2019 Future of Global Opioid Market, Size, Share and Trend Analysis Report to 2025- Growth Opportunities, Competition, Forecasts and industry Outlook
SOUTHLAKE, TX, UNITED STATES, September 16, 2019 /EINPresswire.com/ — The global Opioid market outlook over the forecast period is characterized by growing pharmaceuticals and drug manufacturing sector to cater rising health issues and diseases. The shift towards prescribing opioids as the drug class of choice to treat moderate-to-severe pain, US FDA regulations over dosage of opioid drugs and ongoing clinical trial to reformulate abuse-deterrent Opioid are among the market drivers through 2025 -finds OG Analysis.
Further, rising incidence of orthopaedic disorders such as arthritis, elbow pain, fibromyalgia, and osteoporosis, and associated chronic pain with carcinogenic diseases are the primary factors responsible for the Opioid market growth.
On the other hand, challenges such as misuse, addiction to opioid including prescription pain relievers, heroin, and synthetic opioid affects public health as well as social and economic welfare, hence hindrances the market growth.
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Pain killers segments hold the largest market share among Opioids
To cater the need of pain management, drug developers and pharmaceuticals industry are working towards more focus on chronic pain. Opioid pain killers such as dihydrocodeine, tramadol, morphine, fentanyl and oxycodone are largely consumed for treating cancer pain and other moderate to severe pains are showcasing strong market growth.
Chronic pain adversely affects well-being and also interferes with working, sleeping, and ultimately affecting quality of life. At least 100 million American adults more are affected by chronic pain as a result of heart disease, cancer, and diabetes. It is estimated that the cost to treat chronic pain in the United States is approximately $635 billion annually.
Fentanyl and other synthetic Opioid dominates product type segments
Fentanyl and similar compounds like carfentanil are among the powerful synthetic Opioid stronger than morphine and have medicines effects similar to heroin. Apart from drug dosage, Fentanyl patches are also penetrating market growth with benefits of controlling background pain.
However, high doses of Opioid such as fentanylcan cause breathing to stop completely which can lead to death.
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Development of abuse-deterrent Opioid emerges as strong market trend
Drug companies are holding on by focussing on FDA guidelines on abuse deterrence and are reformulating generic opioid drug products. Pfizer and Purdue are among the leading contributors for abuse-deterrent clinical development.
The abuse-deterrent formulation technology is rapidly adapting varying abuse patterns and deters abuse by making drugs more difficult to tamper.
As of October 2018, there are 205 industry sponsored clinical trials involving abuse-deterrent formulations of opioids including both pipeline and approved drugs. Out of 205 trials, 177 trials were completed.
Commercial development and clinical trials activity represents diverse mixture of clinical trial activities across regions. A strong pipeline of clinical trials for abuse- deterrent is observed across the U.S with approximately 80% consumption of the global Opioid supply.
Fluctuating market growth across North America
North America is currently holding the major market share with the United States maintaining the market growth with FDA approved opioid products and clinical trials. As such, the U.S owns patent for 15 FDA approved opioid drug formulations.
However, non medical & over dosage of opioid drugs across North America results deaths and reduced life expectancy which declines the market growth. Moreover, pharmaceutical companies in the U.S. are facing huge lawsuit over manufacturing and marketing of opioid drugs.
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In March 2018, the Commission on Narcotic Drugs scheduled six analogues of fentanyl, and carfentanil responsible for fatal use of opioid drugs.
In June 2018, the U.S. government launched a public awareness advertising campaign to combat addiction. In addition, some of the opioid products such as Purdue Pharma’ OxyContin have been discontinued in U.S. and Canada.
On the other hand, opioid market growth across Asia Pacific is emerging strongly over drug companies targeting cheaper opioid drugs, and generic pain killers. . Big pharma companies such as Johnson & Johnson, Purdue Pharma and other American opioid manufacturers are seeking investments in the growing opioid market across Asia Pacific. Non-medical use of opioid painkiller, which is not under international control, is also expanding in Asia Pacific.
Further, the ongoing government initiatives to provide medical heath centres and pain management centres are creating market opportunity for opioid drug companies. For instance, Indian government is funding $484 million to open 150,000 primary care centres by 2020 and consequently opens market pools for drug suppliers.
Companies such as Purdue Pharma are shifting their focus towards Asia Pacific, Latin America, and Middle East and Africa. The company is organizing awareness programs where doctors are urged to prescribe painkillers to help patients overcome opiophobia.
Key companies contributing to the opioid market growth comprise of Allergan PLC, Mallinckrodt LLC, Purdue Pharma LP, Rhodes Technologies LP, Sun PharmaceuticalIndustries Ltd, Teva Pharmaceutical, Vertice Pharma LLC, Johnson and Johnson, INSYSTherapeutics, Hikma Pharmaceuticals PLC, Endo Pharmaceuticals Inc., Egalet Corporation, and Amneal Pharmaceuticals.
Over The Counter Drugs Market
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Source: EIN Presswire