by Narcotics analgesics are strong pain relievers used to treat moderate to severe pain. They work by binding to opioid receptors in the brain and blocking pain signals. Some common narcotics analgesics include morphine, oxycodone, fentanyl and hydrocodone. They are prescribed for conditions such as cancer pain, postoperative pain, fractures and severe injuries.
The global Narcotics Analgesics Market is estimated to be valued at US$ 31.64 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
According to the Centers for Disease Control and Prevention, around 50 million adults in the U.S. suffer from chronic pain. Moreover, globally 1 in 5 adults live with pain on a daily basis. Such widespread incidence of pain is expected to boost demand for potent pain relievers. Additionally, rapid growth in geriatric population is another factor fueling the market growth, as older adults are more susceptible to chronic illnesses necessitating narcotic pain treatment. However, risks of narcotics addiction and overdose may restrainthe market to a certain extent. Stringent regulations regarding distribution of such controlled substances may also challenge market growth during the forecast period.
SWOT Analysis
Strength: Narcotics analgesics have strong pain relieving properties that are highly effective for moderate to severe pain management. The market has numerous generic and branded options available at affordable prices. There is a rise in demand for palliative care worldwide which contributes to market growth.
Weakness: Prolonged usage can cause dependency and addiction. Strict regulations regarding production and consumption may hamper market growth. Strong competition from alternative therapies also affects the market.
Opportunity: Increasing incidence of arthritis, cancer and other pain indications present lucrative opportunities. Growth opportunities exist in emerging markets due to increased chronic disease burden and demand for palliative care.
Threats: Risk of legal actions and governmental regulations pertaining to dependency and abuse. Alternative therapies and herbal medicines also pose significant threats to market revenue.
Key Takeaways
The Global Narcotics Analgesics Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing prevalence of chronic pain disorders and rising geriatric population. According to estimates, the global narcotics analgesics market size was valued at US$ 31.64 Bn in 2023 and is projected to reach over US$ 54 Bn by 2030.
Regional analysis
North America currently dominates the global narcotics analgesics market and is expected to continue its dominance over the forecast period. This is attributed to rising R&D investments by key manufacturers, higher healthcare spending, and increasing prescription of narcotic pain medications. Asia Pacific exhibits the fastest growth rate owing to large patient pools, growing awareness regarding pain management, and increasing healthcare expenditure in the region.
Key players
Key players operating in the narcotics analgesics market are Abbott, Pfizer Inc., Eli Lilly & Company, Endo International plc, F. Hoffmann-La Roche AG Bausch Health Companies Inc., Merck & Co. Inc., AbbVie Inc., Novartis AG, Johnson & Johnson Private Limited, GSK plc., Purdue Pharma L.P. These companies are focused on developing novel formulations, strengthening distribution networks and collaborating with local players to strengthen their presence in high growth markets.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
