North America Opioid Market To Witness Significant Growth Due To Rising Focus Towards Palliative Care For Patient And Increasing Geriatric Population Till 2024 | Million Insights
The North America Opioid Market is expected to value at USD 18.5 billion by 2024. The North America opioid industry is subject to witness a substantial growth due to the rising geriatric population and growing focus towards palliative care for patient across the globe. Application of the opioid varies from analgesics drugs to cough suppressants and as anti-diarrheal medicines.
In addition, increasing number of activities such as acquisitions and collaborations by industry participants is anticipated to fuel market demand for opioid medicines, particularly in North America region. The North America opioid market is predicted to grow at CAGR of 4.6% in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
Growing occurrence of incidences related to excessive use of opioid medication due to their unique set of properties, particularly influential in palliative care, is expected to drive their sales output. Furthermore, factors positively affecting market performance of opioid industry in North America region include rising penetration of generics technology and increasing healthcare expenditure levels by local governments.
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Moreover, higher approval rate from local authorities such as The Food and Drug Administration (FDA) coupled with the availability of a strong drug pipelines are excepted to boost market growth over the forecast period. Availability improved, efficacious drugs and cost-effective drug delivery system are estimated to foster the growth of North America opioid industry over the next seven years.
Pain relief medicines, which are gaining popularity in the pharmaceutical & medicine sector, use non-opioid, Nonsteroidal Anti-Inflammatory Drugs (NSAIDs).These drugs does not carry the risk of developing drug dependency. However, regular use of these drugs for pain relief leads to ceiling effect in patients, thus restraining market growth to a certain extent. Yet, development novel drugs such as buprenorphine, fentanyl, and morphine for pain management are predicted to stimulate market demand over the next seven years.
North America opioid market is broadly categorized into five major segments based on the application type such as pain relief, anesthesia, cough suppression, diarrhea suppression and De-addiction. The pain relief is considered as one of the fastest growing segment in the North America opioid industry with substantial revenue generation in the last few years. Growing popularity of opioid drugs in the pain relief segment is attributed to the rising preference towards opioid drugs by healthcare professional and higher market penetration. The cough suppression segment has also witnessed substantial growth owing to the cost efficiency and easy availability.
North America region has shown exponential growth in opioid market in the last few years owing to the rise in the implementation of latest technologies in pharmaceutical sector, increase in the number of research & development activities in the region, and existence of well-established healthcare infrastructure.
Countries such as U.S., Canada and Mexico are leading the North America market with rising geriatric population, increasing awareness regarding palliative care services, growing number of medical facilities, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the North America opioid market are Purdue Pharma L.P., Allergan plc (Actavis), Pfizer, Inc., Janssen Pharmaceuticals, Inc., and Egalet Co.
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Market Segment:
North America Opioid Market, product outlook by revenue (USD Million, 2013 – 2024)
• Immediate – release / Short – acting Opioids
• Codeine
• Oxycodone
• Hydrocodone
• Fentanyl
• Morphine
• Hydroxymorphone
• Oxymorphone
• Propoxyphene
• Other IR opioids
• Extended – release / Long – acting Opioids
• Oxycodone
• Hydrocodone
• Methadone
• Fentanyl
• Morphine
• Oxymorphone
• Tapentadol
• Buprenorphine
• Hydromorphone
• Other ER opioids
North America Opioid Market, application outlook by revenue (USD Million, 2013 – 2024)
• Pain Relief
• Cancer Pain
• Post-operative Pain Management
• Low Back Pain
• Orthopedic
• Neuropathic Pain
• Fibromyalgia
• Anesthesia
• Cough Suppression
• Diarrhea suppression
• De – addiction
North America market, regional outlook by revenue (USD Million, 2013 – 2024)
• U.S.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/pharmaceuticals
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