May 25, 2024

Narcotics Analgesics Market Is Expected To Be Flourished By Rising Prevalence Of Chronic Pain Conditions

Narcotic analgesics, also known as opioid analgesics or opioid painkillers, are a group of psychoactive compounds that are used primarily to treat severe and chronic pain. Some common narcotic analgesics include oxycodone, hydrocodone, morphine, codeine, fentanyl, and others. These drugs work by binding to opioid receptors in the brain and body to produce analgesic effects. They are usually prescribed for relief of moderate to severe pain that does not respond well to other pain medications. Narcotic analgesics have wide applications in postoperative and injury-related pain management as well as cancer pain relief. The global narcotics analgesics market is growing due to the rising prevalence of chronic pain disorders such as arthritis, lower back pain, diabetes-related neuropathic pain, cancer pain, and other painful conditions.

The global Narcotics Analgesics Market is estimated to be valued at US$ 36.45 Billion in 2023 and is expected to exhibit a CAGR Of 12% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Rising prevalence of chronic pain conditions: Chronic pain affects more than 1.5 billion people worldwide and is one of the most common reasons for visiting a physician. According to the National Center for Complementary and Integrative Health, chronic pain costs the U.S. over $500 billion annually in direct medical costs. The growing geriatric population along with rising cases of arthritis, diabetes, and cancer is fueling the demand for effective chronic pain relief options such as narcotic analgesics. This is expected to drive the growth of the narcotics analgesics market over the forecast period.

Increasing demand for Post-operative pain management: Postoperative pain is one of the most common reasons for narcotic drug prescriptions. According to the Agency for Healthcare Research and Quality, over 50 million surgical procedures were performed in the United States in 2016. Effective pain management is critical in the postoperative period for faster recovery and improved clinical outcomes. This is creating high demand for short and long-acting opioid analgesics for post-operative pain management.

 

Segment Analysis

The narcotics analgesics market can be segmented based on drug type, application, distribution channel and region. By drug type, the market is dominated by opioid drugs which account for over 60% of the market share. Opioid drugs are highly prescribed for treatment of severe pain and have proven track record of reducing pain.

PEST Analysis

Political: The market is regulated by drug authorities who monitor prescription and distribution of narcotics. Some countries have stringent regulations around usage and prescription of opioid drugs due to risk of addiction.

Economic: Rising healthcare costs coupled with growing geriatric population suffering from chronic diseases is driving growth of the pain therapeutics market. However, risk of drug abuse and addiction may negatively impact the market.

Social: Growing awareness about management of pain and availability of various treatment options is supporting market growth. However, social stigma around usage of narcotics analgesics restrain market growth to some extent.

Technological: Advancements in drug delivery systems help reduce side-effects and risk of addiction related to narcotic painkillers. Development of long-acting formulation and abuse-deterrent products offer new opportunities.

Key Takeaways

The  Global Narcotics Analgesics Market Demand is expected to witness high growth over the forecast period supported by rising incidence of chronic diseases, growing geriatric population and increasing awareness about pain management.

North America dominates the market currently owing to well developed healthcare facilities and higher healthcare spending in the region. Asia Pacific is anticipated to witness fastest growth in the coming years led by expansion of healthcare infrastructure and systems in developing countries of the region.

Key players operating in the narcotics analgesics market are Kimberly-Clark Corporation, Essity AB, Georgia-Pacific LLC. Essity AB leads the global market with over 25% share owing to its strong brand presence and diverse product portfolio. The company focuses on developing innovative range of products to enhance its market position further. Other major players are implementing strategies like acquisitions, partnerships and collaborations for sustained growth in the analgesics industry.

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