Opioids Market Size, Share & Trends Analysis Report By Product (IR/ Short Acting Opioids, ER/Long-Acting Opioids), By Application (Pain Relief, Anesthesia), By Route Of Administration, By Distribution Channel, By Region,- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global opioid market size was exhibited at USD 23.80 billion in 2023 and is projected to hit around USD 28.73 billion by 2033, growing at a CAGR of 1.9% during the forecast period 2024 to 2033.

Key Takeaways:

• North America dominated the market and accounted for the largest revenue share of 64.0%  in 2023.
• The ER/long-acting opioids segment accounted for the largest revenue share of 54.2% in 2023
• The pain relief segment accounted for the largest revenue share of 66.4% in 2023.
• The injectable segment accounted for the largest revenue share of 54.1 in 2023
• The retail pharmacy accounted for the largest revenue share of 60.0% in 2023.

Opioids Market Report Scope

Increasing approval and the launch of new opioid medicines to treat patients with chronic pain are the factors expected to drive market growth. For instance, in August 2020, the Food and Drug Administration in the U.S. approved Olinvyk (oliceridine), an injection developed by Trevena, Inc., for treating adults with acute pain. Olinvyk is an opioid agonist administrated intravenously to patients and costs around USD 194 for a supply of 10 mL. During the initial phase of COVID-19, the market for opioids was negatively impacted due to the low hospitalization rate, COVID-19-mandated changes in policy, decline in surgeries and dental procedures led to a reduction in opioid prescriptions. According to the National Library of Medicine report (July 2023), the prescription-based opioid purchasing rate declined by 23.8% in the five years before the pandemic. Developed countries like the U.S. and Canada witnessed a decline in opioids prescription after March 2020.

Elder population is at high risk of chronic diseases such as cardiovascular diseases, arthritis, and cancer due to the high comorbid conditions. According to the World Health Organization (WHO), the geriatric population increased from 1.0 million in 2020 to 1.4 million in 2021. Declining fertility and mortality rates are some factors contributing to the geriatric population's rise. The impact of chronic pain increases with age and is highest among adults aged 65 years and above. Therefore, the rising geriatric population is anticipated to increase the demand for opioid drugs to manage chronic pain.

However, the side effects associated with drug addiction and misuse may restrain the market growth. According to the WHO, around 0.5 million people died due to the misuse of drugs in 2021. Furthermore, the Millennium Health's Signals report (2020) revealed that there was a rise in non-prescribed fentanyl by 32.0%, methamphetamine by 20.0% and Cocaine by 10.0% from March to May 2020. Thus, the implementation of strict regulation on the use of opioids is expected to restrain the market growth during the forecast period.

Segments Insights:

Product Insights

Based on product, the global opioids market is segmented into IR/short-acting opioids and ER/long-acting opioids. The ER/long-acting opioids segment accounted for the largest revenue share of 54.2% in 2023 and is expected to grow at the fastest CAGR of 1.7% during the forecast period. This dominance is attributed to the wide availability of extended-release long-acting opioids. Some commonly prescribed ER/long-acting opioids include Oxycodone, Hydrocodone, Methadone, Fentanyl, Morphine, and Oxymorphone. Fentanyl is a synthetic opioid approved for treating severe chronic pain that arises in advanced-stage cancer patients. Thus, the rising incidence of chronic diseases is expected to fuel segment growth.

According to the Centers for Disease Control and Prevention (CDC), about six in ten people in the U.S. suffer from chronic diseases such as cancer, stroke, cardiovascular diseases, and diabetes. Patients with these chronic diseases witness severe pain, increasing demand for extended-release tablets for pain relief, driving the segment's growth.

Application Insights

Based on application, the global is segmented into anesthesia, pain relief, cough suppression, de-addiction, and diarrhea suppression. The pain relief segment accounted for the largest revenue share of 66.4% in 2023. This growth can be attributed to the increased demand for opioids to manage postoperative pain. According to the National Library of Medicine (2020), globally, around 310.0 million surgeries are performed annually, of which 20.0 million and 40.0 to 50.0 million were performed in Europe and the U.S., respectively. Thus, increasing surgical operations augment the demand for medicines to manage postoperative pain.

The anesthesia segment is expected to grow at the fastest CAGR of 2.0% over the forecast period. Intravenous opioids are commonly used to provide analgesia and supplement sedation during general anesthesia. Thus, increasing anesthesia practices are anticipated to boost demand for intravenous opioids, thereby driving market growth.

Route Of Administration Insights

Based on the route of administration, the market is segmented into oral, injectables, and others. The injectable segment accounted for the largest revenue share of 54.1 in 2023. This can be attributed to the increasing approval of novel opioid injectables. For instance, in April 2021, the U.S. FDA approved morphine sulfate injection, an opioid analgesic for managing severe pain arising from different conditions. This approval is anticipated to drive segment growth.

The oral segment is expected to grow at the fastest CAGR of 2.1% over the forecast period. The oral segment is anticipated to be the fastest-growing segment during the forecast period due to the approval of opioid tablets. For instance, in October 2021, the U.S. FDA approved celecoxib and tramadol hydrochloride (Seglentis), a combined non-steroidal anti-inflammatory and opioid agonist, for treating adults with acute pain. Such approvals and the introduction of the products are expected to fuel segment growth.

Distribution Channel Insights

Based on distribution channels, the market is segmented into hospital pharmacies, retail pharmacies, and others. The retail pharmacy accounted for the largest revenue share of 60.0% in 2023. and is also expected to grow at the fastest CAGR of 1.7% due to the easy availability of medicines at retail pharmacies and the high opioid dispensing rate.

According to the CDC, around 142.81 million opioid prescriptions were registered in the U.S., with an opioid dispensing rate of 43.3 per 100 people in 2020. Thus, the high prescription registration is also anticipated to segment growth.

Regional Insights

North America dominated the market and accounted for the largest revenue share of 64.0%  in 2023. This dominance can be attributed to the increasing approval of opioid-based medicines to meet the growing unmet medical needs in the region. For instance, in May 2020, Hikma Pharmaceuticals launched a generic version of Buprenex, a Buprenorphine Hydrochloride Injection; in the U.S., Buprenex is a prescription opioid for treating patients with moderate to severe pain. This injection helps in severe pain management. It costs around USD 89 for a 5mL solution of injection administrated intravenously.

Asia Pacific is expected to grow at the fastest CAGR of 5.5% during the forecast period. The region's growth can be attributed to the initiatives undertaken by the government to control opioid misuse in the region. For instance, in February 2023, the New Zealand Medicines and Medical Devices Safety Authority (Med Safe) was planning to issue warning labels about the risk associated with opioid overdose on opioid medicines. This measure may increase the prescription rate for high-quality opioids intended for pain management, thereby driving the opioids market growth.

Some of the prominent players in the Opioid market include:

• Purdue Pharma L.P.
• Johnson & Johnson Services, Inc.
• Hikma Pharmaceuticals PLC
• Pfizer, Inc.
• AbbVie Inc.
• Sanofi
• Sun Pharmaceutical Industries Ltd
• Grünenthal

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global opioid market.

Product

• IR/Short Acting Opioids

• • Immediate- Release/Short-Acting Opioid by Product

• • • Codeine
    • Oxycodone
    • Hydrocodone
    • Fentanyl
    • Morphine
    • Hydroxymorphone
    • Oxymorphone
    • Propoxyphene
    • Other IR

• • Immediate- Release/Short-Acting Opioid by Application

• • • Pain relief
    • Anesthesia
    • Cough Suppression
    • Diarrhea Suppression
    • De-addiction

• ER/Long-Acting Opioids

• • Extended-Release/Long-Acting Opioid by Product

• • • Codeine
    • Oxycodone
    • Hydrocodone
    • Fentanyl
    • Morphine
    • Hydroxymorphone
    • Oxymorphone
    • Propoxyphene
    • Other IR

• • Extended-Release/Long-Acting Opioid by Application

• • • Pain relief
    • Anesthesia
    • Cough Suppression
    • Diarrhea Suppression
    • De-addiction

Application

• Pain relief
• Anesthesia
• Cough Suppression
• Diarrhea Suppression
• De-addiction

Route of Administration

• Oral
• Injectable
• Others

Distribution Channel

• Hospital Pharmacy
• Retail Pharmacy
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)