As per an exhaustive study by FMI, the global Opioid Analgesics Market is anticipated to reach US$ 69.55 billion by 2032, from an estimated value of US$ 41.11 Billion in 2022.

In response to surging demand for post-surgery pain management and focus on novel drug formulations for analgesics, the market is estimated to expand at a CAGR of 5.4% over the forecast period 2021-2031, in comparison to the 4.2% CAGR registered from 2106 to 2020.

Opioid analgesics market is largely driven by the increasing prevalence of chronic disorders, neuropathic pain, and orthopedic diseases. Opioids are extensively used for anesthesia, cough suppression, cancer pain management, and treatment of several other conditions. In addition to this, the development of novel analgesics with fewer side effects is expected to spur sales by 1.7X through 2031.

A considerable rise in the number of surgical procedures has been reported in the last few years. According to the International Society of Aesthetic Plastic Surgery (ISAPS), around 11.3 million surgeries were reported across the world in 2019. As opioids are used as medications for managing and reducing pain post-surgeries, the surgical pain indication segment is anticipated to account for nearly 45.9% of the total sales by 2031. The growth in the region is attributed to the increasing prevalence of chronic diseases and presence of favorable medical reimbursement policies in the U.K and Germany.

“Commercialization of non-abusive opioids and increasing availability of opioid analgesics through online distribution channels are expected to accelerate the sales of opioid analgesics,” says the FMI analyst.

Key Takeaways from Opioid Analgesics Market Study

• The U.S. is anticipated to lead the market in North America, accounting for nearly 86% of the overall sales in 2021.
• Sales of opioid analgesics in Germany are estimated to total US$ 2.2 billion, growing at a CAGR of 3.8% during the assessment period.
• The market in India is forecast to account for 35.4% of the sales in South Asia, expanding at a CAGR of 5.7% between 2021 and 2031.
• China is expected to emerge as the most lucrative market for opioid analgesics in East Asia, contributing around 54.2% of the sales revenue in the region by 2021 end.
• Among drug class verticals, oxycodone is estimated to dominate the segment accounting for more than 19% of the global demand in 2021.

Key Drivers

• Surging demand for facial and body aesthetics in response to the rising number of aesthetic surgical procedures such as breast implantation, eyelid surgeries, and abdominoplasty conducted worldwide will spur the sales across surgical pain segment.
• Increasing adoption of opioid maintenance treatment (OMT) for treating opioid dependence (OD) across Germany, the U.K., the U.S., and others are anticipated to drive the market growth.

Key Restraints

• Side effects associated with opioid analgesics such as drowsiness, nausea, constipation, clouded thinking, and psychological & physical addiction are hampering the market growth.
• Stringent government regulation and guidelines regarding manufacturing, storage, marketing, and selling of opioid products are restraining the growth of opioid analgesics.

Competitive Analysis:

Leading manufacturers are emphasizing on launching new and revised products to enhance their product portfolios. Strategies such as product approvals, partnerships, agreements, merger, facility expansion, and collaborations are expected to assist market players strengthen their footprint and gain a competitive edge over other players. For instance,

In May 2020, Assertio Therapeutics, Inc., an American specialty pharmaceutical company, announced entering into merger agreement with a U.S.-based pharmaceutical company, Zyla Life Sciences. The merger will assist companies to expand their product portfolio of inflammation, neurology, and chronic pain medications.

In September 2018, Novartis, a Swiss multinational pharmaceutical corporation, announced signing an agreement for marketing, distribution, and sales, of well-known pain medicine brands such as Cataflam (diclofenac potassium) and Voltaren (diclofenac sodium) in Thailand, Malaysia and Philippines.

• Pfizer Inc.
• Abbott Laboratories
• Janssen Pharmaceuticals, Inc. [Johnson & Johnson]
• Novartis AG
• Bayer AG
• GlaxoSmithKline plc
• F. Hoffmann-La Roche AG,
• Boehringer Ingelheim International GmbH
• Bausch Health Companies Inc.
• Sanofi S.A.
• Teva Pharmaceuticals
• AbbVie Inc. (Allergan plc)
• Purdue Pharmaceuticals L.P.
• Sun Pharmaceutical Industries Ltd.
• Mallinckrodt Pharmaceuticals
• Endo Pharmaceuticals Inc. [Endo International plc]
• Assertio Therapeutics, Inc. [Assertio Holdings, Inc.]

For More Information: https://www.futuremarketinsights.com/reports/opioid-analgesics-market