by The U.S. opioids market is estimated to be valued at US$ 17180.89 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The U.S. opioids market comprises products like codeine, fentanyl, hydrocodone, hydromorphone, methadone, morphine, oxycodone and tramadol. These opioid drugs are widely used for the treatment of moderate to severe pain associated with injury, surgery, cancer or other chronic conditions. They work by changing the way the brain and nervous system respond to pain.
Market Dynamics:
The growth of the U.S. opioids market is majorly driven by rising prevalence of chronic pain conditions such as osteoarthritis, back pain, cancer pain etc. in the country. As per estimate, around 25 million Americans suffer from chronic pain everyday and as high as 50 million suffer from severe acute pain annually. Moreover, increasing number of surgical procedures also contribute to higher number of chronic pain patients. Further, the growth of the market is also supported by new product launches. For instance, in June 2020, Viatris Inc. launched a generic version of Exalgo (hydromorphone) extended-release tablets for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment. The company believes the launch will provide patients with additional access to this medication. .
SWOT Analysis
Strength: The U.S. opioids market has a large patient population suffering from chronic and cancer pain. The presence of major pharmaceutical companies conducting research and clinical trials for developing novel opioid drugs also strengthens the market. Reimbursement policies favor the use of prescription opioids for pain management.
Weakness: Rising abuse and misuse of prescription opioids has led to an opioid crisis in the U.S. Strict regulations and surveillance on opioid prescriptions may hamper sales. The availability of alternative pain treatment options also poses a challenge.
Opportunity: Higher acceptance of long-acting and abuse-deterrent formulations of opioids offers lucrative opportunities. Growing geriatric population suffering from arthritis and other pain indications increase the market potential. Partnerships for developing new opioid products will spur growth.
Threats: Vulnerability of opioids to abuse, addiction and overdose remain a concern. Intense competition from cheap generic drugs erode brand values. Negative publicity and lawsuits over opioid epidemic can impact revenues.
Key Takeaways
Global U.S. Opioids Market Demand is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing prevalence of chronic pain disorders. By 2030, the market size is projected to reach US$ 30,500 Mn.
Regional analysis:
The Midwest region currently dominates the U.S. opioids market with over 30% share due to higher painkiller prescriptions. Southern states are fast emerging owing to rapidly aging population with arthritis. Western region also witnessed 5% growth during 2019 due to legalization of medical marijuana reducing opioid dependence.
Key players:
Key players operating in the U.S. opioids market are Purdue Pharmaceuticals L.P., Titan Pharmaceuticals, Inc., Pfizer Inc., Mallinckrodt, Pfizer Inc., Assertio Holdings, Inc., Par Pharmaceutical, Amneal Pharmaceuticals LLC, Trevena, Inc., Lupin, and Endo Pharmaceuticals, Inc. Purdue Pharma dominates with brand OxyContin while Endo leads in extended-release oxymorphone segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
