Dublin, Sept. 29, 2020 (GLOBE NEWSWIRE) -- The "Global Opioid Drugs Market 2019-2028" report has been added to ResearchAndMarkets.com's offering.
The global opioids drug market to proliferate with a compound annual growth rate of 2.56% in the forecast years 2019-2028.
The primary driving force behind the growth of this market is the rise in the number of medical cases and the growing prevalence of cancer. Opioids are narcotic drugs prescribed for the management of moderate to severe pain. The American Cancer Society expounds that they play a crucial role in alleviating pain due to this disease and treating cancer patients. With the increase in the prevalence of cancer around the world, the demand for prescription opioid drugs is also expected to spike.
Furthermore, the increase in the use of abuse-deterrent formulations to curb the rising opioid dependence and the demand for palliative therapy also fuel the market growth. Also, the growing commercial success and the market share of opioid drugs, along with the growth in investments for research on pharmaceutical uses of opioids, are presenting numerous avenues for growth.
However, the spread of the opioid epidemic and the rising death rate due to opioid overdose are major hurdles being faced by the studied market. Owing to the spread of the opioid epidemic and enhanced consumer awareness regarding the effect of opioids, a number of companies are being hit with lawsuits for contributing to the opioid crisis. Most of these companies have been hit with lawsuits for not providing information on the addiction caused due to the drug use.
On the other hand, the other ones have been called out for marketing their products aggressively and also for bribing various medical professionals to recommend a certain kind of brand of opioids to their patients. This increase in the number of lawsuits against the opioid drug manufacturers is acting as a major restraining factor hindering the market growth. Moreover, stringent government rules & regulations and the usage of opioids for non-medical purposes are also impeding the growth of the opioid drugs market.
Asia-Pacific is likely to become the fastest-growing region in the global market over the forecasting period. The demand for opioid drugs in the APAC is escalating due to the rising prevalence of chronic pain among people. As a person ages, the incidences of chronic pain also increase, especially after 65 years of age. The aging populace is widely affected by bone & joint disorders, arthritis, cancer, and other chronic diseases linked to pain.
Thus, the demand for opioid drugs in this population group is extremely high. In addition, the surge in the consumption of these drugs is attributed to the growing initiatives by the government to improve the healthcare infrastructure, along with a supportive regulatory framework.
Hikma Pharmaceuticals PLC is invested in the development, manufacturing, and marketing of pharmaceuticals. It offers branded & non-branded generic & in-licensed pharma products. The company serves customers around the world, expanding over the US, Europe, and the Middle East and Africa, as well as the Asia-Pacific.
Buprenorphine Hydrochloride Injection, the Adriamycin (DOXOrubicin HCl) Injection, and the BENZTROPINE Mesylate Injection, USP are part of Hikma Pharmaceuticals' product portfolio. Strong revenue growth helps the company gain the confidence of its investors and also improves its ability to allocate adequate funds for the future.
Key Topics Covered:
1. Global Opioid Drugs Market - Summary
2. Industry Outlook
2.1. Market Definition
2.2. Key Insights
2.2.1. New Opportunities for Pharmaceutical Companies in the US
2.2.2. Technological Advancements to Fight Against Opioid Drug Crisis
2.2.3. Different Sources of Procuring Opioids
2.3. Porter's Five Force Analysis
2.4. Market Attractiveness Index
2.5. Vendor Scorecard
2.6. Market Drivers
2.6.1. Growth in Medical Cases & Rising Prevalence of Cancer
2.6.2. Increase in the Use of Abuse-Deterrent Formulations to Restrict the Rise of Opioid Dependence
2.6.3. Demand for Palliative Therapy
2.7. Market Restraints
2.7.1. Government Rules and Regulations
2.7.2. Increased Number of Lawsuits Against the Manufacturers of Opioid Drugs
2.7.3. Usage of Opioids for Non-Medical Purposes
2.8. Market Opportunities
2.8.1. Rising Commercial Success and Market Share of Opioid Drugs
2.8.2. Growth of Investments in Research of Pharmaceutical Uses of Opioids
2.9. Market Challenges
2.9.1. Opioid Epidemic Spreading
2.9.2. Rising Death Rate Due to Opioid Overdose
2.10. Covid-19 Impact on the Global Opioid Drugs Market
3. Global Opioid Drugs Market Outlook - by Product
3.7. Other Products
4. Global Opioid Drugs Market Outlook - by Application
4.1. Pain Relief
4.1.1. Cancer Pain
4.1.2. Postoperative Pain Management
4.1.3. Lower Back Pain
4.3. Cough Suppression
4.4. Diarrhea Suppression
5. Global Opioid Drugs Market - Regional Outlook
6. Competitive Landscape
6.1. Acura Pharmaceuticals
6.2. Biodelivery Sciences International Inc
6.3. Cipher Pharmaceuticals Inc
6.4. Allergan (Acquired by Abbvie)
6.5. Collegium Pharmaceutical Inc
6.6. Daiichi Sankyo
6.7. Hikma Pharmaceuticals plc
6.8. Indivior Inc
6.9. Janssen Pharmaceuticals Inc
6.10. Johnson Johnson
6.11. Lannett Co Inc
6.12. Lupin Ltd
6.13. Mylan Nv
6.14. Pfizer Inc
6.15. Purdue Pharma Lp
6.16. Sanofi-Aventis Sa
6.17. Sun Pharmaceutical Industries Ltd
6.18. Teva Pharmaceutical Industries Ltd
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