Global Opioids Market Has Been Estimated to Account for US$ 34.8 Bn in 2015, Owing to Increased Demand for Pain Medication in Non-cancer Condition and Palliative Care
New York, June 07, 2018 (GLOBE NEWSWIRE) -- Persistence Market Research (PMR) delivers key insights on the Global Opioids Market in its latest report titled “Global Market Study on Opioids: Widespread Usage in Treatment of Cancer to Drive the Growth of Opioids Market During the Forecast Period ”.The global opioids market is anticipated to exhibit a stable CAGR during the forecast period (2015-2021).
By product type, the global opioids market is segmented into morphine, codeine, fentanyl, meperidine and methadone. Morphine segment was the largest contributor in overall opioids market, accounting for around 36% share in 2014. However, fentanyl segment is expected to register fastest CAGR of 4.7% during the forecast period. Synthetic opioids such as fentanyl, meperidine and methadone have lucrative growth opportunities in opioids market, owing to their potential application in opioid substitution treatment and fewer side effects as compared to natural opioids.
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By application, the global opioids market is segmented into analgesia, cough suppression, and diarrhea suppression. Analgesia segment comprises numerous conditions namely, anesthesia, surgical pain, injury or trauma, cancer pain and pain arising from diseases. The analgesia segment accounted for around 67% share in overall opioids market in 2014 and is expected to register fastest CAGR of 3.3% during the forecast period.
Global opioids market growth is mainly driven by increasing demand for opioids in non-cancer pain management, rising geriatric populations suffering from terminal conditions, uncontrolled prescription of opioids especially in North America, and increasing healthcare expenditure for post-surgical care. Moreover, increasing the incidence of trauma injuries, raising awareness about palliative care, higher efficacy of synthetic opioids and favorable reimbursement policies for post-operative care are fueling the growth of opioids market, globally.
Opioids Market Research Report Overview @ https://www.persistencemarketresearch.com/market-research/opioids-market.asp
However, chronic side effects associated with long-term consumption, limited availability of opioids in Asia Pacific, Africa and certain countries in Europe, high level of abusive consumption and growing adoption for pain-free surgeries are likely to impede the growth of global opioids market to a certain extent. Also, the over-regulated environment for the commercial use of opioids especially in developing countries such as India and China and lack of awareness for palliative care in these countries is projected to hamper the growth of the opioids market to a large extent.
North America and Europe have been estimated to collectively account for over 85% revenue share of the total opioids market in 2015. Asia-Pacific is projected to be the fastest-growing market, owing to increasing awareness for cancer pain management, a presence of large patient pool suffering from terminal conditions and reformed regulatory guidelines for the prescription of opioids.
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Global opioids market report begins with an overview of the global opioids market in terms of value. This section includes the detailed analysis of key trends, drivers and restraints, and opportunities, which are the main factors impelling growth of the opioids market. Impact analysis of key growth drivers and restraints based on the weighted average of each one of these factors in model-based approach is included in the opioids market report. The report provides a scrutinized information on the potential scope of Abuse Deterrent Formulations (ADF) with the help of pipeline analysis to better equip clients with crystal clear decision-making insights.
Key players operating in the global opioid market include Pfizer Inc., Purdue Pharma, Boehringer Ingelheim, Janssen Pharmaceuticals, Inc., Actavis Plc., Sanofi, Sun Pharmaceutical Industries Ltd., Mallinckrodt Pharmaceuticals, Endo Pharmaceuticals Inc. and Egalet. Companies are majorly focusing on the development of abuse-deterrent formulations, owing to increased abusive consumption of opioids. Companies are also collaborating with local manufacturers to gain maximum market share from their generic products.
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