25th Feb 2020: Opioids are psychoactive compounds that can occur naturally or can be made in the laboratory. Opioids act on opioid receptors on nerve cells in the body or brain and relieve pain. They are generally used as pain reliever and anesthetics and are safe to use in smaller, prescribed amounts for short period of time.
Pain Relief Segment to Contribute Substantial Demand to the Market
On the basis of application, the market is classified into anesthesia, pain relief, diarrhea suppression, de-addiction, and cough suppression. The pain relief sector dominated the market on account of high usage in pain management treatments.
On the other hand, opioids usage for pain management is also anticipated to decline on account of the new regulatory guideline by the Centers for Disease Control and Prevention (CDC). According to the new rule, medical professionals are advised to prescribe non-opioid therapy for chronic pain and opioids only for active cancer, end-of-life care, and palliative.
Market Insights:
Key companies are concentrating on increasing their business in different regions to increase their market share in the opioids market. For example, Purdue Pharma is entering rapidly into Latin America, Asia, and the Middle East and Africa. The key players are organizing awareness programs where doctors are advised to recommend painkillers to support patients overcome opiophobia.
To decrease the dependence rate on opioid, companies are introducing generic versions of their formulations, which will minimize both the dependence rate and overprescribing. In February 2019, Mylan introduced buprenorphine and naloxone sublingual films, which in turn are non-proprietary forms of Indivior’s Suboxone. The drug got U.S. Food and Drug Administration (FDA) approval for fast commercialization.
Leading players operating in the opioids market include Allergan; Purdue Pharma L.P.; West-Ward Pharmaceuticals Corporation; Pfizer, Inc.; Janssen Pharmaceuticals, Inc.; Sun Pharmaceutical Industries Limited; and Egalet Corporation. The leading companies in the opioids are taking up partnerships, joint ventures, and mergers and acquisitions, in order to boost the inorganic growth of the industry.
1 comment:
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