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NEW YORK : Opioids are a class of drugs that are used to alleviate pain by binding to opioid receptors in the central and peripheral nervous system. They are often prescribed for chronic pain management, as well as for acute pain relief after surgery or injury. However, opioids are highly addictive and can lead to abuse, overdose, and death. The global opioids market has been growing steadily due to the rising prevalence of chronic pain and the increasing use of opioids in pain management.
Market Size and Growth:
Worldwide revenue from the opioids market stands at US$ 42.9 Bn in 2022, with the global market estimated to surge ahead at a CAGR of 3.3% to reach a valuation of US$ 61.1 Bn by the end of 2033. As assessed by Persistence Market Research, morphine is expected to hold a largest market value of US$ 15.9 Bn by 2023. Overall, opioids market sales account for approximately 55.6% revenue share in the global analgesics market, which was valued at around US$ 77.3 Bn at the end of 2022.
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Drivers and Restraints:
The main drivers for the opioids market include the increasing prevalence of chronic pain worldwide, the growing use of opioids for pain management, and the rise in surgical procedures requiring pain relief. In addition, the development of new and advanced opioids with fewer side effects and longer-lasting pain relief is expected to drive the growth of the market.
The opioid epidemic, with the increasing incidence of opioid addiction, abuse, and overdose, is a significant restraint for the opioids market. The increasing awareness of the risks associated with opioid use has led to tighter regulations and restrictions on opioid prescribing and usage, which may limit the growth of the market. Moreover, the availability of alternative pain management therapies and the high cost of opioids may also act as restraints for the market.
Some of the leading companies operating in the market are:
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Key Segments Covered in Opioids Industry Research
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About Us:
Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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