Opioids Market Size, Share, Trends, Industry Analysis & Forecast Report 2024-2032

IMARC Group has recently released a new research study titled "Opioids Market Report by Product Type (Codeine, Fentanyl, Methadone, Oxycodone, Morphine, Hydrocodone), Application (Pain Management, Cough Treatment, Diarrhea Treatment, and Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Drug Stores, Online Stores, and Others), and Region 2024-2032", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

The global opioids market size reached US$ 21.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 28.3 Billion by 2032, exhibiting a growth rate (CAGR) of 2.8% during 2024-2032.

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Factors Affecting the Growth of the Opioids Industry:

• Increasing Prevalence of Chronic Pain:

Chronic pain affects millions of people worldwide and significantly impacts quality of life and daily functioning. The growing prevalence of conditions such as arthritis, fibromyalgia, neuropathy, and cancer is a primary driver of the opioid market. These conditions often cause severe, long-lasting pain that is difficult to manage with over-the-counter painkillers or non-opioid medications. As a result, healthcare providers frequently prescribe opioids as a more effective solution for moderate to severe pain management.

Chronic pain is particularly common in geriatric populations, which are expanding globally due to increased life expectancy and advancements in healthcare. Geriatric adults often suffer from multiple comorbidities, including musculoskeletal disorders and degenerative diseases, leading to higher incidences of pain. The need for effective pain relief in these populations fuels the demand for opioid medications.

• Expansion in Palliative Care:

Palliative care focuses on providing relief from the symptoms and stress of serious illnesses, with pain management being a critical component. Opioids are a cornerstone of pain management in palliative care, particularly for cancer patients and those with terminal illnesses who often experience severe, unrelenting pain that requires potent analgesics. The expansion of palliative care services worldwide has significantly contributed to the growth of the opioids market. In palliative care, the priority is to enhance the quality of life rather than curative treatment, making opioids a preferred choice due to their effectiveness in alleviating severe pain.

As palliative care becomes more integrated into standard healthcare, the demand for opioids has correspondingly increased. The rising awareness and acceptance of palliative care among healthcare professionals and patients have led to more robust guidelines and protocols advocating for effective pain management, which often includes opioid use.

• Rising Geriatric Population:

The expanding geriatric population is a significant factor driving the opioids market, as these adults are more susceptible to conditions that cause chronic pain. As people age, they are more likely to experience a range of health issues, such as osteoarthritis, neuropathic pain, and cancer, which often require pain management strategies including the use of opioids. These adults often face multiple health challenges simultaneously, leading to increased prescription rates of opioids for managing pain associated with various comorbid conditions.

Furthermore, the physiological changes that occur with aging, such as reduced renal function and changes in drug metabolism, can make pain management more complex, prompting healthcare providers to opt for stronger analgesics like opioids that offer immediate and potent relief.

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Opioids Market Report Segmentation:

By Product Type:

• Codeine 
• Fentanyl
• Methadone
• Oxycodone
• Morphine
• Hydrocodone

Oxycodone holds the majority of the market share because of its widespread use in treating moderate to severe pain, strong efficacy, and availability in various formulations, making it a preferred choice among healthcare providers.

By Application:

• Pain Management
• Cough Treatment
• Diarrhea Treatment
• Others

Pain management accounted for the largest market share due to the high prevalence of chronic and acute pain conditions requiring effective treatment options, driving substantial demand for opioid medications.

By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Drug Stores
• Online Stores
• Others

Based on the distribution channel, the market has been classified into hospital pharmacies, retail pharmacies, drug stores, online stores, and others.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

North America's dominance in the market is attributed to the high prescription rates, significant healthcare spending, and the prevalent use of opioids for pain management, especially in the United States.

Global Opioids Market Trends:

The improving access to healthcare services, which has made opioid prescriptions more accessible, particularly in developing countries, is propelling the market growth. Additionally, the recent development of new, longer-acting formulations and abuse-deterrent formulations of opioids, which have increased their use by providing safer options with reduced risk of addiction, is driving the market growth. Besides this, the growing awareness and better diagnosis of pain-related conditions, which have led to a higher prescription rate of opioids for pain relief, is fostering the market growth. Furthermore, the rising number of surgical procedures, which often require postoperative pain management, is acting as another growth-inducing factor.

Top Companies Operated in Opioids Industry:

• Boehringer Ingelheim International GmbH
• Hikma Pharmaceuticals PLC
• Mallinckrodt plc
• Pfizer Inc.
• Purdue Pharma L.P.
• Sanofi S.A.
• Sun Pharmaceutical Industries Ltd.
• Teva Pharmaceutical Industries Ltd.

Key Highlights of the Report:

• Market Performance (2018–2023)
• Market Outlook (2024–2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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