Opioid Drug Market Are Impelling at Remarkable Rate To Reach More Than USD 33.72 Billion in 2028.
The Global Opioid Drug Market was valued at USD 27.67 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 2.5% between 2021 to 2028. Opioid drug are compounds that occur naturally or can be synthetic or semi synthetic components which binds to the opioid drug receptors which are present in the central nervous system of human body to activate them. By activation of these receptors will block the pain signals coming from brain to rest body parts. The opioid drug market is driven by the factors such as increased chronic sector, incidence of orthopedic diseases, also increasing older or geriatric population will propel the market.
Since the outbreak of the COVID-19, it has widely spread all over the world and has impacted many countries economy and caused huge loses in businesses. The opioid drug market is experiencing a positive growth due to lockdowns and increased restriction by government, as in most regions people started to stock up the medicines. Also, because the rise in chronic sector supports the growth of the global opioid market.
The opioid drug market is segmented on the basis of product and applications. The product segment is further bifurcated into methadone, morphine, oxycontin, hydrocodone, codeine, fentanyl, and oxycodone. The oxycodone sector is holding the largest share and shows potential growth in future forecast. The application segment is divided as neuropathic pain treatment, orthopedic pain treatment, pain treatment. Based on these the other pain relief sector is having the largest share and potential growth for further forecasted years.
The major players for the opioid drug market are Pfizer, Allergen, Sanofi, Teva pharmaceuticals, AbbVie, Orexo pharmaceuticals, Sanofi-aventis, Johnson & Johnson, Endo pharmaceuticals, Purdue pharma.
Regionally, the market is segmented as Asia-Pacific, Europe, North America, the Middle East and Africa and Latin America. Asia-Pacific attained the highest share due to incidence of increasing chronic disease sector and also increasing geriatric population in this region.