North America Synthetic Opioids Market, By Product Type (Synthetic Opioids (Methadone, Fentanyl, and Meperidine), and Semi Synthetic Opioids (Hydrocodane, Oxymorphone, Oxycodone, Hydromorphone, and Buprenorphine)), By Application (Pain Management and De-Addiction), By Distribution Channel (Retail Outlets and Hospitals), and By Country (U.S. and Canada) 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), as highlighted in a new report published by Coherent Market Insights.
Government organization are focusing on strengthing regulations to prevent opioids exposures, and this is expected to drive the North America synthetic opioids market growth over the forecast period. For instance, in February 2020, the U.S. Senate introduced the synthetic opioids exposure prevention and training Act, 2020, require for customs and border protection to issue safety protocols for handling synthetic opioids.
North America Synthetic Opioids 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 spreads 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 faced problems regarding transportation of drugs from one place to another.
COVID-19 had positive impact on the North America synthetic opioids market. For instance, according to an article published in March 2022, by National Center for Biotechnology Information, synthetic opioids can be used for pain management in situations of moderate to severe pain brought on by COVID-19 infections, however opioid users need to use greater doses.
North America Synthetic Opioids Market: Key Developments
Increasing strategies such as collaboration by key market players for addressing opioids crisis is expected to drive the market growth over the forecast period. For instance, in August 2019, Purdue Pharma L.P., a pharmaceutical company, collaborated with National Center for Wellness & Recovery at Oklahoma State University, a public land-grant research university in U.S., for accelerating solutions to the opioids addiction crisis.
Browse 32 Market Data Tables and 31 Figures spread through 140 Pages and in-depth TOC on “North America Synthetic Opioids Market”- Forecast to 2030, North America Synthetic Opioids Market, By Product Type (Synthetic Opioids (Methadone, Fentanyl, and Meperidine), and Semi Synthetic Opioids (Hydrocodane, Oxymorphone, Oxycodone, Hydromorphone, and Buprenorphine)), By Application (Pain Management and De-Addiction), By Distribution Channel (Retail Outlets and Hospitals), and By Country (U.S. and Canada)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/north-america-synthetic-opioids-market-3660
Key Takeaways of the North America Synthetic Opioids Market:
- North America synthetic opioids market is expected to exhibit a CAGR of 0% during the forecast period due to increasing prevalence of nontuberculous mycobacterial lung disease. For instance, according to the article published in February 2020, by National Center for Biotechnology Information, in the U.S. states and usually on a nationwide basis, nontuberculous mycobacterial lung disease incidence and prevalence are increasing. Some nontuberculous mycobacterial lung disease patients experience persistent pain, and in these cases, synthetic opioids are utilised to treat pain.
- Among application type, pain management segment is estimated to hold a dominant position in the North America synthetic opioids market over the forecast period. For instance, according to data published in 2020, by American Cancer Society, 104,610 new cases of rectal cancer and 43,340 new cases of rectal cancer were reported in the U.S., in 2020. Synthetic opioids are used for pain management during and post surgery of rectal cancer
- Among country, Canada is expected to hold significant position in North America synthetic opioids market, owing to increasing incidence of human immunodeficiency virus in Canada. For instance, according to the data published by Public Health Agency of Canada, in 2023, In Canada, 15,470 women were HIV-positive in 2020. This amounts to 24.6% of all Canadians living with HIV.
- 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.
