Narcotics analgesics are drugs prescribed for the treatment of acute and chronic pain. They work by binding to opioid receptors in the brain and spinal cord to relieve pain. They are used to treat moderate to severe pain that cannot be controlled by other pain medications like paracetamol or NSAIDs. The growing prevalence of cancer and other chronic pain conditions is driving the demand for narcotics analgesics globally.
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:
Some of the key trends in the narcotics analgesics market include growing older population demographics with chronic pain conditions, increasing incidence of cancer, rise in approval and consumption of abuse-deterrent formulations, and growing focus on alternative drug delivery methods like transdermal and abuse-deterrent patches. The prevalence of chronic pain conditions like osteoarthritis is increasing significantly with aging global population. This is driving high demand for narcotics analgesics globally. Moreover,
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to high capital requirements and government regulations in the narcotics analgesics market. Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of alternative treatment options. Bargaining power of suppliers: The bargaining power of suppliers is high due to scarce availability of raw materials and active pharmaceutical ingredients. Threat of new substitutes: The threat of new substitutes is moderate as alternative pain management therapies are available. Competitive rivalry: is high due to presence of large number of global players.
SWOT Analysis
Strength: Narcotics analgesics are highly effective in severe pain treatment. Growing aging population suffering from chronic pain drives market growth.
Weakness: Risk of addiction and dependency with long-term usage. Stringent regulations delay product approvals and market entry.
Opportunity: Increasing awareness about management of chronic diseases presents opportunities. Emerging economies present high growth potential.
Threats: Social stigma associated with narcotics limits patient acceptability. Safer alternative pain therapies restrict market growth.
Key Takeaways
The Global Narcotics Analgesics Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing prevalence of chronic pain disorders.
North America currently dominates the market and is expected to retain its position throughout the forecast period, owing to growing geriatric population suffering from arthritis and other pain-related conditions in the US and Canada. The Asia Pacific region is expected to be the fastest growing market for narcotics analgesics, with a CAGR of over 7%, mainly driven by Japan 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.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
