OPIOIDS AGONIST DRUGS MARKET ANALYSIS

Opioids Agonist Drugs MarketSize and Trends

Legalizing Cannabis to Impact Opioids Agonist Drugs Market Growth

The global opioids market was valued at US$ 17,132.5 million in 2015 and is expected to witness a moderate CAGR of 4.2% during the forecast period (2016 – 2024).

Figure 1. Global Opioids Agonist Drugs Market Size and Forecast, US$ Million, 2014–2024

Source: Coherent Market Insights Analysis (2017)

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Opioids market majorly impacted by rising adoption of cannabis

The global opioids market experiences volatility due to various factors such as rampant production of opium and inclination of the masses towards use of alternate drugs such as cannabis. Cannabis is now being legalized in most parts of the U.S.—the major consumer of cannabis drug. Moreover, cannabis is the most cultivated drug crop in the world. Also, consumers in the U.S. find administering cannabis more effective than opioids, which is also impacting consumption of opioids. Due to this, Colorado is experiencing a decline in the number of opioid deaths. Cannabis is considered to be a healthy alternative to opioids. U.S. accounted for 77% share in the global opioids market in 2015. A study conducted by researchers at the University of British Columbia, found that 32% of Canadians switched from using opioids to cannabis for relieving pain. Production of opium according to the World Drug Report 2016 declined in 2015 by 38% compared to that in 2014.