Report : Europe 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 1.8% CAGR, Europe Opioids Market is Projected to be Worth US$ 5,237.72 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe opioids market was valued at US$ 4,553.86 million in 2022 and is expected to reach US$ 5,237.72 million by 2030, registering a CAGR of 1.8% from 2022 to 2030. Increasing geriatric population and surging chronic pain incidence are among the critical factors attributed to drive the Europe opioids market growth.
The majority of older people live with chronic pain, resulting in reduced strength to carry out their daily routine. The geriatric population widely suffers from bone and joint disorders, arthritis, cancer, and other chronic disorders causing pain. According to the World Health Organization (WHO) data from February 2018, the geriatric population is estimated to grow by 22% by 2050 compared with 12% in 2015. The data also stated that low- and middle-income countries would account for nearly 80% of this surge. A number of developed countries are also experiencing significant growth in the geriatric population, which is driven by improved healthcare facilities and better healthcare services; this has resulted in increased life expectancy in these regions. An aging population drives the opioid market primarily through increased demand for pain management solutions. Additionally, older adults often undergo surgeries and medical procedures that necessitate pain management. Thus, the growing geriatric population across the region drives the growth of the opioids market.
On the contrary, increasing drug abuse hampers the growth of Europe opioids market.
Based on product, the Europe opioids market is segmented immediate release short acting opioid and extended release long acting opioid. The immediate release short acting opioid segment held 71.7% market share in 2022, amassing US$ 3,264.81 million. It is projected to garner US$ 3,774.09 million by 2030 to register 1.8% 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 Europe opioids market is categorized into pain management, anesthesia, diarrhea suppression, cough suppression, de-addiction, and others. The pain management segment held 71.3% share of Europe opioids market in 2022, amassing US$ 3,246.21 million. It is anticipated to garner US$ 3,762.60 million by 2030 to expand at 1.9% CAGR during 2022-2030.
By route of administration, the Europe opioids market is segmented into oral, injectable, and transdermal patch. The oral segment held 73.2% market share in 2022, amassing US$ 3,332.91 million. It is projected to garner US$ 3,850.77 million by 2030 to register 1.8% CAGR during 2022-2030.
By distribution channel, the Europe opioids market is bifurcated into hospital pharmacies and retail pharmacies. The hospital pharmacies segment held 61.3% market share in 2022, amassing US$ 2,793.02 million. It is projected to garner US$ 3,265.85 million by 2030 to register 2.0% CAGR during 2022-2030.
By country, the Europe opioids market is segmented into the UK, Germany, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that the UK captured 23.1% share of Europe opioids market in 2022. It was assessed at US$ 1,051.42 million in 2022 and is likely to hit US$ 1,234.89 million by 2030, registering a CAGR of 2.0% during 2022-2030.
Key players operating in the Europe opioids market are Endo International plc, Mallinckrodt Plc, Neuraxpharm Pharmaceuticals SL, Hikma Pharmaceuticals Plc, Rusan Pharma Ltd, and Teva Pharmaceutical Industries Ltd, among others.
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