July 19, 2024

Growing Prevalence of Chronic Pain to Boost the Growth of Opioids Agonist Drugs Market

Opioids agonist drugs act on the opioid receptors in the central nervous system to relieve pain. Some common opioids agonist drugs include morphine, codeine, oxycodone, hydrocodone, hydromorphone, and fentanyl. These drugs are primarily used to manage moderate to severe chronic pain arising due to conditions such as arthritis, cancer, back pain, joint pain etc. These drugs mimic the effect of naturally produced endorphins in the human body and provide analgesic effect. Due to rising geriatric population and increasing prevalence of chronic conditions, the demand for pain therapeutics is increasing significantly The global Opioids Agonist Drugs Market is estimated to be valued at US$ 17,132.5 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The global opioids agonist drugs market is expected to witness significant growth during the forecast period, owing to factors such as increasing prevalence of chronic pain disorders like arthritis and cancer. According to WHO estimates, around 20.0% of adults aged over 18 years suffered from chronic pain in 2019. Moreover, cancer pain affects approximately 25.0% of newly diagnosed cancer patients and nearly 75.0% of patients in the advanced stages of disease. Thus, growing burden of chronic pain disorders creates high demand for effective pain management therapies like opioids agonist drugs. Other key trends include new product launches, increasing investments in pain therapeutics R&D and growing awareness regarding pain management.
Porter’s Analysis
Threat of new entrants: The opioid drugs market has a moderate threat from new entrants due to high R&D and manufacturing costs involved in developing new opioid drugs. However, new formulation technologies may lower entry barriers over time.
Bargaining power of buyers: Buyers have moderate bargaining power as there are few approved substitutes available. Buyers may request lower prices from suppliers but changing suppliers would be difficult.
Bargaining power of suppliers: Suppliers have high bargaining power as production of active pharmaceutical ingredients requires specialized manufacturing facilities and regulatory approvals. Suppliers can influence market price of raw materials.
Threat of new substitutes: Threat from new substitutes is low as developing new pain treatments require huge investments and time for clinical trials and approvals. Opioid drugs have well-established clinical efficacy.
Competitive rivalry: The market is highly competitive with major players focusing on generics and biosimilars. Players compete on pricing and continuous innovation.

Key Takeaways
The global opioids agonist drugs market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing geriatric population suffering from chronic pain conditions.

Regional analysis: North America dominated the market and accounted for more than 40% share of the global opioids agonist drugs market in 2023. This is attributed to increasing public healthcare expenditure and higher adoption of advanced pain treatments in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising healthcare infrastructure and growing awareness.

Key players operating in the opioids agonist drugs market are Advaxis, Inc., Cellectar Biosciences, Inc., OPKO Health, Inc., Pfizer Inc., Amgen Inc., Novartis AG, Eli Lilly and Company, Debiopharm Group, Merck & Co, Bayer AG, Bristol-Myers Squibb Company, Takeda Pharmaceutical, F. Hoffmann-La Roche Ltd and Teva Pharmaceutical. Key players are focusing on expanding their product portfolio through acquisitions and collaborations for sustained market leadership.

*Note:

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

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