July 21, 2024
NARCOTICS ANALGESICS MARKET

Growing Demand For Opioid Medications Is Projected To Drive Global Narcotic Analgesics Market

Opioid medications are commonly prescribed painkillers that work by binding to receptors in the brain, spinal cord and other organs to reduce the perception of pain. Some common opioid analgesics include morphine, codeine, oxycodone, hydrocodone, fentanyl and methadone. These medications are very effective in relieving moderate to severe acute pain and are often prescribed post-surgery or for injuries. However, prolonged use can lead to dependence and addiction.

The global narcotic analgesics market consists of a wide range of prescription opioid pain medications. These drugs effectively reduce pain signals transmitted to the brain but come with safety risks such as respiratory depression, drowsiness and the potential for abuse. While short-term use may be appropriate to manage pain following injury or surgery, prolonged intake requires close medical supervision. The need for pain management amid rising injury and disease incidence has driven strong demand for these controlled substances. However, efforts to curb the opioid epidemic have led many countries and states to impose restrictions on opioid prescribing practices.

The global Narcotic Analgesics Market is estimated to be valued at US$ 31.64 Billion in 2023 and is expected to exhibit a CAGR Of 22% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the narcotic analgesics market is the development of abuse-deterrent formulations. In response to widespread non-medical use and abuse of prescription opioids, drug makers are investing heavily in creating new versions that are difficult to snort, inject or otherwise misuse. Some FDA-approved abuse-deterrent formulations use inactive ingredients that bind the drug and make it difficult to extract or coat tablets to prevent crushing. While not fully preventing abuse, these modifications aim to make misuse less appealing or rewarding to curb the epidemic. Drug makers are also focusing on novel drug delivery technologies like transdermal patches to provide long-lasting pain relief with lower risks of abuse or diversion. With abuse continuing to drive opioid overdoses, further innovations in tamper-resistant medications could help physicians feel more confident in appropriately treating pain.

Porter’s Analysis

Threat of new entrants: The risk of new companies entering the narcotics analgesics market is moderate as large capital investment is required for R&D and production facilities. However, generics players can enter with lower barriers.

Bargaining power of buyers: The bargaining power of buyers in the narcotics analgesics market is high as the products are largely substitutable and buyers have significant influence over prices. Buyers can easily switch between branded and generic drugs.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials for manufacturing narcotics analgesics are commodity chemicals widely available. However, regulations ensure quality supply.

Threat of new substitutes: The threat of substitutes is moderate to high as alternative delivery mechanisms and non-opioid drugs are emerging for pain management. However, opioid drugs remain dominant for severe pain.

Competitive rivalry: The competitive rivalry in the narcotics analgesics market is high due to many global and local players. Companies compete on pricing, marketing strategies and new product launches.

Key Takeaways

The Global Narcotics Analgesics Market Demand Size  is expected to witness high growth over the forecast period supported by increasing prevalence of chronic pain disorders and aging population vulnerable to arthritis and other pain conditions. The global narcotic analgesics market is estimated to be valued at US$ 31.64 billion in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030.

Regional analysis:

 

North America currently dominates the market due to growing opioid epidemic and rising healthcare spending. However, Asia Pacific is expected to emerge as the fastest growing market led by countries like China and India experiencing economic development and lifestyle changes resulting in greater chronic pain instances.

Key players:

 

Key players operating in the narcotics analgesics market include Pfizer, Purdue Pharma, Janssen Pharmaceuticals, Teva Pharmaceuticals, Endo International, West-Ward Pharmaceuticals, Mallinckrodt Pharmaceuticals, Mylan, and Sun Pharmaceutical Industries. These players compete through novel drug delivery technologies and geographic expansions into high growth regions.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it