U.S. Opioids Market, By
Drugs (Codeine, Fentanyl, Meperidine, Methadone, Morphine, and
Hydrocodone) and Therapeutic Application (Pain Management (Neuropathic
Pain, Migraine, Back Pain, Osteoarthritis Pain, Cancer Pain, and
Others), Cough Treatment, and Diarrhea Treatment) was valued at US$ 12,627.6 million in 2016 and is expected to exhibit CAGR of 5.2% over the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing
incidences of chronic diseases, such as cancer and cardiovascular
diseases in developed countries such as U.S., easy accessibility and low
cost of opioids pain killers compared to other pain killers such as
nonsteroidal anti-inflammatory drugs (NSAIDs) and acetaminophen are the
major drivers for growth of the U.S. opioids market. Strict regulatory
guidelines for opioids prescription and increasing awareness about
harmful effects of the drug are restraining growth of the market.
In October 2017, Government of the U.S.
declared the opioid crisis, as a public health emergency. This
declaration is expected to increase the awareness about the drug overuse
or abuse and it led the doctors to reduce from over-prescribing the
opioids drug. Moreover, Attorney General of more than 35 states sent a
letter to the America’s Health Insurance Plans, national association
whose members provide coverage for health care and related services,
urging its members to reconsider coverage policies that may be fueling
the growth of opioid crisis. Due to low cost of opioids compared with
other painkillers such as nonsteroidal anti-inflammatory drugs (NSAIDs)
and acetaminophen, the insurance company has covered the opioid but not
costly one which resulted in limited access to costly painkillers. This
is the major concern for all states and letter from Attorney general of
the states have been sent to modify this coverage policy so that every
painkiller have equal access.
Due to increased focus on opioids drug,
leading pharmacy chains such as CVS has also opted to cooperate the
government in managing this crisis. CVS health has announced to reduce
opioid prescription and has given detailed guidelines for its use. One
among such steps is that their chemist are expected to contact doctors
in case of is over prescription of drug.
Browse 11 Market Data Tables and
19 Figures spread through 132 Pages and in-depth TOC on U.S. Opioids
Market by Drugs (Codeine, Fentanyl, Meperidine, Methadone, Morphine and
Hydrocodone) and Therapeutic Application (Pain Management (Neuropathic
Pain, Migraine, Back Pain, Osteoarthritis Pain, Cancer Pain, Others),
Cough Treatment and Diarrhea Treatment)
To know the latest trends and insights prevalent in the U.S. Opioids Market, click the link below:
According to the National Center for
Health Statistics (NCHS), a division of the Centers for Disease Control
and Prevention, (CDC) in 2017, drug overdose killed around 64,070 people
in the U.S. in 2016, a rise of 21% over the 52,898 drug overdose deaths
was recorded in 2015 and death due to synthetic-opioid fatalities more
than doubling in number during the same time increasing from 9,945 in
2015 -2016 to 20,145 in 2016 - 2017.
The same source estimated that opioid
overdose resulted in the deaths of approximately 300,000 people in the
U.S. during 1999 – 2015. The CDC figure also shows that the rate of
increase in deaths from synthetic opioid was much higher than natural or
semi-synthetic opioids during 1999 - 2015. According to the CDC report,
2016 nearly half of all opioid overdose deaths involved a prescription
opioid.
Key Takeaways of the U.S. Opioids Market:
- The U.S. Opioids market is expected to exhibit a CAGR of 5.2% over the forecast period (2017 – 2025), owing to the increasing incidences of chronic pain, especially in emerging economies.
- Opioids overuse or abuse, which is contributing significantly to this market expansion has become the major concern in the economy.
- Alternative drugs like cannabis has gained attraction in recent times for pain management. If proven effective and safe, cannabis has potential to replace the opioids.
- The use of medical cannabis has been endorsed by numerous professional organizations in the U.S. including the American Academy of Family Physicians (AAFP), the American Public Health Association (APHA), and the American Nurses Association (ANA).
- Pressure is mounting on leading pharmacy chain, such as CVS to act positively to limit the opioid drug prescription.
- Key companies covered in the global U.S. opioids market report include Purdue Pharma L.P., Titan Pharmaceuticals, Inc., Boehringer Ingelheim GmbH, Janssen Pharmaceuticals, Inc., Sanofi S.A., Sun Pharmaceuticals Industries Limited, Mallinckrodt Pharmaceuticals, Egalet Corporation, Endo Pharmaceuticals plc, Allergan, Plc., and Pfizer Inc.
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