Narcotics analgesics are pain relieving drugs that act on the central nervous system to relieve severe, acute pain. They are most commonly used in procedures such as surgeries, dental procedures, dressing changes, and cancer pain management. The market for narcotic analgesics is growing due to an increase in the prevalence of chronic diseases causing chronic pain and accident/injury cases.
The global Narcotics Analgesics Market is estimated to be valued at US$ 31.64 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
In recent times, telehealth has allowed doctors to consult with patients and send digital prescriptions for controlled substances remotely. This saves both patients and providers time and reduces the risk of exposure during doctor visits amidst the ongoing pandemic. It also allows doctors to track patients’ conditions and medication compliance more efficiently.
The global narcotics analgesics market is segmented based on drug type, distribution channel, and geography. By drug type, the market is classified into morphine, codeine, fentanyl, meperidine, methadone, and others. The morphine segment is expected to dominate the market over the forecast period owing to its high efficacy in treating moderate to severe pain.
The Global Narcotics Analgesics Market Size is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period, due to increasing prevalence of chronic pain disorders.
North America dominated the global narcotics analgesics market in 2021 and is expected to continue its dominance over the forecast period. This is attributed to the increasing prevalence of chronic pain disorders and cancer in the region. Asia Pacific is expected to be the fastest growing region owing to improving healthcare infrastructure and rising healthcare expenditure in major countries like India and China.
Key players operating in the narcotics analgesics market are Abbott, Pfizer Inc., Eli Lilly & Company, Endo International plc, F. Hoffmann-La Roche AG Bausch Health Companies Inc., Merck & Co. Inc., AbbVie Inc., Novartis AG, Johnson & Johnson Private Limited, GSK plc., Purdue Pharma L.P.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it