Global Opioid Analgesics Industry growth, steered by a 5.2% CAGR, is being carefully analyzed by FMI Analysts

According to estimates, the global opioid analgesics industry size will be worth US$ 43.3 billion in 2023 and US$ 72.0 billion by 2033. During the projection period, a CAGR of 5.2% is predicted for the global market.

In recent years, the market for opioid analgesics has drawn a lot of interest and worry. These potent drugs for managing pain, which are made from the opium poppies, have been used globally, but their abuse and addiction risks have caused severe public health concerns.

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One key factor driving the opioid analgesics market is the increasing prevalence of chronic pain conditions. As the global population ages and the incidence of conditions such as arthritis, cancer, and musculoskeletal disorders rises, there is a growing demand for effective pain management solutions. Opioid analgesics, with their ability to provide rapid and potent pain relief, continue to be an essential tool in the arsenal of healthcare providers.

However, the opioid analgesics market is also marked by the ongoing opioid epidemic. The misuse and abuse of these medications have led to a devastating wave of addiction, overdose deaths, and other health and social consequences. Governments, healthcare organizations, and pharmaceutical companies are grappling with the need to strike a balance between providing pain relief to those who genuinely need it while minimizing the risks of diversion and addiction.

Opportunities in the Opioid Analgesics Market:

The global market is experiencing several opportunities for healthcare providers. Some key opportunities in the global market are as follows:

• Pain Management: The increasing demand for opioid analgesics is growing among patients due to the relief of several pain and medical conditions. The rising aging population and increasing chronic pain conditions are upsurging the adoption of opioid analgesics.

• Cancer Pain Treatment: Opioid analgesics reduce cancer-related pain among patients, enhancing their treatment experiences.
• Postoperative Pain: Opioid analgesics are adopted by patients after surgical procedures to relieve strong pain. Pharmaceuticals and healthcare companies are focusing on developing pain management solutions for targeted patients.
• Chronic Pain Management: Chronic pain conditions, including neuropathic pain, back pain, and osteoarthritis, are managed by adopting opioid analgesics. Pain management therapies and better delivery methods address these conditions.
• Abuse-deterrent Formulations: The growing interest in developing abuse-deterrent formulations is increasing the demand for opioid analgesics. The key companies are investing in research and development to offer safe alternatives.
• Personalized Medicine: The growing advancement in personalized medicine is widely used in opioid treatment for genetic makeup. It improves efficacy, manages pain, and minimizes side effects.
• Market Expansion: Surging healthcare infrastructure in developing countries such as China and India, increasing the adoption of pain management medications. The expanding market in these countries is fueling the opportunities for pharmaceutical companies.
• Opioid Overdose Reversal Agents: The increasing need for opioid overdose drug agents promotes and develops opportunities in the global market for addressing public health issues.

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Key Takeaways:

• The global opioid analgesics market is estimated to secure a valuation of US$ 72.0 billion with a CAGR of 5.3% by 2033.
• The United States is estimated to dominate the global market by securing a maximum share of 41.9% during the forecast period.
• With a share of 5.7%, Germany is significantly driving the global market by 2033.
• Japan is estimated to capture a share of 4.2% in the global market during the forecast period.

How are the Key Players Adopting Marketing Strategies?

The global market is highly competitive by the essential players. These players are investing millions of dollars in research and development activities to carry out unique ideas to expand the global market. Key players are developing innovative and high-quality products that satisfy consumers’ needs. They are adopting various marketing tactics such as mergers, collaborations, acquisitions, and agreements to upsurge the global market.

Recent Developments in the Global Market are:

In 2020, Daiichi Sankyo announced its collaboration with Ultragenyx. This collaboration took place to enhance research activities in gene therapy manufacturing technology.

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Key Companies Profiled:

• Pfizer Inc.
• Abbott Laboratories
• Janssen Pharmaceuticals, Inc. [Johnson & Johnson]
• Novartis AG
• Bayer AG
• GlaxoSmithKline plc
• Hoffmann-La Roche AG,
• Boehringer Ingelheim International GmbH
• Bausch Health Companies Inc.
• Sanofi S.A.
• Teva Pharmaceuticals
• AbbVie Inc. (Allergan plc)
• Purdue Pharmaceuticals L.P.

Opioid Analgesics Market by Segmentation:

By Drug Class:

• Morphine
• Codeine
• Fentanyl
• Meperidine
• Methadone
• Tramadol
• Oxycodone
• Dextromethorphan
• Buprenorphine
• Others

By Indication:

• Surgical Pain
• Cancer Pain
• Neuropathic Pain
• Other

By Route of Administration:

• Oral
• Parenteral
• Transdermal
• Other

By End User:

• Hospitals
• Retail Pharmacies
• Drug Stores
• Online Pharmacies

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• The Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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