The Rising Prevalence Of Chronic Pain Is Anticipated To Open Up New Avenues For The U.S. Opioids Market

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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 a class of drugs that include prescription pain relievers such as oxycodone, hydrocodone, codeine, morphine, fentanyl and others. They work by binding to opioid receptors in the brain and are commonly prescribed to treat moderate to severe pain. However, prolonged use may lead to dependency and addiction. They are available in various formulations such as tablets, capsules, films, patches and injectables.

Market Dynamics:
The increase in the prevalence of chronic pain disorders such as arthritis, cancer, migraine and back pain has emerged as a key factor driving the demand for opioids in the U.S. According to the Centers for Disease Control and Prevention (CDC), around 20.4% of the U.S. adult population suffers from chronic pain. Furthermore, the rising geriatric population who are more prone to chronic pain is also contributing to the market growth. However, the ongoing opioid epidemic and strict regulations imposed by regulatory authorities to curb substance abuse may hamper the market growth.
One of the major drivers of the U.S. opioids market is the increasing acceptance of long term opioid therapy for chronic pain management. Various clinical guidelines now suggest opioid therapy for certain groups of patients with chronic non-cancer pain for whom alternative treatment options have failed. Moreover, technological advancements facilitating development of abuse deterrent formulations of opioids is also fueling market growth. However, increased awareness regarding potential risks of opioid addiction may negatively impact the demand.

Segment Analysis
The U.S. opioids market is dominated by prescription opioids which account for over 60% market share. Prescription opioids are prescribed by physicians to manage pain and continue to dominate the market due to growing prevalence of chronic pain disorders among aging population in the country.

PEST Analysis
Political: Opioid epidemic and abuse continues to be a major healthcare policy issue in the U.S. with federal and state governments focusing on curbing overprescribing and misuse through stricter regulations.
Economic: High and rising healthcare costs is a key economic factor promoting alternative non-opioid pain therapies. However, opioids continue to have a large market being one of the most commonly prescribed drug class.
Social: Growing public health awareness regarding risks of long-term opioid use and addiction has negatively impacted the social perceptions related to opioids. However, needs of aging population with chronic pain conditions sustains its social needs.
Technological: Technological advancements are being made in developing novel non-opioid drug delivery systems and therapies for pain management such as topical patches, electrical stimulation, and cannabidiol drugs which can provide alternatives to opioids.

Key Takeaways
Global U.S. Opioids Market Demand is expected to witness moderate growth, exhibiting CAGR of 5.5% over the forecast period, due to growing prevalence of chronic pain conditions in an expanding elderly population.

The western region accounts for over 40% value share led by states like California and Washington having higher pain prevalence and opioid prescription rates. However, northeastern states are expected to witness fastest growth due to renewed focus on management of pain as a public health issue.


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. Top players like Purdue Pharma and Pfizer have experienced challenges in the market like opioid dependency issues and lawsuits but managing chronic pain remains their key business focus. 

 

Read More- https://www.ukwebwire.com/u-s-opioids-market-forcast-and-outlook/

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