The Opioids Market To Evolve At A Double Digit CAGR Of 3.3% Between 2021-2031

The Opioids Market is likely to witness a CAGR of 3.3% from 2021-2031, thereby being worth US$ US$ 40.5 Bn. In the turbulent scenario, healthcare organizations are into expanding their aperture, to go for a holistic view regarding consumers’ and patients’ well-being. Also, as incumbents and innovators make inroads in the next decade, gaining a competitive edge through productivity gains would be the pivot.

Opioids are a type of narcotic pain medication that is used to treat moderate to severe pains, such as traumatic pain, cough suppression, diarrhoea suppression, surgical pain, injuries, cancer pain, and pain arising due to chronic diseases. However, opioids have both, benefits as well as potentially severe risks of addiction. Opioids prescribed as pain relievers are usually safer if consumed for a short period of time. Long-term use can lead to dependency and addiction, overdose incidents, and even morbidity. Although opioids persist numerous adverse effects, opioid therapy is the mainstay for pain management for numerous patients.

According to the revised report published by Persistence Market Research, the global opioids market valued at US$ 40.5 Bn in 2020, and is predicted to expand at a CAGR of 3% over the forecast period (2021–2031).

Get Sample Copy of Report @ https://www.persistencemarketresearch.com/samples/3066

Companies covered in Opioids Market Report

  • Pfizer, Inc.
  • Boehringer Ingelheim International GmbH
  • Janssen Pharmaceuticals, Inc.
  • Sanofi SAIS
  • Sun Pharmaceutical Industries Ltd.
  • Actavis Plc. [Teva Pharmaceutical Industries Ltd.]
  • Mallinckrodt Pharmaceuticals
  • Endo Pharmaceuticals Inc. [Endo International plc]
  • Purdue Pharma L.P.
  • Assertio Therapeutics, Inc. [Assertio Holdings, Inc.]

Get To Know Methodology of Report @ https://www.persistencemarketresearch.com/methodology/3066

Key Takeaways from Opioids Market Study           

  • Morphine opioids are expected to contribute more than 30% of the revenue share in the market by 2031, owing to their wide availability and potency to relieve moderate to severe pain usually after a surgery or traumatic injury.
  • Analgesia is expected to account for more than half of the global market share. Consumption of opioids in analgesic applications, such as cancer pain, trauma injuries, and others, is expected to rise over the coming years.
  • Among all the distribution channels, hospital pharmacies accounted for more than 30% of the market share in 2020. Most prescribed opioids are hospital-acquired, and hence, hospitals are major treatment providers.
  • North America holds the highest share in the global opioids market, owing to the presence of big market players, high healthcare expenditure, and growing research & development efforts in the country.
  • Key players are focused on strengthening their clinical pipelines with new discoveries of novel abuse-deterrent formulations.
  • The market in the U.S. is projected to be the fastest-growing at a CAGR around 3% through 2021-2031. The U.S. holds a big portion of global revenue and accounts for more than 90% share in the North American market.

“Strong growth in demand for morphine owing to its potency, efficacy, and safety makes it the most lucrative segment in the market,” says an analyst of Persistence Market Research.

Access Full Report @ https://www.persistencemarketresearch.com/checkout/3066

Government Initiatives toward Opioid Consumption

Governmental support for ongoing clinical research, consumption of opioids, and restricting misuse have favoured growth in demand for opioids. For instance, in August 2020, the U.S. Food and Drug Administration approved Trevena Inc.’s new chemical entity, “Olinvyk”, an intravenous opioid agonist used for the management of moderate to severe acute pain in adults.

Heavy misuse of opioids has led regulatory authorities to lay out newer prescription regulations for pain management. This is expected to facilitate proper utilization of opioids and also enable active restrictions on their misuse. For instance, Therapeutic Goods Administration (TGA) has implemented reforms to reduce the misuse of opioids.

What Does the Report Cover?

Persistence Market Research offers a unique perspective and actionable insights on the opioids market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031. The research study is based on product (morphine, codeine, fentanyl, meperidine, and methadone), application (analgesia, cough suppression, and diarrhoea suppression), and distribution channel (hospital pharmacies, retail pharmacies, drug stores, clinics, and others), across seven key regions of the world.

About Us:

Persistence Market Research is here to provide companies a one-stop solution with regards to bettering customer experience. It does engage in gathering appropriate feedback after getting through personalized customer interactions for adding value to customers’ experience by acting as the “missing” link between “customer relationships” and “business outcomes’. The best possible returns are assured therein.

Contact Us:

Persistence Market Research
Address – 305 Broadway, 7th Floor, New York City, NY 10007 United States
U.S. Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353
Sales – sales@persistencemarketresearch.com
Website – https://www.persistencemarketresearch.com

Recommended For You

About the Author: seo

Leave a Reply

Your email address will not be published. Required fields are marked *