Wilmington, Delaware, United States, Transparency Market Research Inc.: Potent pain reducing medications made with compounds such as morphine, hydrocodone, codeine, methadone, and oxycodone fall under the category of opioid drugs.
Wilmington, Delaware, United States, Transparency Market Research Inc.: Potent pain reducing medications made with compounds such as morphine, hydrocodone, codeine, methadone, and oxycodone fall under the category of opioid drugs. Products offered by the players in global opioid pain therapeutics market have tremendous benefits related to pain alleviation yet can prove to be harmful after prolonged usage. Rise in geriatric population along with increasing instances of joint pains and other chronic pain inducing health conditions is triggering the need for effective products in the global opioid pain therapeutics market. High efficiency of opioid medications in relieving pain associated with chronic ailments is also one of the major contributors for the growing global opioid pain therapeutics market.
Opioids have been used in the pharmaceutical and medical industries for a long time and are considered one of the best solutions for the pain relief purposes. The addiction and dependency components associated with the long term usage of opioid drug products poses as a threat to the development of global opioid pain therapeutics market. However, regulations by health and drug control organizations and efforts in drug classifications to restrict the over usage of these drugs can instill growth in the global opioid pain therapeutics market in years to come. On the other hand, emergence of potent non-opioid pain killers and growing usage of device-based pain management therapies can stifle the thriving trajectory of the global opioid pain therapeutics market in coming years.
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Opioid Pain Therapeutics Market - Introduction
Opioids are therapeutics prescribed by physicians to individuals suffering from chronic pain. These therapeutics are used in the treatment of chronic headaches, backache, pain associated with cancer, and injury. Opioids molecule link with the receptors present on the nerve cells and effectively help in pain management. However, regular use of opioids can lead to addiction and have harmful effects on the individual. Opioids are often used to treat acute pulmonary edema associated with left ventricular failure. Major side effects of opioids are sleepiness, constipation, shallow breathing, slow heart rate, loss of consciousness, and nausea.Different types of opioids are prescribed for pain management such as codeine, fentanyl, hydrocodone, oxycodone, oxymorphone, and morphine. According to the American Society of Anesthesiologist report published in 2017, approximately 60% of millennials have experienced chronic pain.
The global opioid pain therapeutics market is driven by increase in patient population suffering from chronic pain, rise in sales of over-the-counter drugs, and surge in product development. However, increase in drug abuse, rise in opioid trafficking, and high risk of side effects are likely to be the major restraints of the global opioid pain management market during the forecast period.
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Opioid Pain Therapeutics Market – Competitive Landscape
Janssen Pharmaceutical
Janssen Pharmaceutical is headquartered in Titusville, New Jersey, U.S. In 1961 Janssen Pharmaceutical was integrated into Johnson & Johnson .Janssen Pharmaceutical is amongst the leading pharmaceutical companies in the U.S. The company product portfolio includes therapeutics for pulmonary hypertension, infectious diseases, pain management, cardiovascular & metabolism, and oncology.
Teva Pharmaceutical
Teva Pharmaceutical is one of the leading generic drug manufacturers in the world. The company produced more than 120 billion capsules and tablets during 2018.According to reports 1 out of 9 generic prescription in the U.S. are Teva Pharmaceutical products. The company has a well-established distribution network spread throughout the globe with operation in more than 60 countries.
Mylan N.V.
Mylan N.V. was established in1961 and is headquartered in Canonsburg, Pennsylvania, U.S. Mylan N.V., and its subsidiaries develop, manufactures, and market generic over the counter drugs along with branded-generic pharmaceutical products throughout North America, Europe, and other parts of the globe. Mylan N.V. has well established strategic partnership and license agreements with some of the leading pharmaceutical manufacturer such as Pfizer Inc., Biocon Ltd., Kyowa Kirin Biologics Co. Ltd, and others
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Perdue Pharma L.P.
Perdue Pharma L.P. was established in 1892 in Stamford, Connecticut, U.S. The company and its affiliates are engaged in production, development, and distribution of prescription and over-the-counter prescription and non-prescription medicines and healthcare products for individual suffering from chronic pain. Purdue Pharma L.P. was previously known as The Purdue Frederick Company which was later changed Purdue Pharma L.P. in January, 1991.
Some of the other key players operating in the global Opioid Pain Therapeutics Market with significant developments include Allergan, AbbVie, QRxpharma Limited, Daiichi Sankyo Company, Endo Pharmaceuticals and other prominent players.
Opioid Pain Therapeutics Market – Dynamics
Increase in Patient population
Increase in patient population suffering from chronic pain, and growth of the pharmaceuticals industry coupled with growing demand are anticipated to drive the global opioid pain therapeutics market in the region during the forecast period. For instance, according to Centers for Disease Control and Prevention, nearly 20.4% adults (about 50 million) in the U.S. are suffering from chronic pain and 20 million have high impact chronic pain.
Technological advancement and new product lunch to drive the market
Increase in product launches, rise in strategic collaborations for expansion of business, and surge in demand are anticipated to drive the global opioid pain therapeutics market during the forecast period. For instance, in June 2018, Daiichi Sankyo Company, Limited launched Fentanyl Citrate Tape for treating moderate to severe pain caused by cancer. The product will be manufactured by Japan-based manufacturer Kyukyu Pharmaceutical Co., Ltd.
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Asia Pacific is likely to present lucrative market opportunities
Asia Pacific is likely to present lucrative opportunities in the opioid pain therapeutics market during the forecast period. Increase in demand, rise in patient population, rapidly growing pharmaceutical industry in the developing countries in the region, and surge in the number of regional manufacturers are projected to drive the opioid pain therapeutics market in the region during the forecast period. Increase in government initiatives to regulate the use of opioids due to rise in drug abuse is anticipated to boost the growth of the global opioid pain therapeutics market in Asia Pacific.
Increase in drug abuse, along with rise in opioid trafficking is expected to hinder the market growth
Opioid therapeutics used for pain management are generally considered safe for use when taken for a short time as recommended by a physician, but in some cases they can be used for drug abuse as they produce elation in addition to pain relief. According to the National Institute of Drug Abuse it has been estimated that more than 130 individual in the U.S. die due to overdose of opioids. Therefore control the drug abuse of opioids many government organization are implementing stringent regulation for the sale of these drugs. Implementation of stringent regulation for the use of opioid is anticipated to affect the total sales opioid drugs as many physician would be reluctant in prescribing opioid even when it is medically applicable. For instance, in April 2019, China announced that it will consider all available variants of fentanyl opioid as controlled substances which is projected to slow down drug supply.
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