Opioids are therapeutics prescribed by physicians to individuals suffering from chronic pain. These therapeutics are used in the treatment of chronic headaches, backache, pain associated with cancer, and injury. Opioids molecule link with the receptors present on the nerve cells and effectively help in pain management. However, regular use of opioids can lead to addiction and have harmful effects on the individual. Opioids are often used to treat acute pulmonary edema associated with left ventricular failure. Major side effects of opioids are sleepiness, constipation, shallow breathing, slow heart rate, loss of consciousness, and nausea.Different types of opioids are prescribed for pain management such as codeine, fentanyl, hydrocodone, oxycodone, oxymorphone, and morphine. According to the American Society of Anesthesiologist report published in 2017, approximately 60% of millennials have experienced chronic pain.
The global Opioid Pain Therapeutics Market is driven by increase in patient population suffering from chronic pain, rise in sales of over-the-counter drugs, and surge in product development. However, increase in drug abuse, rise in opioid trafficking, and high risk of side effects are likely to be the major restraints of the global opioid pain management market during the forecast period.
Some of the other key players operating in the global Opioid Pain Therapeutics Market with significant developments include Allergan, AbbVie, QRxpharma Limited, Daiichi Sankyo Company, Endo Pharmaceuticals and other prominent players.
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Increase in patient population suffering from chronic pain, and growth of the pharmaceuticals industry coupled with growing demand are anticipated to drive the global opioid pain therapeutics market in the region during the forecast period. For instance, according to Centers for Disease Control and Prevention, nearly 20.4% adults (about 50 million) in the U.S. are suffering from chronic pain and 20 million have high impact chronic pain.
Increase in product launches, rise in strategic collaborations for expansion of business, and surge in demand are anticipated to drive the global opioid pain therapeutics market during the forecast period. For instance, in June 2018, Daiichi Sankyo Company, Limited launched Fentanyl Citrate Tape for treating moderate to severe pain caused by cancer. The product will be manufactured by Japan-based manufacturer Kyukyu Pharmaceutical Co., Ltd.
Asia Pacific is likely to present lucrative opportunities in the opioid pain therapeutics market during the forecast period. Increase in demand, rise in patient population, rapidly growing pharmaceutical industry in the developing countries in the region, and surge in the number of regional manufacturers are projected to drive the opioid pain therapeutics market in the region during the forecast period. Increase in government initiatives to regulate the use of opioids due to rise in drug abuse is anticipated to boost the growth of the global opioid pain therapeutics market in Asia Pacific.