Opioids agonist drugs are pain relieving medications which ease pain by binding opioid receptors in the brain, spinal cord and other parts of body. These drugs are prescribed for pain relief in conditions such as cancer, endometriosis, arthritis and others.
The global Opioids Agonist Drugs Market is estimated to be valued at US$ 17,132.5 Mn or Bn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the opioids agonist drugs market is the development of abuse-deterrent formulations (ADF) of opioid drugs. ADF are formulations that are designed to deter abuse through alternate routes of administration like snorting or injecting. For example, some ADF formulations form a gel when dissolved, making it difficult to inject. This helps in curbing the epidemic of opioid abuse. Another key trend is the shift towards long-acting formulations of opioids analgesics to improve patient compliance and reduce reliance on short-acting opioids which carry a higher risk of abuse and diversion. Several long acting opioids like Duragesic (fentanyl) patches and OxyContin ER (oxycodone) tablets are being increasingly prescribed over conventional immediate release formulations.
SWOT Analysis
Strength: Opioids agonist drugs are effective in pain management for patients suffering from moderate to severe chronic pain. They provide quick relief to patients.
Weakness: Opioids agonist drugs have risk of addiction and tolerance development with long term usage. They may also cause several side effects like nausea, drowsiness, constipation etc.
Opportunity: Rising geriatric population suffering from arthritis and other chronic pain conditions increases the market opportunity. Growing awareness about availability of advanced pain management treatments also supports market growth.
Threats: Stringent regulations to control misuse of opioids may limit prescription rates. Alternative non-opioid therapies entering the market pose competition threat to opioid drugs.
Key Takeaways
The global opioids agonist drugs market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing prevalence of chronic pain conditions. Arthritis, back pain and other age related musculoskeletal disorders are major drivers for market growth.
Regional analysis
North America dominated the global opioids agonist drugs market in 2023 with over 30% revenue share. Higher consumption of prescription pain medications compared to other regions and growing chronic pain population support market growth in the region. Asia Pacific is expected to exhibit fastest growth during the forecast period rising at CAGR of around 5% from 2023 to 2030. Increasing healthcare spending, improved accessibility and awareness about pain management in emerging economies of China and India drives market growth.
Key players
Key players operating in the opioids agonist drugs market are Advaxis, Inc., Cellectar Biosciences, Inc., OPKO Health, Inc., Pfizer Inc., Amgen Inc., Novartis AG, Eli Lilly and Company, Debiopharm Group, Merck & Co, Bayer AG, Bristol-Myers Squibb Company, Takeda Pharmaceutical, F. Hoffmann-La Roche Ltd and Teva Pharmaceutical. Major players are focused on developing novel pain therapies with reduced addiction potential through partnerships and M&A activities.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
