The U.S. Opioids Market is estimated to be valued at
US$ 17180.89 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Opioids are a class of drugs that include prescription pain relievers such as
oxycodone, hydrocodone, codeine, morphine, fentanyl and others. They work by
binding to opioid receptors in the brain and are commonly prescribed to treat
moderate to severe pain. However, prolonged use may lead to dependency and
addiction. They are available in various formulations such as tablets,
capsules, films, patches and injectables.
Market Dynamics:
The increase in the prevalence of chronic pain disorders such as arthritis,
cancer, migraine and back pain has emerged as a key factor driving the demand
for opioids in the U.S. According to the Centers for Disease Control and
Prevention (CDC), around 20.4% of the U.S. adult population suffers from chronic
pain. Furthermore, the rising geriatric population who are more prone to
chronic pain is also contributing to the market growth. However, the ongoing
opioid epidemic and strict regulations imposed by regulatory authorities to
curb substance abuse may hamper the market growth.
One of the major drivers of the U.S. opioids market is the increasing
acceptance of long term opioid therapy for chronic pain management. Various
clinical guidelines now suggest opioid therapy for certain groups of patients
with chronic non-cancer pain for whom alternative treatment options have
failed. Moreover, technological advancements facilitating development of abuse
deterrent formulations of opioids is also fueling market growth. However,
increased awareness regarding potential risks of opioid addiction may
negatively impact the demand.
Segment
Analysis
The U.S. opioids market is dominated by prescription opioids which account for
over 60% market share. Prescription opioids are prescribed by physicians to
manage pain and continue to dominate the market due to growing prevalence of
chronic pain disorders among aging population in the country.
PEST Analysis
Political: Opioid epidemic and abuse continues to be a major healthcare policy
issue in the U.S. with federal and state governments focusing on curbing
overprescribing and misuse through stricter regulations.
Economic: High and rising healthcare costs is a key economic factor promoting
alternative non-opioid pain therapies. However, opioids continue to have a
large market being one of the most commonly prescribed drug class.
Social: Growing public health awareness regarding risks of long-term opioid use
and addiction has negatively impacted the social perceptions related to
opioids. However, needs of aging population with chronic pain conditions
sustains its social needs.
Technological: Technological advancements are being made in developing novel
non-opioid drug delivery systems and therapies for pain management such as
topical patches, electrical stimulation, and cannabidiol drugs which can
provide alternatives to opioids.
Key Takeaways
Global
U.S. Opioids Market Demand is expected to witness moderate growth,
exhibiting CAGR of 5.5% over the
forecast period, due to growing prevalence of chronic pain conditions in an
expanding elderly population.
The western region accounts for over 40% value share led by states like
California and Washington having higher pain prevalence and opioid prescription
rates. However, northeastern states are expected to witness fastest growth due
to renewed focus on management of pain as a public health issue.
Key players operating in the U.S. Opioids market are Purdue Pharmaceuticals
L.P., Titan Pharmaceuticals, Inc., Pfizer Inc., Mallinckrodt, Pfizer Inc.,
Assertio Holdings, Inc., Par Pharmaceutical, Amneal Pharmaceuticals LLC,
Trevena, Inc., Lupin, and Endo Pharmaceuticals, Inc. Top players like Purdue
Pharma and Pfizer have experienced challenges in the market like opioid
dependency issues and lawsuits but managing chronic pain remains their key business
focus.
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