Immediate-Release Short-Acting Opioids Held Larger Opioids Market Share in 2023

According to our new research study on "Opioids Market Forecast to 2031 - Global Analysis - by Products, Application, Route of administration, Distribution Channel, and Geography," the market is expected to grow from US$ 12.93 billion in 2023 to US$ 15.03 billion by 2031; it is anticipated to record a CAGR of 1.9% from 2023 to 2031. The report emphasizes the trends prevalent in the global market, and drivers and deterrents affecting its growth. The surging prevalence of chronic pain followed by increasing geriatric population propel the opioids market growth. However, increasing drug abuse restrict the market growth. government initiatives focusing on development of medication to prevent and treat opioid overdose and disorder are expected to bring opioids market trends in the coming years.

Strategic Initiatives by Market Players to Create Growth Opportunities in Opioids Market

Opioids market players invest in R&D activities to ensure the development of effective products. In May 2023, Indivior PLC received the US Food and Drug Administration (FDA) approval for OPVEE (nalmefene) nasal spray for emergency use to treat suspected or known opioid overdose induced by synthetic or natural opioids in adults and pediatric patients aged 12 years and more, which is characterized by the central nervous system (CNS) and/or respiratory depression. In December 2021, Sandoz announced the launch of its generic Narcan (naloxone hydrochloride) Nasal Spray 4mg in the US; the product is used to reverse opioid overdose. Individuals in the US can immediately obtain Narcan via retail pharmacies and institutions, including hospitals. In August 2023, Emergent BioSolutions launched the over-the-counter NARCAN Nasal Spray, making it possible for everybody to help save a life from an opioid overdose emergency.

Therefore, strategic initiatives are likely to offer growth opportunities to the opioids market in the coming years.

The opioids market is segmented on the basis of product, application, route of administration, distribution channel, and geography. In terms of product, the market is segmented into immediate-release short-acting opioids and extended-release long-acting opioids. In 2023, the immediate-release short-acting opioid segment held a larger opioids market share in 2023. It is further anticipated to register a higher CAGR of 2.0% in the market during the forecast period.

The opioids market, by application, is segmented into pain management, anesthesia, diarrhea suppression, cough suppression, de-addiction, and others. The pain management held the largest share of the market in 2023. The de-addiction segment is anticipated to register the highest CAGR of 2.4% during the forecast period. The pain management segment contributed largest to the opioids market growth, in terms of revenue share, in 2023, and it is expected to account for 71.70% of the market by 2031.

In terms of the route of administration, the opioid market is segmented into oral, injectables, and patches. The oral segment held the largest share of the market in 2023. However, the transdermal patches segment is anticipated to register the highest CAGR of 2.5% is during the forecast period.

Based on distribution channel, the market is bifurcated into hospital pharmacies and retail pharmacies. The hospital pharmacies segment held a larger share of the market in 2023. It is estimated to record a higher CAGR of 2.1% during the forecast period. Hospital pharmacists are responsible for monitoring opioid prescriptions, verifying dosages, and providing education to healthcare providers and patients based on the risks and benefits of the therapy. Additionally, hospital pharmacies may implement protocols to prevent opioid diversion and misuse within healthcare facilities. With the increasing opioid use, hospital pharmacies are highly focused on promoting responsible opioid prescription practices and implementing strategies to minimize the risk of opioid-related harm among patients. They engage in collaborative efforts with healthcare providers and regulatory agencies to ensure the effective and safe use of opioids in hospital settings Thus, the increasing number of admissions in hospitals is likely to drive the sales of opioids in hospital pharmacies.

Purdue Pharma LP, Endo International plc, Mallinckrodt Plc, Collegium Pharmaceutical Inc, Neuraxpharm Pharmaceuticals SL, Hikma Pharmaceuticals Plc, Mayne Pharma Group Ltd, Rusan Pharma Ltd, Trevena Inc, and Teva Pharmaceutical Industries Ltd are among the prominent players profiled in the opioids market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. These companies focus on geographic expansions and new product launches to meet the growing demand from consumers worldwide and increase their product range in specialty portfolios. These initiatives by the companies are expected to bolster the opioids market size during the forecast period.

The opioids market analysis has been carried out by considering the following segments: product type, application, route of administration, distribution channel, and geography. The opioids market, by type, is segmented into immediate-release short-acting opioids and extended-release long-acting opioids. Based on application, the opioid market is segmented into pain management, anesthesia, diarrhea suppression, cough suppression, de-addiction, and others. Based on the route of administration, the opioid market is segmented into oral, injectables, and patches. Based on distribution channel, the market is further divided into hospital pharmacies and retail pharmacies. The geographic scope of the opioids market report encompasses North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).


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