Narcotics Analgesics Market is Anticipated to Witness High Growth Owing to Increasing Prevalence of Chronic Pain


Narcotics Analgesics Market

 The narcotics analgesics market comprise of opioid and non-opioid pain relievers that provide relief from moderate to severe pain. Opioid analgesics such as morphine, codeine, oxycodone and fentanyl are commonly prescribed for cancer pain, post-surgical pain and chronic severe pain. Increasing incidence of chronic pain conditions like arthritis, back pain and cancer has resulted in high demand for potent pain relievers.

The Global narcotics analgesics Market Demand is estimated to be valued at US$ 36.45 billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the narcotics analgesics market include Kimberly-Clark Corporation, Essity AB, Georgia-Pacific LLC, Asia Pulp and Paper Group, Procter & Gamble Co., Sofidel Group, CMPC Tissue S.A., WEPA Hygieneprodukte GmbH, Metsä Group, Cascades Inc. These companies dominate the market with their extensive product portfolio and global distribution network.

The market offers several growth opportunities such as new product launches, expanding into emerging markets and strategic collaborations & acquisitions. Major players are focusing on developing tamper-resistant and abuse deterrent formulations of opioid analgesics to prevent non-medical use of these drugs.

Globally, the narcotics analgesics market is expanding into Latin America, Asia Pacific and Middle East regions owing to increasing healthcare expenditures, rising standards of living and growing medical needs in these areas. However, stringent regulations around opioid use in developed markets act as a challenge for players eyeing global expansion opportunities.

Market Drivers
Growing geriatric population susceptible to chronic pain conditions like osteoarthritis and lower back pain is a key factor driving the narcotics analgesics market. According to WHO, 1.5 billion people suffer from chronic pain globally and 20%-30% of the general population is affected by chronic pain disorders.

Increasing availability of abuse-deterrent formulations of opioid drugs through initiatives by leading players is also fueling the market growth. For instance, Introduction of tamper-resistant formulations have reduced the risk of misuse of these potent analgesics through alternate non-oral routes.

Market Restrain
Stringent regulations imposed by authorities like FDA on distribution and use of opioid drugs hamper the market growth. Over-prescription of opioid drugs has led to increasing addiction rates and fatalities. Governments are focusing on mitigating opioid abuse crisis which acts as a key restrain for the global narcotics analgesics market.

Preference for alternative pain management options like physical therapy, acupuncture and chiropractic treatment also challenges the market growth to some extent. Non-pharmacological treatments are increasingly adopted to avoid side effects and dependency caused by long term use of opioids.


Segment Analysis

The narcotics analgesics market is dominated by opioids sub-segment led by growing demand for potent pain relievers. Opioids such as morphine are highly effective in relieving moderate to severe pain and have high Bioavailability making them first choice for conditions like cancer pain. Non-opioids sub-segment comprising acetaminophen and nonsteroidal anti-inflammatory drugs is another major segment driven by increasing usage to treat mild to moderate pain without risk of addiction.

Global Analysis

North America is the fastest growing region in the narcotics analgesics market led by an aging population and rising prevalence of chronic diseases in the US and Canada driving demand for strong pain management therapies. However, the abuse and overuse of prescription opioids have led regulatory authorities to tighten controls, restraining market growth. Europe represents second largest regional market owing to high accessibility of healthcare and well-established reimbursement policies helping patients afford expensive treatments involving narcotic pain relievers. Asia Pacific is projected to witness highest CAGR during the forecast period due to improving access to healthcare facilities, increasing affordability as well as rising awareness about management of chronic pain.

Get more insights on this topic: Narcotics Analgesics Market

Comments

Post a Comment

Popular posts from this blog

The Notchback Market is Estimated To Witness High Growth Owing To Rising Demand From Emerging Economies

Image
  Notchback Market Market Overview: A notchback is a body style of cars characterized by a gently sloped rear window and greenhouse. Notchbacks provide practical interior space with good cargo capacity. They offer balanced interior volume for passengers and cargo along with sleek and stylish exterior design. The body style has advantages like no C-pillar which enhances visibility compared to sedans. Market key trends: The growth of the notchback market is attributed to rising demand from emerging economies like China, India and Brazil. These nations have growing middle-class population and increasing disposable income which is driving vehicle ownership. Moreover, notchback body style is quite popular in these developing markets due to its spacious cabin combined with stylish looks at affordable prices. Leading automakers are launching various notchback models to cater to the surging demand from developing countries, which is fueling the growth of the notchback market size during ...
Read more

The increasing demand for adhesives and sealants is anticipated to open up the new avenue for Petroleum Resins Market

Image
Petroleum Resins Market  Market Overview: Petroleum resins are amorphous thermoplastic polymers made from petroleum-based feedstock materials, through either thermal or catalytic polymerization. They are mainly used for applications such as adhesives, inks, paints, rubber compounding, and others. Different types of petroleum resins include C5 resins, C9 resins, hydrogenated hydrocarbons (HHCs), and modified and specialized petroleum resins. Among applications, adhesives and sealants hold the largest share in the petroleum resins market owing to increasing use of petroleum resins in hot melt and pressure sensitive adhesives. Market Dynamics: The increasing demand for adhesives from packaging and construction industries is a major driver for the petroleum resins market. According to statsista, the global adhesive market was valued at over US$ 53.3 billion in 2020 and is projected to reach around US$ 78 billion by 2027, growing at a CAGR of over 5.7% during the forecast period. Pe...
Read more

Global Synthetic Biology Market Analysis: Size and Share

Image
Synthetic Biology Market  Synthetic biology encompasses the design, construction, and redesigning of biological parts, devices, and systems, either non-existent in nature or reengineered from existing biological systems. The market is experiencing significant growth, driven by the increasing demand for personalized medicine and healthcare. Applications of synthetic biology span pharmaceuticals, chemical production, agriculture, environmental protection, and renewable energy. Advancements in synthetic biology contribute to the rapid manufacturing of biotherapeutics, fostering the development of personalized medicine and more cost-effective healthcare solutions. The Synthetic Biology Market is projected to be valued at US$ 31,693.59 million in 2023, with an expected CAGR of 28% during the forecast period from 2023 to 2030, according to a newly published report by Coherent Market Insights. Key Market Trends: A prominent trend in the Global Synthetic Biology Market is the escalat...
Read more