The global U.S. Opioids Market is estimated to be valued at US$ 17180.89 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Opioids are a class of drug used for pain management by acting on central nervous system for reducing intensity of pain signals reaching the brain. They are commonly prescribed for acute and severe medical conditions and post procedures such as cancer pain, end of life care, surgeries and injury.
Market key trends:
Rising geriatric population is considered as one of the key factors fueling growth of the U.S. opioids market. Older people tend to require more medical prescriptions for pain management as chances of chronic pain increases with age. As per World Population Prospects 2019, share of geriatric population in the U.S. is expected to increase from 16% in 2019 to more than 20% in 2030. This rising pool of older population will significantly increase demand for opioids over the forecast period. Moreover, high prevalence of diseases such as cancer and diabetes leading to increased pain incidents is also expected to propel market growth. However, regulations regarding controlled substances to curb opioid abuse and stringent policies for prescription might hamper growth of the market.
Segment Analysis
The U.S. opioids market is dominated by prescription opioids due to high usage for pain management treatment. Within prescription opioids, hydrocodone products account for the largest share as they are commonly prescribed for treating moderate to severe pain. Hydrocodone is available in combination with other pain relievers like acetaminophen which makes it effective in relieving pain.
Key Takeaways
Global U.S. Opioids Market Demand is expected to witness high growth, exhibiting a CAGR of 5.5% over the forecast period, due to increasing prescription of opioids for chronic pain management.
Market size
The U.S. opioids market size was valued at US$ 17180.89 Mn in 2023 and is expected to reach over US$ 25000 Mn by 2030, increasing demand for post-operative pain relief in outpatient surgeries such as C-section.
Regional analysis
The South region dominates the U.S. opioids market due to growing addiction issues. States like Florida, Tennessee, Georgia, and Kentucky have reported high opioid overdose deaths driving demand in the region.
Key players
Key players operating in the U.S. opioids market include Purdue Pharmaceuticals L.P., Titan Pharmaceuticals, Inc., Pfizer Inc., Mallinckrodt, Pfizer Inc., Assertio Holdings, Inc., Par Pharmaceutical, Amneal Pharmaceuticals LLC, Trevena, Inc., Lupin, and Endo Pharmaceuticals, Inc. Purdue Pharmaceuticals leads the market with its extended-release formulation of oxycodone.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it