The global opioid drugs market, By Drug Class (Alkaloids (Morphine and Codeine), Semisynthetic Opioids (Oxycodone, Hydrocodone, Hydromorphone), and Synthetic Opioids(Fentanyl and Alfentanil)), By Application (Analgesia, Cough Suppression, and Diarrhea Suppression), By Route of Administration (Oral, Topical, Parenteral and Others (Intramuscular, etc.)), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting organic growth strategies such as the launch of new products, which will drive the global Opioid Drugs market. For instance, on July 11, 2023, Fresenius Kabi AG, a global pharmaceutical company, announced that they had launched a new Simplist ready-to-administer prefilled syringe, a Fentanyl Citrate Injection USP in 100 mcg per 2 mL, in the U.S.
Global Opioid Drugs Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things from one place to another.
COVID-19 had a negative impact on the global opioid drugs market as COVID-19 is a respiratory-related disease and the use of opioids is linked with respiratory suppression, leading to a synergistic effect. Thus, the use of opioids in COVID-19 patients led to an increase in respiratory-related deaths. For instance, according to an article published in the National Library of Medicine in April 2022, titled “Impact of the COVID-19 Pandemic on Opioid Overdose Deaths: A Spatiotemporal Analysis,” the study suggests that there was an increase in the number of opioid overdose deaths (OODs) during the pandemic.
Global Opioid Drugs Market: Key Developments
In January 2023, Hikma Pharmaceuticals PLC, a U.K.-based multinational pharmaceutical company, announced that they had launched Naloxone Hydrochloride Injection, USP, 2mg and 2mL, in prefilled syringe (PFS) form. The drug, which was launched in the U.S., is used for the emergency treatment of a known or suspected opioid.
On May 23, 2023, the U.S. Food and Drug Administration (FDA) announced that they had approved Brixadi (buprenorphine) extended-release injection for subcutaneous use (under the skin) to treat moderate to severe opioid use disorder (OUD). Brixadi is available in two formulations, a weekly injection that can be used in patients who have started treatment with a single dose of a transmucosal buprenorphine product or who are already being treated with buprenorphine, and a monthly version for patients already being treated with buprenorphine.
In March 2023, the U.S. Food and Drug Administration (FDA) announced that they had approved Narcan, a naloxone hydrochloride nasal spray, for over-the-counter (OTC) use. Naloxone is a medication that rapidly reverses the effects of opioid overdose and is the standard treatment for opioid overdose.
Browse 45 Market Data Tables and 35 Figures spread through 180 Pages and in-depth TOC on “Global Opioid Drugs Market”- Forecast to 2030, Global Opioid Drugs Market, By Drug Class (Alkaloids (Morphine and Codeine), Semisynthetic Opioids (Oxycodone, Hydrocodone, Hydromorphone), and Synthetic Opioids (Fentanyl and Alfentanil)), By Application (Analgesia, Cough Suppression, and Diarrhea Suppression), By Route of Administration (Oral, Topical, Parenteral and Others (Intramuscular, etc.)), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/opioid-drugs-market-1017
Key Takeaways of the Global Opioid Drugs Market:
- The global opioid drugs market is expected to exhibit a CAGR of 3% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global opioid drugs market.
- Among application, the analgesia segment is expected to hold a dominant position in the global opioid drugs market during the forecast period, and this is attributed to the increase in the prevalence of chronic pain globally. For instance, according to an article published in Frontiers in December 2022, diabetic polyneuropathy is the most common neuropathy in the world, and the study suggests that approximately 50 percent of patients with diabetes will eventually develop neuropathy.
- Among region, North America is expected to be the dominant region in the global opioid drugs market, owing to the increasing approval by regulatory authority such as the U.S. FDA in this region. For instance, in May 2023, the U.S. Food and Drug Administration (FDA) announced that they had approved Opvee, the first nalmefene hydrochloride nasal spray, for the emergency treatment of known or suspected opioid overdose in adults and pediatric patients 12 years of age and older.
- Major players operating in the global opioid drugs market are Teva Pharmaceutical Industries Ltd., Johnson & Johnson, Endo International plc, Lupin Limited, Cadila Healthcare Limited, Purdue Pharma L.P., AbbVie Inc., Fresenius Kabi, Mallinckrodt Pharmaceuticals, Pfizer Inc., Rhodes Pharmaceuticals L.P., Sun Pharmaceutical Industries Limited, Nesher Pharmaceuticals (USA) LLC, Amneal Pharmaceuticals LLC, Trevena Inc., and Aurobindo Pharma Limited
