The narcotics analgesics market comprises drugs that are used to relieve pain by acting on the central nervous system. Popular narcotics analgesics include fentanyl, hydrocodone, hydromorphone, morphine, oxycodone, and tapentadol. These drugs help in alleviating moderate to severe pain associated with conditions like cancer, injuries, postoperative pain, and chronic pain disorders like arthritis.
The global Narcotics Analgesics Market is estimated to be valued at US$ 36.45 Billion in 2024 and is expected to exhibit a CAGR Of 12% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key drivers propelling the growth of the narcotics analgesics market is the increasing prevalence of chronic pain disorders globally. Chronic pain conditions like arthritis, lower back pain, and fibromyalgia affect a significantly large patient population. As per estimations by the Arthritis Foundation, around 78 million people in the US suffer from arthritis pain annually. Narcotic analgesics are widely prescribed drugs for managing chronic pain in such patients. Moreover, the geriatric population, which is more susceptible to chronic illnesses, is steadily growing. This is expected to further boost the demand for narcotics analgesics over the forecast period. However, the abuse potential and risk of addiction associated with these drugs may restraint the market to a certain extent.
SWOT Analysis
Strength: Medications like morphine, oxycodone, and fentanyl are effective at treating severe pain when used properly. They have immediate pain-relieving effects.
Weakness: These drugs carry risks of abuse and addiction. They also may cause side effects like nausea, drowsiness, and constipation. Overdoses can be fatal.
Opportunity: An aging population means there will be greater need for strong pain medications to treat conditions like cancer pain and after surgeries. New formulations that reduce risks of misuse could expand the market.
Threats: Increased regulation and oversight of opioid prescribing poses challenges. Alternatives to opioids for pain are being developed and may capture some of the market. Public concerns over the opioid crisis also impact these medications.
Key Takeaways
The Global Narcotics Analgesics Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is estimated at US$ 36.45 billion with a projected CAGR of 12%.
Regional analysis:
North America currently dominates the market due to higher consumption and ongoing opioid crisis. However, the Asia Pacific region is expected to be the fastest growing market due to rising healthcare expenditure and increasing incidence of chronic pain.
Key players:
Key players operating in the narcotics analgesics market include 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. These companies are focusing on new product development and expansion in high growth regions to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
