Narcotics Analgesics such as morphine, codeine, fentanyl, oxycodone help provide relief from moderate to severe pain and are prescribed by healthcare professionals. These prescription pain medications work by binding to receptors in the brain and nervous system to decrease the intensity of pain signals reaching the brain.
The global Narcotics Analgesics Market is estimated to be valued at Us$ 36.45 Bn in 2023 and is expected to exhibit a CAGR Of 12% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The usage of prescription pain relievers has increased significantly over the past few years mainly due to the growing prevalence of chronic and post-operative pain worldwide. Narcotic analgesics are prescribed for relief of severe pain that does not respond to other pain medications. According to research, nearly 100 million Americans suffer from chronic pain and 25.3 million patients receive prescription opioids for pain therapy annually in the United States alone. The rising trend of self-medication for minor pain and injuries has also contributed to the increased consumption of narcotics analgesics. Furthermore, the lack of availability of effective substitutes has made these medications the preferred choice for relief from moderate to severe pain. This rising reliance on prescription pain killers is expected to drive the growth of the Narcotics Analgesics Market over the forecast period.
Segment Analysis
The narcotics analgesics market is segmented by products into morphine, codeine, fentanyl and others. Among these, the morphine segment dominates the market and accounts for over 30% share. This is owing to high demand for morphine drugs to treat severe pain conditions like cancer pain. Morphine is one of the strongest and most effective narcotics analgesics used clinically for pain management.
Key Takeaways
The Global Narcotics Analgesics Market Demand is expected to witness high growth.
Regional analysis –
North America dominates the narcotics analgesics market with over 40% share. This is attributed to rising prevalence of chronic pain disorders like arthritis and cancer along with high healthcare spending on pain management therapies in the US and Canada.
Key players operating in the narcotics analgesics market are Kimberly-Clark Corporation, Essity AB, Georgia-Pacific LLC, Asia Pulp and Paper Group, Procter & Gamble Co., Sofidel Group, CMPC Tissue S.A., WEPA Hygieneprodukte GmbH, Metsà Group, Cascades Inc.
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