

North America Synthetic Opioids Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of synthetic opioids, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as U.S., Canada and others faced problems regarding transportation of drugs from one place to another.

However, the COVID-19 pandemic had positive impact on the North America synthetic opioids market. For instance, According to an information provided in December 2020, by Centers for Disease Control and Prevention, during COVID-19 pandemic the intake of synthetic opioids by the people was increased in the U.S.

North America Synthetic Opioids Market Segmentation:

North America synthetic opioids market report is segmented into product type, appplication, and distribution channel

Based on Product Type, the market is segmented into synthetic opioids (Methadone, Fentanyl and Meperidine) and semi synthetic opioids (Hydrocodane, Oxymorphone, Oxycodone, Hydromorphone and Buprenorphine). Out of which, synthetic opioids segment is expected to hold a dominant position in the North America synthetic opioids market during the forecast period, owing to increasing prevalence of cancer.

Based on Application, the market is segmented into pain mangement and de-addiction. Out of which, pain mangement segment is expected to hold a dominant position in the North America synthetic opioids market during the forecast period, owing to increasing prevalence of chronic pain among  people of North America.

Based on Distribution Channel, the market is segmented into retails outlets and hospitals. Out of which, hospitals segment is expected to dominate the market over the forecast period, owing to increasing number of new hospitals for the management of cancer pain over the forecast period.

North America Synthetic Opioids Market- Cross Sectional Analysis:

Among application, pain management segment hold a dominant position in  the U.S. due to increasing prevalence of kidney pain caused due to chronic kidney disease. For instance, according to an information provided in July 2022, by Centers for Disease Control and Prevention, more than  15% of all adults in the U.S. or 37 million people are estimated to have chronic kidney disease in 2020.

North America Synthetic Opioids Market: Key Developments

Key market players are focused on receiving approvals for their opioids product by regulatory bodies, and this is expected to drive the North America synthetic opioids market growth over the forecast period. For instance, in May 2021, Amphastar Pharmaceuticals, Inc., a pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) had approved its Morphine Sulfate injection 1mg/mL in the 30mL Pump-Jet Prefilled Syringe System. It is recommended for the use of patient-controlled analgesia (PCA) to treat pain that is severe enough to call for the use of an opioid analgesic.

North America Synthetic Opioids Market: Key Trends

Increasing Product Launch By Key Market Players

Key market players are focusing on launching new product, and  this is expected to drive the North America synthetic opioids market growth over the forecast period. For instance, in May 2020, Hikma Pharmaceuticals PLC, a pharmaceutical company, launched Buprenorphine Hydrochloride Injection, 0.3mg/mL, the generic version of Buprenex in the U.S. Buprenorphine HCl Injection is used to treat pain that is severe enough to need an opioid analgesic and for which other treatments are ineffective.

North America Synthetic Opioids Market: Restraint

Increasing Side Effects Due To Overdose of Opioids

The North America synthetic opioids market can be hindered by increasing side effects due to over dose of opioids. For instance, according to the data published in June 2022, by Centers for Disease Control and Prevention, in the U.S., deaths from synthetic opioids (other than methadone) accounted for more than 56,000 fatalities in 2020, more than any other class of opioid. Over 82% of all opioid-related deaths in 2020 were caused by synthetic opioids,  death rates were increased by over 56% between 2019 and 2020. Key market players are focusing on developing products such as Naloxone, a medication used to restore normal breathing and save the life of a person who is overdosing on opioids.

North America Synthetic Opioids Market - Key Players

Major players operating in the North America synthetic opioids market include Johnson & Johnson Services, Inc., Purdue Pharma L.P., Hikma Pharmaceuticals PLC, AbbVie Inc., Sanofi, Sun Pharmaceutical Industries Ltd, Pfizer, Inc., AstraZeneca Plc., Mallinckrodt Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Endo Pharmaceuticals Inc., and Boehringer Ingelheim International GmbH.

*Definition: Synthetic opioids are drugs that are synthesised in a laboratory, and have the same pain-relieving effects as natural opioids by acting on the same brain receptors. Natural opioids, on the other hand, are organic compounds that are taken from the seed pod of specific poppy plant species. Some synthetic opioids including fentanyl and methadone are permitted for use in medicine.