April 21, 2024
Narcotics Analgesics Market

Narcotics Analgesics Market is Estimated to Witness High Growth Owing to Increasing Chronic Pain Cases

The narcotics analgesics market consists of opioid and non-opioid pain relievers that are used to treat moderate to severe chronic pain. Opioids help reduce levels of pain by interacting with opioid receptors in the brain and nervous system. Some commonly used opioids include morphine, codeine, fentanyl, oxycodone, and hydrocodone. Non-opioid analgesics include acetaminophen, aspirin, and NSAIDs like ibuprofen and naproxen that do not bind to opioid receptors. These pain medications are widely prescribed by doctors to improve patients’ quality of life and functionality by managing chronic pain conditions like back pain, arthritis, cancer, and neurological disorders.

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, Cascades Inc. The market players are focusing on developing novel drug delivery systems like transdermal patches and gels to improve medication adherence. The rising geriatric population vulnerable to arthritis and other pain disorders present significant growth opportunities. Furthermore, companies are expanding their sales footprint in emerging Asia Pacific countries to tap the increasing unmet needs.

The growing prevalence of cancer and incidence of chronic pain disorders are driving the demand for effective analgesics. According to the National Cancer Institute, there were over 1.8 million new cancer cases diagnosed in 2020 in the United States. Cancer pain often persists for months or years in nearly 70% of advanced stage patients despite treatment. As a result, an increasing number of patients are seeking narcotic prescription medications for long-term pain relief. The surging need to improve cancer patients’ quality of life is a major growth driver for the narcotics analgesics market.

Market drivers
The increasing cases of accidental and trauma injuries due to road accidents or workplaces have significantly contributed to the burden of chronic pain. It has been estimated that over 50 million Americans suffer from chronic pain annually. The rising health and economic impact of prolonged pain is propelling the demand for strong prescription pain relievers like morphine and oxycodone. Moreover, the growing geriatric population highly prone to arthritis and lower back pain disorders is expected to fuel market growth during the forecast period.

PEST Analysis

Political: The narcotics analgesics market is regulated by international and domestic laws. Governments regulate the production, distribution, and prescription of narcotic drugs like opioids to prevent misuse and abuse.

Economic: Rising healthcare spending in major economies is fueling the demand for prescription and OTC narcotics analgesics drugs for pain management. Growing prevalence of chronic pain indications is also supporting market growth.

Social: Increasing awareness about pain management options and greater acceptance of using prescription painkillers is positively impacting the market. However, the ongoing misuse epidemic of opioid drugs in certain regions poses social challenges.

Technological: Advanced drug delivery technologies are helping optimize dosage levels and reduce side effects of narcotic pain relievers. Self-administered delivery devices are gaining traction.

Geographical regions with high market value
North America accounts for a major share of the global narcotics analgesics market value due to the rising prevalence of chronic pain disorders, growing acceptance of prescription opioids, and reimbursement policies in countries like the US and Canada. Europe is another lucrative regional market backed by universal healthcare coverage, aging population and high spending on specialty drugs. Asia Pacific is projected to be the fastest growing region during the forecast period due to the increasing accessibility to advanced analgesics in major countries like China and India.

Fastest growing region
Asia Pacific region is projected to witness the fastest growth in the global narcotics analgesics market during the forecast period. Factors such as rising geriatric population, escalating healthcare spending, growing prevalence of chronic pain indications, increasing awareness about pain treatment options and improving access to advanced pain therapies are expected to drive strong demand for both branded and generic narcotics analgesics in Asia Pacific markets. Additionally, rising discretionary incomes are also expanding the usage of OTC drugs in self-medicating populations across developing Asian countries.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it