Opioids, a group of narcotic pain-management drug are mostly used in developed countries. However the usage is restricted to prescribed users only. The product is used as an anesthesia, diarrhea suppressant, cough suppressant, and for the management of pain. Rising prevalence of diseases that results into chronic pain, such as postsurgical pain, cancer, lower back pain, arthritis, and fibromyalgia, is driving the market growth.
Although, the market is strictly regulated by the U.S. FDA due to reduce the cases of deaths registered in the country due to drug abuse. The organization has released specific guidelines for the companies to manufacture, store, market, and sell these products. Furthermore, In Jan 2019, Medicare established the new guidelines for opioid prescribing which are expected to affect Medicare Part D beneficiaries. Part D plans are expected to limit the early opioid dispensing to 7-day supply. Thus, these new guidelines are anticipated to limit the abuse rate in the country reducing the usage and hence acting as a market restraint.
On the other hand, once widely stigmatized, medical marijuana is projected as the potential antidote to the epidemic which is leading to over two-thirds of deaths annually in the U.S. Recent studies detected a substantial decrease in both drug abuse and overdose deaths from the prescription painkillers where medical marijuana has been legalized. Biotech and pharma companies believe that the products will become the predominant opioid substitute for the chronic pain management and will provide a wide variety of various other beneficial therapies.Segment Overview
Fentanyl, an extended release opioid commanded the major market share of opioids by product in 2018 owing to high usage in chronic pain management. However, the misuse and abuse of these drugs have caused a serious public health crisis in major countries. As a result, the U.S. FDA in Sept 2018, released final Opioid Analgesic Risk Evaluation and Mitigation Strategy for ER and IR opioids. The plan will help reduce overall exposure to the drugs and consequently reduce the addiction rate.
On the basis of application, pain management commanded the major market share in 2018. However, product usage for the pain is anticipated to decline over the period owing to the implementation of the new regulatory framework. The new guideline has been designed by CDC for prescribing opioids for the chronic pain. According to the guideline, it has been suggested that non-opioid therapy or treatment should be preferred for various chronic pain other than the palliative, active cancer, end-of-life care.Regional Overview
North America commanded the major market share in 2018 as the consumption is highest in the region. Though, the region is expected to witness decline in the market share in the coming years owing to the rising government efforts to combat crisis in the U.S. for instance; recently, the FDA discontinued wide variety of the opioids from market to limit abuse. Such as, Percocet (oxycodone), and Vicodin (hydrocodone) the widely prescribed opioids. Furthermore, the decline in prescriptions have been observed in recent years. In 2017, the prescription rate of these drugs reduced by 10.2% from the 2016. Hence, these factors are expected to limit the growth of the opioids market over the forecast period.
Furthermore, awareness initiatives by the government are further expected to reduce the growth rate of the opioids usage during the forecast period. For Instance; in June 2018, the government launched public awareness campaign to combat the addiction. In addition, few of the opioid products including Purdue Pharma’ OxyContin have been discontinued in the U.S. and Canada. However, countries in Asia Pacific are expected to witness the fastest growth during the forecast period as the companies such as Purdue Pharma are now shifting their focus to these countries with an aim to strengthen their market position.Competitor overview
Some of the key market players are Purdue Pharma L.P.; Allergan; West-Ward Pharmaceuticals Corporation; Janssen Pharmaceuticals, Inc.; Pfizer, Inc.; Egalet Corporation; and Sun Pharmaceutical Industries Limited. Key players are majorly focusing on expanding their business units in different regions to increase the market share.
For Instance, Purdue Pharma is entering rapidly into Latin America, Asia, and Middle East and Africa. The company is focusing on organizing awareness programs where the doctors are advised to prescribe painkillers to help the patients overcome opiophobia.Key Players
- Purdue Pharma L.P
- West-Ward Pharmaceuticals Corporation
- Janssen Pharmaceuticals, Inc.
- West-Ward Pharmaceuticals Corporation
- Sanofi-Aventis S.A.
- Pfizer, Inc.
- ALLERGAN (Actavis)
- Sun Pharmaceutical Industries Limited
- Grunenthal Gmbh
- Diarrhea Suppression
- Anesthesia, Pain Management
- Cough Suppression
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA