Report : Asia Pacific Opioids Market Forecast to 2030 - Regional Analysis - by Product (Immediate Release Short Acting Opioid and Extended Release Long Acting Opioid), Application (Pain Management, Anesthesia, Diarrhea Suppression, Cough Suppression, De-Addiction, and Others), Route of Administration (Oral, Injectable, and Transdermal Patch), and Distribution Channel (Hospital Pharmacies and Retail Pharmacies)
At 3.2% CAGR, Asia Pacific Opioids Market is Projected to be Worth US$ 3,091.77 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific opioids market was valued at US$ 2,406.24 million in 2022 and is expected to reach US$ 3,091.77 million by 2030, registering a CAGR of 3.2% from 2022 to 2030. Strategic initiatives by market players and surging chronic pain incidence are among the critical factors attributed to drive the Asia Pacific opioids market growth.
Opioids market players invest in R&D activities to ensure the development of effective products. In May 2023, Indivior PLC received the US Food and Drug Administration (FDA) approval for OPVEE (nalmefene) nasal spray for emergency use to treat suspected or known opioid overdose induced by synthetic or natural opioids in adults and pediatric patients aged 12 years and more, which is characterized by CNS and/or respiratory depression. Further, in December 2021, Sandoz announced the launch of its generic Narcan (naloxone hydrochloride) Nasal Spray 4mg in the US; the product is used to reverse opioid overdose. Individuals in the US can immediately obtain Narcan via retail pharmacies and institutions, including hospitals. Lastly, in August 2023, Emergent BioSolutions launched the over-the-counter NARCAN Nasal Spray, making it possible for everybody to help save a life from an opioid overdose emergency.
Therefore, strategic initiatives are likely to offer growth opportunities to the opioids market in the coming years.
On the contrary, increasing drug abuse hampers the growth of Asia Pacific opioids market.
Based on product, the Asia Pacific opioids market is segmented immediate release short acting opioid and extended release long acting opioid. The immediate release short acting opioid segment held 71.9% market share in 2022, amassing US$ 1,730.50 million. It is projected to garner US$ 2,248.12 million by 2030 to register 3.3% CAGR during 2022-2030. The immediate release short acting opioid is further sub segmented into oxycodone, hydrocodone, tramadol, codeine, propoxyphene, and others. The extended release long acting opioid is further sub segmented into oxycodone, fentanyl, morphine, methadone, and others.
In terms of application, the Asia Pacific opioids market is categorized into pain management, anesthesia, diarrhea suppression, cough suppression, de-addiction, and others. The pain management segment held 71.0% share of Asia Pacific opioids market in 2022, amassing US$ 1,709.37 million. It is anticipated to garner US$ 2,214.17 million by 2030 to expand at 3.3% CAGR during 2022-2030.
By route of administration, the Asia Pacific opioids market is segmented into oral, injectable, and transdermal patch. The oral segment held 73.3% market share in 2022, amassing US$ 1,762.76 million. It is projected to garner US$ 2,275.33 million by 2030 to register 3.2% CAGR during 2022-2030.
By distribution channel, the Asia Pacific opioids market is bifurcated into hospital pharmacies and retail pharmacies. The hospital pharmacies segment held 61.3% market share in 2022, amassing US$ 1,474.94 million. It is projected to garner US$ 1,925.96 million by 2030 to register 3.4% CAGR during 2022-2030.
By country, the Asia Pacific opioids market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 24.7% share of Asia Pacific opioids market in 2022. It was assessed at US$ 595.09 million in 2022 and is likely to hit US$ 839.13 million by 2030, registering a CAGR of 4.4% during 2022-2030.
Key players operating in the Asia Pacific opioids market are Endo International plc, Mallinckrodt Plc, Neuraxpharm Pharmaceuticals SL, Mayne Pharma Group Ltd, Rusan Pharma Ltd, and Teva Pharmaceutical Industries Ltd, among others.
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