Report : South & Central America 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 2.5% CAGR, South & Central America Opioids Market is Projected to be Worth US$ 584.07 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the South & Central America opioids market was valued at US$ 478.28 million in 2022 and is expected to reach US$ 584.07 million by 2030, registering a CAGR of 2.5% from 2022 to 2030. Surging chronic pain incidence and increasing geriatric population are among the critical factors attributed to drive the South & Central America opioids market growth.
Chronic diseases such as cardiovascular disease, cancer, musculoskeletal diseases, and neurovascular diseases critically affect a person's health by lowering immunity. Moreover, many patients suffering from these conditions experiences chronic pain. The diseases mentioned above are most common in adults and the geriatric population. Nevertheless, cases of these diseases are noticeably growing among children as well. Chronic pain is also common among sportspersons, athletes, and individuals living with past injuries. According to a study published in the NCBI (i.e., National Center for Biotechnology Information), 20% of adults suffer from pain worldwide, and 10% are newly diagnosed with chronic pain per year. While pain affects all populations, regardless of sex, race/ethnicity, income, age, or geography, it is not distributed equally across the world. Prescription opioids, including hydrocodone, oxycodone, and morphine, are potent pain-reducing medications that are used to treat pain caused by injuries, surgeries, and health conditions such as cancer and arthritis.
According to the Congressional Research Service, Americans may get more opioids at the expense of more comprehensive pain therapies. Increased opioid prescribing practices can be attributed to the insurance reimbursement programs that incentivize opioids over alternative pain treatments, cost structures that encourage more efficient care, and evaluations that combine patient satisfaction with effective pain management. Therefore, owing to the advantage of opioids in pain management, the demand is rising among patients with chronic diseases.
On the contrary, increasing drug abuse hampers the growth of South & Central America opioids market.
Based on product, the South & Central America opioids market is segmented immediate release short acting opioid and extended release long acting opioid. The immediate release short acting opioid segment held 75.5% market share in 2022, amassing US$ 361.12 million. It is projected to garner US$ 442.86 million by 2030 to register 2.6% 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 South & Central America opioids market is categorized into pain management, anesthesia, diarrhea suppression, cough suppression, de-addiction, and others. The pain management segment held 71.4% share of South & Central America opioids market in 2022, amassing US$ 341.65 million. It is anticipated to garner US$ 420.47 million by 2030 to expand at 2.6% CAGR during 2022-2030.
By route of administration, the South & Central America opioids market is segmented into oral, injectable, and transdermal patch. The oral segment held 73.8% market share in 2022, amassing US$ 353.18 million. It is projected to garner US$ 433.40 million by 2030 to register 2.6% CAGR during 2022-2030.
By distribution channel, the South & Central America opioids market is bifurcated into hospital pharmacies and retail pharmacies. The hospital pharmacies segment held 61.0% market share in 2022, amassing US$ 291.63 million. It is projected to garner US$ 362.16 million by 2030 to register 2.7% CAGR during 2022-2030.
By country, the South & Central America opioids market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 69.2% share of South & Central America opioids market in 2022. It was assessed at US$ 330.94 million in 2022 and is likely to hit US$ 395.05 million by 2030, registering a CAGR of 2.2% during 2022-2030.
Key players operating in the South & Central America opioids market are Endo International plc, Mallinckrodt Plc, Neuraxpharm Pharmaceuticals SL, Rusan Pharma Ltd, and Teva Pharmaceutical Industries Ltd, among others.
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