Global Opioids Market Is Anticipated To Witness High Growth Owing To Growing Prevalence Of Chronic Diseases Like Cancer

 

Opioids Market

Overview:

Opioids are a group of medications that are used to treat pain. They work by attaching to opioid receptors in the brain cells, reducing the perception of pain and boosting feelings of pleasure. They can be made from the opium poppy plant, like heroin, or synthesized in a lab, like fentanyl. Prescription opioids are prescription medicines for pain relief. They can be taken with or without acetaminophen and ibuprofen, depending on the needs.

For moderate to severe pain, doctor may recommend using other treatments, such as exercise, massage, heat, ice, relaxation techniques, deep breathing, and distraction. They may also include medicine that helps reduce pain, such as acetaminophen, ibuprofen or aspirin. Addiction is a chronic condition that can affect every part of life, including health, sleep, employment and ability to enjoy life. It can also develop a feeling of hopelessness, irritability and depression.

Market Dynamics:

Growing product approvals are estimated to augment growth of the global Opioids Market over the forecast period. For instance, Esteve Pharmaceuticals gained approval for SEGLENTIS from the US FDA in October 2021. This is used for managing acute pain in adults. Moreover, rising side effects and misuse of opioids is anticipated to restrain growth of the global opioids market over the forecast period.

Impact of COVID-19:

COVID-19 affects the respiratory system in a person. It is easily transmitted after coming in contact with an infected person. Top avoid this, governments in many countries imposed strict restrictions. Nationwide lockdowns, social distancing, quarantines and travel bans were impose din many nations for preventing the transmission of the virus. These lockdowns forced people to stay at home, work remotely and any individuals were even staying alone. This led to increase in stress levels, isolations and had a huge impact on the mental health of many individuals. There was a rise in number of deaths owing to opioid overdose during the pandemic. Thus, the pandemic chad a negative impact on the growth of the global opioids market.

Key Takeaways:

 

The global Opioids Market is estimated to be valued at US$ 42,429 Mn in 2021, and is expected to exhibit a CAGR of 3.2% over the forecast period (2021-2028). For instance, a branded opioid product Onsolis was acquired by Adalvo in August 2022. This opioid is used for managing chronic pain in cancer. This acquisition will strengthen their opioid product portfolio and also provide growth opportunities.

 

North America is anticipated to witness significant growth in the global opioids market over the forecast period, owing to growing approval of opioid-based medicines.

 

Major players operating in the global Opioids Market are Grünenthal, Purdue Pharma L.P., Sun Pharmaceutical Industries Ltd, Hikma Pharmaceuticals PLC, Sanofi, Hikma Pharmaceuticals PLC, AbbVie Inc., and Pfizer, Inc.