Opioids Market Size, Share, and Growth Overview by 2031

The opioids market size is projected to reach US$ 15.03 billion by 2031 from US$ 12.93 billion in 2023. The market is expected to register a CAGR of 1.9% in 2023–2031. Key factors driving the market growth include surging chronic pain incidences and an increasing geriatric population across the world.

Opioids Market Analysis

Chronic diseases such as cardiovascular disease, cancer, musculoskeletal diseases, and neurovascular diseases critically affect a person's health by lowering immunity. Moreover, many patients suffering from these conditions experience chronic pain. The diseases mentioned above are most common in adults and the geriatric population. Nevertheless, cases of these diseases are noticeably growing among children as well. Chronic pain is also common among sportspersons, athletes, and individuals living with past injuries. In 2021, the National Center for Injury Prevention and Control of the Centers for Disease Control and Prevention (CDC) reported that chronic pain affects ~20% of adults in the US. The advantage of opioids in pain management propels their demand in chronic disease management procedures.

Opioids Market Overview

The surging incidence of chronic pain and the increasing geriatric population are the main factors contributing to the expansion of the opioid market. According to the Congressional Research Service, Americans may get more opioids at the expense of more comprehensive pain therapies. Increased opioid prescribing practices can be attributed to the insurance reimbursement programs that incentivize opioids over alternative pain treatments, cost structures that encourage more efficient care, and evaluations that combine patient satisfaction with effective pain management. Therefore, owing to the advantage of opioids in pain management, the demand is rising among patients with chronic diseases.

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Opioids Market: Strategic Insights

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Opioids Market Drivers and Opportunities

Rising Geriatric Population Favors Opioids Market Progress

The majority of older people live with chronic pain, resulting in reduced strength to carry out their daily activities. The elderly population widely suffers from bone and joint disorders, arthritis, cancer, and other chronic disorders causing pain. According to the World Health Organization (WHO) data from February 2018, the geriatric population is estimated to grow by 22% by 2050 compared with 12% in 2015. The data also stated that low- and middle-income countries would account for nearly 80% of this surge. Developed countries such as the US, Canada, the UK, France, Germany, and Japan, and developing countries such as China, India, and South Korea are also experiencing significant growth in the geriatric population. Thus, the increasing geriatric population is the major driver of the growth of the opioid market across the world.

Strategic Initiatives by Market Players – An Opportunity in Customization of the Opioid market

Opioid 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 CNS and/or respiratory depression. Further, 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. Lastly, 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.

Opioids Market Report Segmentation Analysis

Key segments that contributed to the derivation of the opioids Market analysis are type, cause, disorder type, category, and end user.

• Based on type, the opioids market is divided into immediate-release short-acting opioids and extended-release long-acting opioids. The immediate-release short-acting opioids segment held a larger market share in 2023. This same segment is expected to record a higher CAGR during 2023–2031.
• By application, the market is classified into pain management, anesthesia, diarrhea suppression, cough suppression, de-addiction, and others. The pain management segment held the largest share of the market in 2023.
• In terms of the route of administration, the market is classified into intravenous, oral administration, and patch. The oral segment held the largest share of the market in 2023.
• By end user, the market is divided into hospital pharmacies and clinical pharmacies. The hospital pharmacy segment accounted for a larger share of the opioids market in 2023.

Opioids Market Share Analysis, by Geography

The geographic scope of the opioids market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America dominated the opioid market in 2023. The surging cases of opioid overdose are affecting the growth of the opioid market. As per the World Health Organization (WHO) statistics on opioid overdose, there were 70,630 deaths due to drug overdose in 2019 in the US. The CDC also estimated that ~280,000 people in the country died from the overdose of prescription opioids during 1999–2021. The presence of global market players is another noteworthy factor contributing to the dominance of North America in the global opioids market. Asia Pacific is anticipated to record the highest CAGR in the market in the coming years.

Opioids Market Regional Insights

The regional trends and factors influencing the Opioids Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Opioids Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Opioids Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Opioids Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Opioids Market are:

1. Purdue Pharma LP
2. Endo International plc
3. Mallinckrodt Plc
4. Collegium Pharmaceutical Inc
5. Neuraxpharm Pharmaceuticals SL
6. Hikma Pharmaceuticals Plc

Disclaimer: The companies listed above are not ranked in any particular order.

Opioids Market News and Recent Developments

The opioids market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments and strategies in the opioids market:

• In March 2023, Trevena, Inc. announced that Jiangsu Nhwa Pharmaceutical Co., its partner in China, received formal approval from the National Medical Products Administration for OLINVYK. It has been approved for use in adults for the management of acute pain that is severe enough to require an intravenous opioid analgesic and is resistant to alternative treatments. (Source: Trevena, Inc., Press Release, 2023)
• In January 2023, Neuraxpharm announced the establishment of Neuraxpharm Belgium to cover Belgium and Luxembourg, completing its presence in Benelux as it continues its expansion pathway in Europe. (Source: Neuraxpharm, Press Release, 2023)
• In February 2023, Neuraxpharm announced the acquisition of two established product portfolios for central nervous system (CNS) disorders, and pain and vascular diseases from Sanofi. The well-established products that Neuraxpharm acquired include 15 products addressing CNS disorders and 2 products in pain and vascular diseases. (Source: Neuraxpharm, Press Release, 2023)

Opioids Market Report Coverage and Deliverables

The “Opioid Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST and SWOT analyses
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
• Detailed company profiles