The ascending cases of chronic headaches, migraine, and backaches have accelerated the demand for opioids. The demand is further augmented by an increased number of post-surgery patients being prescribed with opioids. The growing prevalence of cancer is also providing impetus to the opioids market growth. Opioids are proven to be highly effective medicines for relieving cancer pain. Individuals injured during sports activities, or due to incidents such as traffic collisions, also take opioids for pain relief. Apart from that, sustained demand for legal opioids such as morphine, codeine, meperidine, hydrocodone, oxycodone, and fentanyl, continues to facilitate the market expansion. All these trends are expected to unlock tremendous growth opportunities in the global opioids market during the study period.
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Rising Prevalence of Neuropathy to Soar Demand in Opioids Market
The steadily rising incidence of neuropathy, a chronic pain-causing disorder, is anticipated to boost the demand for opioids. Neuropathy, or nerve damage, can be caused by a wide range of conditions such as diabetes and even treatments such as chemotherapy. Diabetic peripheral neuropathy is the most common type of neuropathy, and it affects diabetic patients with poorly controlled blood sugar. Opioids are considered an effective medication against neuropathic pain as it directly produces effects on neurons by acting on receptors located on neuronal cell membranes. Mounting demand and concurrent rise in the production of opioids are, thus, contributing to the holistic growth of the global opioids market over the forecast period.
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Morphine Opioids to Gain Prominence in Opioids Market
Owing to the rising demand for morphine opioids, the global opioids market is forecasted to reach sound maturity. This is owing to the ease of availability and widespread use of morphine. The surge in the incidence of arthritis among both young and old populations also majorly contributes to the augmenting use of morphine. There has also been a rise in the prescription of morphine for several other conditions including cardiovascular problems. The burgeoning geriatric population and associated medical conditions have further fueled the demand for morphine. As a result of this, the global opioids market is poised to significantly expand on the back of the growing demand for morphine among patients and healthcare experts.
North America to Sustain Dominance in Opioids Market amid Rising Chronic Disorders
During the projection timeframe, North America is set to hold a dominant position in the global opioids market. This is mainly attributed to the growing use of opioids for both medical and illegal purposes. Other key factors driving the growth of North America’s opioids market include the rising incidence of chronic diseases such as cancer and diabetes, an upsurge in disposable incomes, and the presence of industry participants. Moreover, the initiatives undertaken by local governments, NGOs, regulatory organisations, and healthcare providers in major economies are increasing awareness regarding pain management. This, in turn, is driving growth in the regional opioids market.
Prominent Market Players
Some of the major players in the opioids market include Janssen Pharmaceuticals, Inc., Pfizer Inc., Boehringer Ingelheim International GmbH, Mallinckrodt Pharmaceuticals, Actavis Plc. Endo Pharmaceuticals Inc, Sanofi (SAIS), Purdue Pharma L.P., Sun Pharmaceutical Industries Ltd., and Assertio Therapeutics, Inc.
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