The North America opioid market is expected to reach USD 18.5 billion by 2024, according to a new report by Grand View Research, Inc. Favorable regulations and healthcare reforms are providing an environment, conducive for research and development as well as commercialization efforts directed toward the development of novel abuse-deterrent opioids, to flourish and drive the industry growth during the forecast period. Furthermore, the key players are deploying large funds in the development of abuse-deterrent technology wherein drugs are designed to be tamper resistant. This is achieved through alterations involving, among others, the use of physical or chemical barriers to resist convenient extraction of the opioids, the addition of an aversive agent to the formulation that would yield an unpleasant effect upon its extraction, and the formulation of opioid prodrugs that are dependent on enzymatic activity in order to be rendered to their active forms. These tamper-resistant opioid drug forms are anticipated to mitigate the incidence of their misuse.
Opioids
are the mainstay of chronic pain management that is used to alleviate varied
pain conditions. Opiates including codeine and morphine are frequently employed
as cough suppression medication. Codeine is considered as a gold standard for cough
suppression since it has minimal side effects. Moreover, these narcoticsare
used in the treatment of irritable bowel syndrome-induced diarrhea since they
act on gastrointestinal receptors. In addition, peripherally acting loperamide
is commonly used to suppress diarrhea. Thus, theprofitable growth of the Opioid
Market lies in its breadth of applications in the management of diverse
conditions including cough, diarrhea, and pain.
Full Research Report On North America Opioid Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/north-america-opioid-market
Further key
findings from the study suggest:
- The extended-release opioids
segment accounted for the largest share over 55% in 2015. The dominance of
the segment is attributed to the high usage of these drugs for chronic
pain management and the development of innovative dosage forms, such as
transdermal patches.
- Market share of the
immediate-release dosage formsincluding morphine and codeine, is expected
to decline owing to the frequent product recalls and severe side effects
associated with their use. The segment is estimated to witness a CAGR of
around 1.7% over the forecast period.
- In terms of applications,
the pain relief segment held the largest market share in 2015 with a
revenue generation of over 9.3 billion. The extensive amount of pain
caused during chemotherapy and radiotherapy are the primary factors
resulting in the increasing incorporation of these drugs in the cancer
segment.
- The post-operative pain
management segment is expected to be the fastest growing application in
the pain relief category.As a result of their high applicability in post-
surgical pain management, the rise in number of surgical procedures is
expected to fuel the sectorpenetration of opioids in the near future.
- The U.S. region dominated
the global Opioid Market with a sizable revenue share in 2015. One of the
major determinants is the growing geriatric population with clinically
demonstrated susceptibility to terminal conditions, such as rheumatoid
arthritis, is positively impacting this vertical.
- In addition, the increasing
adoption of opioids for pain management related to trauma and injury
cases, in severe and chronic disabling diseases, and in cases of post-surgical
pain, is driving the growth of the market in the North America region
- The Canada regional
verticalis expected to witnesssignificant growth over the forecast period
with a CAGR of over 5.3% due tothe improvinghealthcare infrastructure and
the presence of favorable government reforms governing the use of
narcoticsin the treatment of both, acute and chronic pain, as well as in
the cases of persistent cough and diarrhea. Additionally, the expanding
generic drugs market in this region is expected to provide a potential
growth platform for the key players in this vertical.
- Some of the leadingplayers
in this verticalinclude Pfizer, Inc., Purdue Pharma L.P., Janssen
Pharmaceuticals, Inc., Allergan Plc (Actavis), and Egalet Corporation.
Extensive research and development endeavors carried out by companies with
the aim of expanding their product pipeline are expected to boost the
growth of this sector.
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Grand View Research has segmented
the North America opioids market on the basis of product, application,and region:
North America
Opioid Market, product outlook by revenue (USD Million, 2014 - 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, 2014 - 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, 2014 - 2024)
- U.S.
About Grand View Research
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.
For more info visit @ https://www.grandviewresearch.com
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