The global opioids drugs market is anticipated to grow at a CAGR of 2.48% over the forecast period of 2019-2028
NEW YORK, May 12, 2020 /PRNewswire/ -- KEY FINDINGS
The global opioids drugs market is anticipated to grow at a CAGR of 2.48% over the forecast period of 2019-2028. The major factors augmenting the global market growth are the growing number of road accidents and surgical procedures, increasing palliative care for patients going through intense suffering, and growing incidence of chronic pain.
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MARKET INSIGHTS
Opioids are majorly used to relieve moderate to severe pain, though they can occasionally be used to treat coughing and diarrhea.The opioid drugs are associated with side effects, a high risk of dependence, and addiction.
Opioid addiction, overdose, and abuse, are serious health concerns across the world.Novel opioid formulation to reduce the risk of abuse is driving the market growth.
The development of abuse-deterrent formulations (ADF) of opioid medications is likely to decrease abuse, misuse, and addiction to opioid drugs. The ADF is designed in such a way that the drug becomes resistant to physical manipulation.
Opioid misuse is one of the major factors restraining market growth.Opioid misuse includes abuse of prescription pain relievers or the use of heroin.
The existing market players are focusing on developing innovative dosage forms, which will increase drug efficiency at a minimum dose.
REGIONAL INSIGHTS
The global opioids drugs market has been segregated into North America, Europe, Asia Pacific, and the Rest of the World to analyze the potential of the respective markets.The region of North America holds the largest market share in terms of revenue in 2019.
The high rate of approval and launch of new abuse-deterrent formulation (ADF) of the opioid drug is contributing to market growth in the region.
COMPETITIVE INSIGHTS
The market competition is high in the generic space owing to major companies supplying various opioid drugs. Some of the prominent existing players in the market are Daiichi Sankyo, Inc, Teva Pharmaceutical Industries Ltd, Hikma Pharmaceuticals, Janssen Pharmaceuticals, Inc, Lupin Ltd, Johnson & Johnson, etc.
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Companies mentioned
1. ACURA PHARMACEUTICALS INC
2. ALLERGAN PLC
3. BIODELIVERY SCIENCES INTERNATIONAL INC
4. CIPHER PHARMACEUTICALS INC
5. COLLEGIUM PHARMACEUTICAL INC
6. DAIICHI SANKYO INC
7. EGALET CORP
8. HIKMA PHARMACEUTICALS PLC
9. INDIVIOR INC
10. JANSSEN PHARMACEUTICALS INC
11. JOHNSON & JOHNSON
12. LANNETT CO. INC
13. LUPIN LTD
14. MYLAN NV
15. PFIZER INC
16. PURDUE PHARMA LP
17. SANOFI-AVENTIS S.A
18. SUN PHARMACEUTICAL INDUSTRIES LIMITED (SUN PHARMA)
19. TEVA PHARMACEUTICAL INDUSTRIES LTD
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