by The 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 strong prescription pain medicines used to treat moderate to severe pain. They work by changing the way your brain and nervous system respond to pain. Some common opioids are oxycodone, hydrocodone, morphine, codeine, fentanyl, and tramadol. The growing prevalence chronic pain conditions like arthritis, cancer, osteoarthritis, and low back pain has fueled the demand for opioids analgesics in the United States.
Market key trends:
The U.S. opioids market is expected to witness healthy growth owing to rising cases of chronic pain. According to the Centers for Disease Control and Prevention, around 50 million American adults suffer from chronic pain. Growing adoption of opioids for chronic pain has been one of the key trends in the market. Moreover, increasing incidents of road accidents and sports injuries are increasing reliance on opioids for pain management which is contributing to market growth. However, opioid overuse and misuse has led to a public health crisis which is prompting researchers to focus on developing abuse-deterrent and long-acting formulations that drive the market while minimizing risks of addiction and abuse.
Porter’s Analysis
Threat of new entrants: The U.S. Opioids Market faces moderate threat of new entrants as it requires large capital investments and long approval timelines for new products from the Food and Drug Administration.
Bargaining power of buyers: The bargaining power of buyers in the U.S. Opioids Market is moderate due to the presence of many established manufacturers and buyers having access to substitute products.
Bargaining power of suppliers: The suppliers of raw materials for Opioids have moderate bargaining power due to specialized requirements and established supply chains.
Threat of new substitutes: The threat of substitute products is high due to availability of alternative treatment options such as non-opioid drugs, surgeries, and alternative therapies.
Competitive rivalry: The market witnesses high competitive rivalry due to established players.
SWOT Analysis
Strengths: The market is driven by high prevalence of chronic & acute pain disorders. Product innovation and R&D aimed at developing long-acting formulations.
Weaknesses: Opioid addiction, abuse & overdose deaths. Increased regulatory restrictions and scrutiny on opioid prescriptions resulting in declining sales.
Opportunities: Untapped growth potential in developing long term opioid dependence treatment. Emergence of combination therapies combining opioids with other pain medications.
Threats: Risks of litigation & lawsuits over opioid abuse & addictions. Stringent regulations capping dose and duration of opioid prescriptions.
Key Takeaways
Global U.S. Opioids Market Demand is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing prevalence of chronic pain disorders such as arthritis, cancer and musculoskeletal conditions. The market size for 2023 is estimated to reach US$ 17180.89 Mn.
Regionally, the Western region dominates the U.S. Opioids Market owing to high prevalence of pain-related diseases and greater healthcare spending. States like California account for the largest share due to high treatment seeking rate. The Southern region is expected to exhibit fastest growth during the forecast period.
Key players operating in the U.S. Opioids Market are 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. Major players are focused on developing long acting formulations, combination therapies and addiction treatment drugs to overcome dependence issues.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
