Opioids Market
Number of pages: 100 | Report Format: PDF | Published date: March 07, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 22.89 billion |
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Revenue Forecast in 2031 |
US$ 25.71 billion |
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CAGR |
1.3% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, Application, Route of Administration, Distribution Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global opioids market was valued at US$ 22.89 billion in 2022 and is expected to register a revenue CAGR of 1.3% to reach US$ 25.71 billion by 2031.
Opioids Market Fundamentals
Opioids are a class of natural, synthetic, and semi-synthetic substances that interact with opioid receptors in the brain and body to produce various effects, including pain relief, sedation, and euphoria. Opioids are typically prescribed to treat moderate to severe pain, such as pain associated with surgery, injury, or cancer. However, they can also be used illicitly for their euphoric effects. Examples of opioids include morphine, codeine, oxycodone, hydrocodone, fentanyl, and heroin. Opioid usage can lead to physical dependence, addiction, and overdose, making them a highly regulated class of drugs.
The increasing prevalence of chronic pain, the aging population, the rising demand for palliative care, and advances in drug delivery technologies drive revenue growth in the global opioids market. Moreover, the opioid epidemic and increased regulations are also significant drivers of change in the market.
Key players in the opioids market include pharmaceutical companies such as Purdue Pharma, Teva Pharmaceutical Industries, Johnson & Johnson, drug distributors, and pharmacy chains. However, the industry is facing increasing scrutiny and regulation. Several high-profile lawsuits and settlements have been announced in recent years. The market is also likely to face increasing competition from alternative pain management strategies, including non-opioid medications, physical therapy, and other non-pharmacological approaches.
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Opioids Market Dynamics
The increasing prevalence of chronic pain and the rise in orthopedic diseases drive the market for opioids, as opioids are often prescribed to manage chronic pain. As the global population ages, there is an increasing prevalence of age-related conditions that cause pain, such as arthritis and cancer. This demographic shift is expected to increase demand for pain management drugs, including opioids. As the demand for specialized medical care for patients with serious illnesses, such as palliative care, increases, there is a corresponding increase in demand for opioids. This is because opioids are frequently used to manage pain in palliative care. Therefore, the rising demand for palliative care drives revenue growth in the opioids market. Innovations in drug delivery technology have enabled the development of new opioid formulations with enhanced efficacy and reduced side effects. This is anticipated to fuel revenue growth in the opioids market, as these new formulations appeal more to patients and healthcare providers. Pharmaceutical companies are focusing on developing abuse-deterrent formulations of opioids in response to the opioid epidemic. These formulations are designed to deter misuse and abuse of opioids, and their growing popularity is expected to boost the revenue growth of the opioids market.
However, the opioid epidemic, a significant rise in opioid-related deaths and addiction, has resulted in increased regulations and scrutiny of the opioids market. This has created challenges for pharmaceutical companies looking to develop and market opioids, leading to a shift towards alternative pain management strategies offering fewer risks. Moreover, the availability of alternative pain management strategies, such as non-opioid medications, physical therapy, and psychological interventions, may limit the demand for opioids, hindering the global opioids market revenue growth.
Opioids Market Ecosystem
The global opioids market is analyzed from five perspectives: product type, application, route of administration, distribution channel, and region.
Opioids Market by Product Type
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Based on the product type, the global opioids market is segmented into codeine, fentanyl, oxycodone, methadone, morphine, hydrocodone, and others.
The oxycodone segment dominated the opioids market with the largest revenue share in 2022, as oxycodone is a highly potent and effective pain management medication widely prescribed for moderate to severe pain. The prevalence of chronic pain conditions is high, which creates a large market for opioids such as oxycodone, which is boosting segmental growth. Moreover, oxycodone is available in multiple formulations, including immediate-release and extended-release, allowing for greater flexibility in treatment options and increasing the demand for oxycodone. The high brand recognition and trust in the efficacy of oxycodone contribute to its dominant market position. Moreover, the ease of availability and low cost of oxycodone compared to other opioids have led to widespread usage.
The fentanyl segment is expected to be the fastest growing segment during the forecast period, as fentanyl is a highly potent synthetic opioid, up to 50-100 times more powerful than morphine, making it an effective pain management medication for severe pain. Fentanyl is available in various formulations, including transdermal patches, lozenges, and injections, providing healthcare providers with multiple treatment options, and propelling segmental growth. Moreover, fentanyl has a faster onset of action and shorter duration of action than other opioids, making it a useful medication for acute pain management. It is also used as an anesthetic during surgeries and for cancer pain management. Additionally, the increasing incidence of cancer and chronic pain conditions and the demand for effective pain management medication has contributed to the revenue growth of the fentanyl segment in the opioids market.
Opioids Market by Application
Based on the application, the global opioids market is segmented into pain relief, anesthesia, cough suppression, diarrhea suppression, and de-addiction.
The pain relief segment accounted for a significant revenue share of the opioids market in 2022, as opioids are primarily used for pain management. They are highly efficacious in treating moderate to severe pain. As the prevalence of chronic pain conditions increases, the demand for opioids also rises. Effective pain relief is a vital aspect of patient care, and opioids are commonly the first-line treatment option for patients suffering from moderate to severe pain. This trend has contributed significantly to the revenue growth of the pain relief segment. Moreover, opioids are available in various formulations, such as immediate-release and extended-release, offering a greater range of treatment options. This attribute has made opioids popular among healthcare providers and patients, further strengthening growth prospects in the segment.
The anesthesia segment is estimated to be the fastest-growing segment during the forecast period due to the increasing number of surgical procedures and the subsequent demand for anesthesia during surgeries. Opioids are commonly used in anesthesia to manage pain before, during, and after surgical procedures, contributing to the market revenue growth in the anesthesia segment. Moreover, the development of new opioid formulations designed specifically for usage in anesthesia, such as remifentanil, has increased the demand for opioids as anesthetics. Additionally, the rising adoption of regional anesthesia techniques, which involve the injection of opioids directly into the spinal cord or surrounding nerves, also contributed to the revenue growth of the anesthesia segment in the opioids market.
Opioids Market by Route of Administration
Based on the route of administration, the global opioids market is segmented into oral, injectable, and others.
The injectable segment accounted for the largest revenue share of the opioids market due to the fast onset of action and the ability to achieve precise dosing with injectable opioids. Injectables are highly preferred in healthcare settings for quick pain relief for patients suffering from severe pain or those unable to take oral medications. In emergencies, such as acute trauma, injectables are crucial for providing rapid pain relief, contributing to the dominance of the injectables segment in the opioids market. Moreover, injectables significantly manage pain during and after surgical procedures, especially in anesthesia, further driving the segment revenue growth. Furthermore, the close monitoring of patients for any adverse effects or signs of addiction by healthcare providers in healthcare settings has also increased the demand for injectable opioids.
Opioids Market by Distribution Channel
Based on the distribution channel, the global opioids market is segmented into hospital pharmacies, retail pharmacies, and others.
The retail pharmacy segment accounted for the major revenue share of the opioids market due to greater accessibility and convenient distribution to patients. Patients can quickly and easily fill their prescriptions at retail pharmacies located in their vicinity. Patients also benefit from the counseling services provided by licensed pharmacists on proper usage, side effects, and other concerns. Retail pharmacies have implemented systems to mitigate the risk of prescription abuse, such as tracking prescription history, limiting the number of opioids dispensed, and requiring identification.
Opioids Market by Region
Geographically, the global opioids market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in North America accounted for a significant revenue share in 2022. There is a rise in the number of opioid prescriptions in the region. The Centers for Disease Control and Prevention (CDC) reported that there were approximately 142.81 million opioid prescriptions filled in the United States in 2020, equating to a dispensing rate of 43.3 opioid prescriptions per 100 individuals. North America has experienced a surge in the number of surgical procedures, leading to an increased demand for opioids in anesthesia and pain management during and after these procedures. The aging population in North America has contributed to the rise in chronic pain conditions, leading to a growing demand for opioids. The region’s robust pharmaceutical industry has facilitated the development and commercialization of new opioid formulations and treatments. Additionally, reimbursement policies in North America offer coverage for opioid treatments, making it easier for patients to access these medications. Furthermore, the high prevalence of chronic pain conditions in North America has increased the demand for opioids as a primary treatment option.
Opioids Market Competitive Landscape
The prominent players operating in the global opioids market are:
Opioids Market Strategic Developments
The increasing prevalence of chronic pain, the aging population, the rising demand for palliative care, and advances in drug delivery technology drive the global opioids market revenue growth.
Alternative pain management strategies, including non-opioid medications, physical therapy, and other non-pharmacological approaches, restrict the market revenue growth.
Purdue Pharma L.P., Johnson & Johnson, Teva Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC, and Pfizer, Inc. are among the top market players.
The global opioids market is estimated to be valued at US$ 25.71 billion by 2031.
The opioids market is estimated to register a revenue CAGR of 1.3% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain