Narcotic Analgesics Market Segmented By Pentazocine, Oxymorphone, Morphine, Hydromorphone, Methadone, Hydrocodone, Fentanyl, Oxycodone Product type in Sustained-release Opioids (SROs), Immediate-release Opioids (IROs) and Long-acting Opioids (LAOs) Drug type
Industry: Healthcare
Format: PPT*, PDF, EXCEL
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Report Type: Ongoing
Report ID: PMRREP32866
According to the latest research by Persistence Market Research, Narcotic Analgesics market is anticipated to grow at 2.3% CAGR during the forecast period. The Narcotic Analgesics demand outlook is supposed to witness steady rise in the forecast period giving the manufacturers numerous beneficial opportunities of development in the near future.
Narcotic Analgesics have a higher efficacy to pain and has a fast onset of action. They are highly recommended and used for palliative care for patients suffering from chronic pain associated with neuropathic disorders.
There has been increased attention on palliative care in the developing countries which also have increased reimbursements available for the same. All these factors are expected to drive the consumption of narcotic analgesics globally, thereby increasing the demand for this market.
In an article published by World Health Organization, on 4th August 2021, they estimated that approximately 62 million people used opioids in 2019. The number is expected to increase every year. The rising adoption and use of narcotic analgesics by the patients suffering from chronic pain is anticipated to propel the growth of this market in the future years.
There are various therapeutic applications of narcotic analgesics for the treatment of chronic pain associated with debilitating diseases like cancer and arthritis. Patients suffering from conditions which are associated with chronic pain usually develop a dependency on opioid-based drugs. This is another prominent factor that will pave the way for higher demand of narcotic analgesics in the forecast period.
The US center for Medicare and Medicaid services (CMS) on 1st January, 2019, implemented a new policy to prevent and combat opioid overuse along with limiting the prescription and dispensing of the narcotic analgesics.
With the introduction of various government initiatives and resolutions to control the addiction and abuse of opioids, which include the standardization of prescription for these drugs is creating ripples of transformation in the supply of narcotic analgesics globally.
To assist combat the opioid problem, the FDA is encouraging the development of prescription opioids containing abuse deterrent formulations (ADF). The agency notes that abusing deterrent opioids is not without risk of abuse or addiction, but it is a first step toward products that can help reduce abuse. The FDA is continuously making efforts to understand the definitive impact of these products on the population.
The FDA has approved these opioids in accordance with FDA industry guidelines, with labels describing abuse deterrent properties: Abuse Deterrent Opioides-Evaluation and Labeling:
U.S. and Canada regional demand outlooks are estimated to be leading the global narcotic analgesics market. This is because of the extensive availability of various generic opioids and greater predisposition towards the post –operative pain management and palliative care services offered in this region.
Post-operative care and palliative care reimbursements are driving demand for narcotic analgesics in the United States. The reimbursement scenarios for wound care and wound care have also led to a sharp increase in the consumption of narcotic analgesics.
It is expected that supporting insurance policies for chemotherapy cycles and post-operative care in developing countries will eventually drive the global demand for narcotic analgesics.
The European region is expected to hold the second highest position in the global narcotic analgesics market during the forecast period. This dominant position of the region is fueled by the tolerant regulations made by the health regulatory bodies in this region.
Around 20% of the adults in Europe suffer from some kind of moderate to severe chronic pain. The patients opt for narcotic analgesics for the management of such type of pain. This is expected to be a key factor in the growth of this field in the region.
The global narcotic analgesics market has numerous key players. Some of them are
On 3rd March, 2020, FDA started to review the painkiller tanezumab, developed together by Pfizer and Eli, Lilly and Company, which is used for the treatment of chronic pain relief in patients suffering moderate to severe osteoarthritis, whose pain cannot be relieved by other analgesic drugs.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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