The global opioids market was valued at $4,412.48 million in 2020, and is projected to reach $6,060.17 million by 2030, registering a CAGR of 3.2% from 2021 to 2030.
Opioids are pain relievers because they include substances that relax muscles and alleviate pain and stress. Prescription opioids are primarily used to treat moderate to severe pain, while some opioids can be used to alleviate coughing and diarrhea. Hydrocodone, oxycodone, codeine, fentanyl, methadone, morphine, and other pharmaceutical opioids are among them. Opioids are the most commonly prescribed pain relievers for people suffering from moderate to severe chronic pain. These analgesics are used to treat severe continuous pain in individuals with terminal conditions and to manage pain in cancer patients.
The growth of the global opioids market is driven by alarming increase in incidence of orthopedic diseases & chronic pain. Furthermore, rise in disposable income and surge in geriatric population are expected to propel the growth of the global opioids market. However, emergence and legalization of cannabis as an alternative to opioids impede the growth of the market. On the contrary, increase in consumption of opioids analgesic for pain management in developing countries is anticipated to create lucrative opportunities for market expansion in the near future.
The opioids market is segmented on the basis of type of product, application, and region. According to type of product, the market is classified into codeine, fentanyl, oxycodone, methadone, morphine, hydrocodone, and others. On the basis of application, the market is divided into pain management, cough treatment, and diarrhea treatment. The pain management segment is further divided into neuropathic pain, migraine, back pain, osteoarthritis pain, and cancer pain. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report include Purdue Pharma LP, AstraZeneca Plc., C.H. Boehringer Sohn Ag and Ko. Kg, Johnson and Johnson Inc., Sanofi S.A, Mallinckrodt Pharmaceuticals, Endo Pharmaceuticals Inc., Pfizer, Inc., Sun Pharmaceuticals, and Teva Pharmaceuticals.