Opioids Drugs Market to Reach USD 23.65 Billion by 2028

Vantage Market Research

Nov 21, 2021

The Opioids Drugs Market is expected to reach USD 23.65 Billion by 2028, growing at a CAGR of 2.96% between 2021 and 2028. Opioids are used for the treatment of various diseases. The market growth is attributed to the rising incidences of diseases such as rheumatic diseases, sleep disorders, cancer, anxiety, and severe pain associated with coughing & diarrhoea. Thus, increasing the number of diseases is increasing the demand for opioids and driving the growth of the Opioids Drugs Market.

Key Findings

  • The product segment for Opioids Drugs Market is expected to be the dominating segment for the market. Under the product segment, the oxycodone sub-segment is anticipated to boost the segment owing to growing drugs consumption for pain relief, followed by Fentanyl, Codeine, Methadone, Morphine, Hydrocodone, Others.
  • Under the application segment, the pain management segment is expected to hold the largest share of more than 35.1% in 2020. The growth is attributed to the increasing consumption of opioids for pain management ranging from severe pain to mild pain.
  • North America is projected to hold the largest share of more than 36.15%, for the opioid drugs market. Asia Pacific is expected to grow at a CAGR over the forecast period. The growth is attributed to a large geriatric population, especially in China. The geriatric population suffers from various acute pain, and severe pain, it is a common problem in the aged population that is fuelling the market for opioids.

Some of the key players in the Opioids Drugs Market are Endo Pharmaceuticals, Orexo Pharmaceuticals, Pfizer, AbbVie, Teva Pharmaceuticals, Purdue Pharma, Johnson & Johnson, Allergan, Sanofi-aventis US LLC, Hospira, among others.

 The opioid drugs market is mainly driven by the factors such as increasing population, increase in the number of diseases among others. Opioids can relieve pain and relax the body, thus they can be used as analgesics in the healthcare sector. Opioids are majorly used to cure cancer pain and acute pain, and also have a part in the treatment of non-malignant chronic pain. Thus, with the increasing population suffering from cancer, the demand for opioid drugs is also increasing, hence further propelling the growth of the market. Also, owing to the increasing population, the presence of a large base of end-user suffering from rheumatic diseases, sleep disorders, cancer, anxiety, and severe pain associated with coughing & diarrhoea among other diseases is projected to boost the market growth in the near future.

North America region is expected to hold the largest share over 36.15% for the forecast period. This surge is attributed to the presence of major players in the U.S. and the availability of developed economies. The U.S. is projected to be dominating in the North American region. Asia Pacific region is anticipated to grow at the fastest CAGR. The countries such as India and China are the most populated countries in the world. Thus owing to the large base of the population present in this region, is expected to grow the market over the forecast period.