Opioids Market Size Worth $34.96 Billion by 2025 | CAGR 4.8%: Grand View Research, Inc.(13:40 Hrs. IST)
SAN FRANCISCO, April 17, 2018 /PRNewswire/ --
The global opioids market size is estimated to reach USD 34.96 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 4.8% during the forecast period. Growing geriatric population, coupled with increasing focus on palliative care, is estimated to boost the market. Moreover, increasing number of acquisitions and collaborations by market players is expected to drive growth.
Furthermore, rising prevalence of disease conditions with chronic pain, such as cancer, lower back pain, arthritis, and fibromyalgia is driving the market. Substantial rise in road accidents and trauma, coupled with constantly increasing cases of surgical procedures, is also driving demand for opioid-based pain management solutions.
North America is leading the opioids market with a share of over 56.0% in 2016. One of the major reasons for its dominance is rising geriatric population with terminal conditions, such as rheumatoid arthritis. However, opioid abuse in U.S. has been rising at an alarming rate. Overdose of opioids has killed over 28,000 people in 2014 alone. Almost half of those deaths were caused by prescription opioids. Hence, opioid abuse has been declared a "public health emergency" in U.S., and this is likely to limit the growth of opioids in North America.
Browse full research report with TOC on "Opioids Market Size, Share & Trends Analysis Report By Product, By Application (Pain Relief, Anesthesia, Cough Suppression, Diarrhea Suppression, Deaddiction), By Region, And Segment Forecasts, 2018 - 2025" at: www.grandviewresearch.com/industry-analysis/opioids-market
Further Key Findings From the Report Suggest:Extended release opioids were the largest product segment in 2016 due to its high usage in chronic pain management Anesthesia is estimated to be the fastest growing application segment over the forecast period due to factors such as safety and high drug efficacy Cancer pain was the largest pain relief segment in 2016 owing to global increase in prevalence of cancer North America was the largest region in 2016 owing to local presence of key players and increasing adoption of opioids for pain management Europe was the second-largest segment in 2016 due to factors such rising geriatric population Asia Pacific is expected to witness fastest growth over the forecast period due to increase in geriatric population, coupled with increase in focus on palliative care Some of the key players are Purdue Pharma L.P; West-Ward Pharmaceuticals Corporation; Allergan; Pfizer, Inc.; Janssen Pharmaceuticals, Inc.; Egalet Corporation; and Sun Pharmaceutical Industries Limited Most key players are focusing on entering untapped regions and expanding their product portfolios.
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Grand View Research has segmented the global opioids market on the basis of product, application, and region:Opioids Product Outlook (Revenue, USD Billion, 2014 - 2025) Immediate-Release/Short-Acting Opioid Codeine Oxycodone Hydrocodone Fentanyl Morphine Hydroxymorphone Oxymorphone Propoxyphene Other IR Extended-Release/Long-Acting Opioid Oxycodone Hydrocodone Methadone Fentanyl Morphine Oxymorphone Tapentadol Buprenorphine Hydromorphone Other ER Opioids Application Outlook (Revenue, USD Billion, 2014 - 2025) Pain Relief Cancer pain Postoperative pain management Low-back pain Orthopedic Neuropathic pain Fibromyalgia Anesthesia Cough Suppression Diarrhea Suppression Deaddiction Opioids Regional Outlook (Revenue, USD Billion, 2014 - 2025) North America U.S. Canada Europe U.K. Germany Asia Pacific Japan China India Latin America Brazil Mexico Middle East & Africa South Africa
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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