December 18, 2018
WELLESLEY, Mass., Dec 18, 2018 – Growth in the global opioid market is attributable to many factors, including a high demand for effective chronic pain management, an increasing number of palliative care centers and growing approval rate of abuse-deterrent formulations. According to a recent report by BCC Research, this market is expected to reach $29.8 billion by 2023.
Opioids, which are prescription drugs, are the cornerstone of moderate to severe pain management. The growing prevalence of cancer, the launches of innovative drug formulations and investments in the development of novel therapeutics will all help drive the market during the forecast period. From an estimated $26.4 billion in 2018, a 5-year compound annual growth rate (CAGR) of 2.5% is expected, according to the report “Opioid Drugs: Global Markets to 2023.”
In recent years, the rising incidence of opiate abuse, addiction and overdose-related deaths have had a negative impact on market growth. Stringent regulatory policies and guidelines from government organizations are anticipated to impede the prescription of opioid drugs.
“Manufacturers have strong pipelines of opioid drugs in various phases of clinical development,” the report notes. “Most are for the treatment of chronic pain and opioid dependence. Although generic competition poses a continuous threat, pharmaceutical companies are still significantly investing in the development of novel opioid drugs.”
Opioids Market Witnessing a Mixed Trend
Large pharma players that were once leaders in the global opioid drug market are restricting R&D and promotional activities, mainly due to the opioid crisis and lawsuits filed against them. Pharma companies are shifting focus to novel formulations that would reduce opioid misuse.
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Opioid Drugs: Global Markets to 2023( PHM207A )
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