Opioids are the drugs manufactured for producing morphine-like effects and are effective for the treatment of pain relief, addiction, diarrhoeaand more. The usage of opioids have been prevalent for drug reversal purposes as well that generally includes reversing opioid overdose and suppression of opioid induced constipation. Strong intake of these drugs has significant purposes as well. This generally includes veterinary uses such as immobilizing large mammals and the prevention of withdrawal or inducing of euphoric effects. Although opioid drugs have effective cure over acute pain conditions and persistent cough, they have too many side effects that have inhibited the growth rate of this market for quite a long period of time. Pain relieving methodologies through consumption of drugs have often leaded to misuse and addiction. Hence medical practitioners will not prescribe opioid drugs unless other drugs have been found ineffective.
Market Value of Opioid drugs:
The global market value of opioid drugs is said to reach a considerable range within few years due to the prevalence of conditions pertaining to pain issues amongst people. Pain is the common symptom for various disorders and pain relievers have always been found effective in the market of pharmaceuticals. Hence, the production of these drugs will efficiently increase and the overall value would increase with a highly significant Cumulative Average Growth Rate (CAGR) percent. The key competitors in the market include BoehringerIngelheim, Janssen Pharmaceuticals Inc., Pfizer Inc., Mallinckrodt Pharmaceuticals, Eaglet, Sanofi, Actavis Plc and Endo pharmaceuticals Inc. North America leads in the market due to increased usage of pain relievers and industrial dominance. Europe and Asian pacific regions secure second and third positions respectively and Asian pacific regions like China and India would show significant growth rate in the impending years due to consistent economical uplifting of various sectors.
The essential market drivers include the renovated regulations and policies for the prescription of opioid drugs, the expanded focus of producers towards Abuse deterrent formulation (ADF) and increase in the rate of palliative care facilities. However, the analgesic nature leading to addition could pose as a potential restraint in the market. The segments encompassing morphine and codeine categories have yielded high revenue yield as expected. The elimination of control over prescription and tolerance for morphine and codeine would effectively increase the market growth rate of these drug products.
Cancer treatments often require pain management drugs. The consistent increase in cancer patients would also boost up the market status of opioid drugs. However, health maintenance and addiction prevention could be quintessential for the market growth.