Research Nester published a report titled “Narcotics Analgesics Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers a detailed overview of the global narcotic analgesics market in terms of market segmentation by type, application, administration route, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.
The global market is estimated to grow with a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The market is anticipated to garner a revenue of USD 51 Billion by the end of 2031, from a revenue of USD 27 Billion in the year 2020. The growing tolerance to nonnarcotic analgesics is the major reason for the constant increase in sales of narcotic analgesics. The quick onset of action, high efficiency for neuropathic pain management, and increased use of narcotic analgesics in palliative care services are estimated to boost the growth of the market during the forecast period.
Furthermore, the market is segmented by administration route into oral, intravenous, rectal, transdermal, & topical, out of which, the oral segment is anticipated to hold the notable share in the global narcotic analgesics market. The growth of the segment is attributed to the simple administration by oral route, non-impassivity, and higher effectiveness of the oral route of administration compared to other routes of administration.
Narcotic Analgesics Market Regional Synopsis
Geographically, the market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of which the market in North America is projected to hold the highest market share during the forecast period on account of an increase in demand for pain relievers for chronic incurable conditions in the geriatric patient population. As per the statistics by the Centers for Disease Control and Prevention (CDC) about 10.7% of U.S adults aged 20 and over, used one or more prescription pain medication during 2015-2018.
The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.
Rising Utilization of Narcotic Analgesics Market Growth
A major growth driver of the global narcotic analgesics market is the rising utilization of narcotic analgesics (opioid-based drugs) worldwide in therapeutic applications of chronic pain, cough, anesthesia, cancer, and arthritis. Cancer and arthritis are chronic diseases that are anticipated to pave way for higher sales in the global narcotic analgesics market. In one of the statistics, the World Health Organization (WHO) stated that cancer disease, which is the leading cause of death worldwide accounted for about 10 million deaths in the year 2020.
However, the shortage of analgesic medication and addiction to narcotic drugs are expected to operate as key restraints to the growth of the global narcotic analgesics market over the forecast period. This report also provides the existing competitive scenario of some of the key players in the global narcotic analgesics market which includes company profiling of Pfizer Inc., Teva Pharmaceutical Industries Ltd., AbbVie Inc., Sun Pharmaceutical Industries Ltd., Sanofi S.A., Abbott Laboratories, Janssen Global Services, LLC, Novartis AG, Bayer AG, and GlaxoSmithKline plc.
