The global opioid market is expected to gain traction owing to the increasing sales of opioid drugs worldwide, and increasing drug dependency of the geriatric population.
An opioid is a narcotic drug that is used as a pain reliever only when subscribed by the doctor. These opioid drugs bind the opioid receptor that are present in several areas of human nervous system. Also, the opioid drugs have huge medical application in treating pain associated with cancer, AIDS and arthritis. Hence, increasing prevalence of these diseases and surgical interventions would subsequently increase the market for these drugs. However, excess use of these drugs can lead to drug dependence and its overuse can cause deaths. According to World Health Organisation (WHO), estimated 15 million people who suffer from opioid dependence worldwide and around 69,000 people die from opioid overdose each over. As a result, stringent regulatory guidelines are formulated for drug usages and drug development. Therefore, the companies are focusing on development of new generic drugs with lesser side effects.
Huge medical application as an analgesic for new drugs development globally boosts the opioid market.
The global opioid market is primarily driven by rising prevalence of pain related diseases such as Cancer, AIDS, arthritis in the geriatric population. The growing elderly population are at high risk to suffer from the moderate pain and increase in over-the-counter sale of these drugs would also augment the market growth. Moreover, the rising incidences of addiction for these drugs globally will also accelerate the growth of opioid market in near future. In addition, huge impact and domestic healthcare expenditure for opioid drugs would also support the growth in opioid market.
However, some regulatory framework limiting the use of opioid drugs due to increased addiction globally would impede the growth of this opioid market. According to WHO, fatal opioid overdose among the opioid dependent individual was estimated for 0.65% per year which has encouraged the governments to formulate stringent regulatory policies for limiting the OTC drug sales of opioid.
The global opioid market is segmented on the basis of therapy, and geography.
On the basis of drug class, market is segmented as
On the basis of therapeutic application, market is segmented as
Geographically, the global opioid market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Advancement & innovation of new and generic opioid drug are factors to boost the opioid market in North America region.
On the basis of geography, North America is expected to dominate the global opioid market over forecast period. The growth in North America market is primarily driven by the factors such as increasing geriatric population, rising need for palliative care facility, reformed regulatory for the prescription of these drugs, and favourable government laws for the approval of generic opioid drugs in the market. Additionally, high opioid dependence in the U.S. would also boost the opioid market in North America. Nevertheless, increasing deaths due to overdose in the U.S. can hinder the opioid market in North America.
However, Asia Pacific is expected to grow at a faster rate during the forecast period. Rising geriatric population in the developing countries like Japan, and increasing over-the-counter sales for these drugs in countries like India, and China would spur the opioid market in this region.