OPIOID DRUGS MARKET ANALYSIS

Opioid Drugs Market , by Drug Type (Codeine, Fentanyl, Morphine, Hydrocodone, Oxycodone, and Others), by Application (Analgesia, Cough Suppression, and Diarrhea Suppression), by Route of Administration (Oral, Topical, Parenteral, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Published In : Sep 2023
Code : CMI1017
Pages :203
Formats :
Excel and PDF
Industry : Pharmaceutical

Opioid Drugs MarketSize and Trends

The global opioid drugs market is estimated to be valued at US$ 45.0 billion in 2023 and is expected to exhibit a CAGR of 3.3% during the forecast period (2023-2030).

The increasing incidence of cancer and the increasing number of orthopedic surgical procedures are expected to drive market growth.

Market Drivers

Increasing incidence of cancer

An increase in the number of cancers, such as breast cancer, is expected to increase the usage of opioids for the management of chronic pain. For instance, according to the World Health Organization (WHO), on July 12, 2023, there were more than 685,000 deaths associated with breast cancer in 2020, globally.

Increasing number of orthopedic surgical procedures

A rise in the number of invasive surgical procedures, such as orthopedic surgeries, is expected to increase the use of opioids for pain management. For instance, according to an article published by American College of Rheumatology, a U.S.-based organization of physicians, health professionals, and scientists for advancement in rheumatology, in February 2023, approximately 790,000 total knee replacements and over 450,000 hip replacements are performed annually in the U.S.