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Emphasis on Diagnostics (Blood tests, Feacal tests, Colonoscopies, Flexible Sigmoidoscopy, Computerized tomography, Magnetic resonance imaging and others) and Treatment (Medication, Surgery); and Region/Country
The Opioids market was valued at USD 22 Bn and is expected to grow at a strong CAGR of around 3% during the forecast period (2022-2030). Opioids are a class of drugs that are commonly used to treat pain. They work by binding to specific receptors in the brain and nervous system, which can reduce the perception of pain. Opioids can be effective for managing moderate to severe pain, but they can also be highly addictive and can lead to overdose and death. The surging aging population, along with the increasing pain conditions and the rising demand for pain management medications attributes to the growth of the opioids market. For instance, as per the WHO, By 2030, one in six people in the world will be over the age of 60. By then, the proportion of the population aged 60 and over will increase from 1 billion in 2020 to 1.4 billion.
Some of the major players operating in the market Purdue Pharma L.P.; Johnson & Johnson Private Limited; Hikma Pharmaceuticals PLC; Pfizer Inc; AbbVie Inc; Sanofi; Sun Pharmaceutical Industries Ltd.; Grünenthal; Merck & Co., Inc.; and Endo International plc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst class, the semi-synthetic segment is expected to grow at a higher CAGR during the forecast period.”
Based on class, the market is segmented into natural, semi-synthetic, and fully synthetic. As per our analysis, the semi-synthetic segment is expected to grow at a higher CAGR during the forecast period. The increasing utilization of semi-synthetic opioids for long-term use as these have fewer side effects is the major reason for the segmental growth.
“Amongst application, the pain management segment held the dominant share in 2021.”
Based on the application, the market is segmented into pain management, cough treatment, diarrhea treatment, anesthesia, and others. As per our analysis, the pain management segment held the dominant share in 2021. Opioids have major applications in pain management and the higher incidences of chronic pain are the major attributing factor for the large share of the segment in the opioids market. For instance, as per the CDC, In 2019, 20.4% of adults experienced chronic pain and 7.4% of adults experienced chronic pain that often limits their living and work activities.
“Amongst route of administration, the oral segment is expected to grow at a higher CAGR during the forecast period.”
Based on the route of administration, the market is segmented into oral, injectable, and others. As per our analysis, the oral segment is expected to grow at a higher CAGR during the forecast period. Oral medicines are convenient to use and offer certain advantages such as ease of administration and flexibility in dosing are some important factors driving the growth of the oral segment.
“Asia Pacific is expected to grow with the highest CAGR Opioids market during the forecast period.”
Asia Pacific is expected to grow with the highest CAGR opioid market during the forecast period. The rapidly rising population, along with the increasing prevalence of chronic diseases in the region is attributed to the market growth of opioids in Asia-Pacific. For instance, 46.6% of Australians of all ages had one or more chronic conditions, and nearly one in five had two or more conditions.
Opioids Market Report Coverage
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The global opioids market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Research Methodology for the Opioids Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Opioids market were the three major steps undertaken to create and analyze the adoption of opioids in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of global opioids market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the opioids market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the opioids market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as class, application, and route of administration. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Opioids market. Further, we conducted factor analysis using dependent and independent variables such as class, application, and route of administration of the opioids market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Opioids market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global opioids market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global opioids market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the class, application, and route of administration in the global opioids market.
The main objective of the Global Opioids Market Study
The current & future market trends of the global opioids market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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