Surging Chronic Pain Incidence Drives Opioids Market Growth
Chronic diseases such as cardiovascular disease, cancer, musculoskeletal diseases, and neurovascular diseases critically affect a person’s health by lowering immunity. Moreover, many patients suffering from these conditions experience chronic pain. The diseases mentioned above are most common in adults and the geriatric population. Nevertheless, cases of these diseases are noticeably growing among children as well. Chronic pain is also common among sportspersons, athletes, and individuals living with past injuries. In 2021, the National Center for Injury Prevention and Control of the Centers for Disease Control and Prevention (CDC) reported that chronic pain affects ~20% of adults in the US. Further, nearly 51.6 million adults had chronic pain (which lasts 3 months or longer), and 17.1 million had high-impact chronic pain, which restricted their daily activities.
According to a study published in the NCBI (i.e., National Center for Biotechnology Information), 20% of adults suffer from pain worldwide, and 10% are newly diagnosed with chronic pain per year. While pain affects all populations, regardless of sex, race/ethnicity, income, age, or geography, the cases are not distributed equally across the world. Prescription opioids, including hydrocodone, oxycodone, and morphine, are potent pain-reducing medications that are used to treat pain caused by injuries, surgeries, and health conditions such as cancer and arthritis.
According to the Congressional Research Service, Americans may get more opioids at the expense of more comprehensive pain therapies. Increased opioid prescribing practices can be attributed to insurance reimbursement programs that incentivize opioids over alternative pain treatments, cost structures that encourage more efficient care, and evaluations that combine patient satisfaction with effective pain management. Therefore, owing to the advantage of opioids in pain management, the demand is rising among patients with chronic diseases.
Opioids Market: Competitive Landscape and Key Developments
Purdue Pharma LP, Endo International plc, Mallinckrodt Plc, Collegium Pharmaceutical Inc, Neuraxpharm Pharmaceuticals SL, Hikma Pharmaceuticals Plc, Mayne Pharma Group Ltd, Rusan Pharma Ltd, Trevena Inc, and Teva Pharmaceutical Industries Ltd. are a few major companies operating in the opioids market. Market players adopt product innovation strategies to meet evolving customer demands, thereby maintaining their brand names in the market.
A few strategic plans by key players operating in the opioids market are listed below:
In February 2024, Hikma Pharmaceuticals PLC launched Fentanyl Citrate Injection USP in 25 mcg/0.5 mL and 50 mcg/mL doses. Hikma introduced the first FDA-approved 25 mcg/0.5 mL presentation to the US market. The company is expected to expand its portfolio with the launch, broadening the choice of medicines available to hospitals.
In November 2023, Rusan Pharma launched its state-of-the-art API facility in Madhya Pradesh, India. The facility is designed to meet stringent international regulatory guidelines, ensuring the highest level of compliance. With the production capability of 400 metric tons of APIs annually, this facility expansion would contribute to the secure supply of critical APIs to meet the growing demand for addiction treatment and pain management products in India and globally.
In July 2023, Neuraxpharm announced the establishment of affiliates in Brazil and Mexico. As part of its expansion into Brazil, Neuraxpharm acquired Libber Pharma, a company that can provide the infrastructure to support the distribution and commercialization of Neuraxpharm products across the country. The acquired company has been renamed Neuraxpharm Brazil. In Mexico, Neuraxpharm has established a new affiliate—Neuraxpharm Mexico—to distribute existing Neuraxpharm products and two mental health products acquired from Sanofi through a local salesforce appointed to promote all the products.