April 20, 2024
Narcotics Analgesics Market

The Narcotics Analgesics Market is driven by increasing prescription drug abuse trends

The narcotics analgesics market refers to products that provide relief from pain and induce sleep. Opioids such as morphine, codeine, fentanyl, and oxycodone are commonly prescribed to patients suffering from chronic pain. These drugs bind to opioid receptors in the central nervous system to suppress pain signals reaching the brain.

Key advantages of opioids include their high effectiveness in treating both acute and chronic pain. However, some adverse effects include dependence, respiratory depression, and constipation. The market has grown due to the rising prevalence of chronic conditions like cancer, arthritis, and back pain. Additionally, growing prescription drug abuse has also boosted the narcotics analgesics demand.

The Global narcotics analgesics Market Demand is estimated to be valued at US$36.45 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.

Key Takeaways
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, Metsä Group, and Cascades Inc. The demand for opioid drugs has increased substantially owing to the rising disease burden and aging population worldwide. Additionally, companies are expanding their production facilities across different countries to meet the growing global requirement.

Growing demand in the market: The increasing prevalence of various chronic diseases like cancer and arthritis has boosted the demand for strong pain medications. Furthermore, the aging population who are more prone to experience pain also contribute to the rising sales of narcotics analgesics. According to a report, chronic pain impacted around 1.5 billion people globally in 2020.

Global expansion of the market: Major players in the market have expanded their presence across different regions over the past few years. For instance, in 2022, Kimberly-Clark established a new production plant in Nigeria. Similarly, Procter & Gamble expanded its manufacturing facility in Poland. This expansion allows companies to improve accessibility and meet the needs of an increasing patient pool worldwide.

Market Key Trends
One of the key trends witnessed in the narcotics analgesics market is increasing prescription drug abuse. According to the National Institute on Drug Abuse, over 17,000 people died due to prescription opioid overdose in the United States alone in 2020. This has encouraged regulators to impose stricter rules to prevent non-medical use of narcotics. For example, the FDA requested manufacturers to develop abuse-deterrent opioid formulations that are difficult to crush, break, or dissolve for intranasal or intravenous administration. This aims to curtail the trend of rising prescription drug misuse.

Porter’s Analysis

Threat of new entrants: High capital investment requirement for manufacturing and stringent regulations for entry act as a barrier.

Bargaining power of buyers: Large volume of buyers for narcotics analgesics gives them higher bargaining power to negotiate on prices.

Bargaining power of suppliers: Major suppliers of active pharmaceutical ingredients have established supply relationships giving them meaningful influence.

Threat of new substitutes: Alternate pain relief medications and therapies pose a potential threat.

Competitive rivalry: Intense competition exists among existing players to gain market share and profitability.

Geographical Regions

North America currently holds the largest share of the narcotics analgesics market in terms of value due to the growing prevalence of chronic pain and an increasing elderly population. The market in Asia Pacific is expected to witness the fastest CAGR during the forecast period on account of rising healthcare expenditure, growing awareness about pain management, and a constant rise in the geriatric population.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it