Opioids Market to Reach USD 23.65 Billion by 2028

According to analysts at Vantage Market Research, the Opioids market is expected to reach USD 23.65 Billion by 2028, growing at a CAGR of 2.96% between 2021 and 2028. Increasing use of Opioids to cure the pain associated with rheumatic diseases, sleep disorders, cancer, anxiety, and severe pain associated with coughing & diarrhea are driving the market.

Key Findings

• The oxycodone segment is projected to expand over 1.6% CAGR over the forecast period. This is ascribed to the rise in the consumption of drugs related to pain management. Fentanyl segment is also expected to be a growing segment due to its availability including solutions for injection in multiple concentrations in multiple formulations for anesthesia and acute pain management, and as transdermal patches, oral tablets & lozenges, and nasal sprays for curing chronic pain.
• The Pain Management segment held a market share of more than 35.1% in 2020. This is attributed to Opioids broad usage for pain management ranging from severe to mild pain. Different kinds of Opioids are used to treat numerous pains.
• Europe is expected to expand at a CAGR of over 1.89% between 2021 and 2028. Europe is having more than 1/6^th of its population aged above 65, the region is having a geriatric population, which suffers from severe pain, and other diseases, which is contributing to Opioids market growth.

Some of the key players in the Opioids market are Allergan, Orexo Pharmaceuticals, Purdue Pharma, Pfizer, AbbVie, Teva pharmaceuticals, Johnson & Johnson, Endo Pharmaceuticals, Sanofi-aventis US LLC, Hospira, among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.

Opioids are used as medicines often since they consist of chemicals that can relieve pain and relax the body. Prescription Opioids are mostly used to treat mild to severe pain, however, some Opioids to treat diarrhea and coughing can be used. Consumption of Opioids can make people feel "high" and very relaxed - that is why sometimes they are used for non-medical purposes also. Opioids are the backbone for the treatment of cancer pain and acute pain, and also have a part in the treatment of non-malignant chronic pain.

Asia Pacific is poised to record a substantial CAGR, owing to the presence of a geriatric population in China. China has more of an aged population as compared to young ones. These aged populations suffer from various acute pain and severe pain. Pain management is a common problem in the aged population which is bound to drive the market for Opioids.