by Narcotics Analgesics are medicinal preparations containing opioids or other narcotic substances that relieve pain. These include pharmaceutical drugs such as morphine, codeine, oxycodone, hydrocodone, fentanyl and hydromorphone. They work by binding to opioid receptors in the brain and other tissues. They are prescribed to treat moderate to severe pain associated with cancer and post-surgery. The global cancer burden is growing rapidly with increasing incidence and prevalence of cancer cases across the world. As per the WHO, cancer accounted for nearly 10 million deaths in 2020 and is projected to further increase in the coming years. Cancer pain management is complex and important considering majority of advanced cancer patients suffer from moderate to severe pain.
The global Narcotics Analgesics Market is estimated to be valued at US$ 31.64 Billion in 2023 and is expected to exhibit a CAGR Of 22% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the Narcotics Analgesics Market is the increasing prevalence of cancer cases globally as highlighted in the heading. As per the WHO, the global cancer burden is projected to grow significantly in the coming decades. Poor lifestyle choices, inflammation of tissues, environmental pollution and occupational hazards are some of the major risk factors contributing to rising cancer incidence. This high cancer prevalence drives the demand for effective pain management drugs like narcotics analgesics which act as strong pain relievers for cancer patients undergoing treatment and post-surgery recovery. Another driver is the growing aging population globally who are more prone to chronic diseases like cancer and require long term prescription of such analgesics for pain management.
Segment Analysis
The global narcotics analgesics market is dominated by the oral segment which holds around 65% share of the total market. Oral analgesics offer convenience of use to patients in the form of tablets and capsules. They have easy availability across retail pharmacy stores and online platforms. Oral narcotics analgesics show quick onset of action compared to other formulations. Within oral segment, immediate release formulations are the most popular owing to their property to provide pain relief immediately after administration.
PEST Analysis
Political: Regulations around manufacturing and sale of narcotics analgesics are strict due to risk of abuse and addiction. Government agencies closely monitor production volumes and distribution of these drugs.
Economic: Rising healthcare expenditure on pain management across developing nations is a key driver of market growth. High incidence of trauma injuries and chronic pain indications boost demand for narcotics analgesics.
Social: Growing awareness among patient population about use of opioid analgesics for severe pain indications. However, risk of dependency and addiction remains a concern.
Technological: Researchers are developing abuse deterrent formulations of these drugs to prevent intentional misuse and overdosing. Digital platforms play a role in monitoring prescription patterns.
Key Takeaways
The Global Narcotics Analgesics Market Demand Size is expected to witness high growth at a CAGR of 22% during the forecast period of 2023 to 2030.
North America is currently the largest as well as the fastest growing regional market for narcotics analgesics. This can be attributed to factors such as early adoption of novel drug delivery technologies, growing prevalence of chronic pain disorders, and presence of leading manufacturers in the region.
Key players operating in the narcotics analgesics market are HyperSleep Corporation, CryoLife Innovations, AstraNap Solutions, EternaRest Cryonics, StasisTech Enterprises, NeuroFreeze Inc., FrozeLife Biotech, CryoDream Systems, TimeCapsule Cryogenics, StarHibernation Technologies, FreezeTech Innovations, EonCryo Dynamics, IceBound Ventures, FrozenEra Solutions, CryoRevive Inc. Among these, HyperSleep Corporation and AstraNap Solutions collectively hold around 35-40% value share of the overall market due to their diverse product portfolio and global distribution network.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
