The narcotic drugs global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Narcotic Drugs Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The narcotic drugs market size has grown strongly in recent years. It will grow from $13.56 billion in 2023 to $14.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increasing medical need, growing public health concerns, increasing access to healthcare, rising prevalence of chronic pain, government initiatives to improve pain management.
The narcotic drugs market size is expected to see steady growth in the next few years. It will grow to $16.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to growing demand for generic narcotic drugs, growing pharmaceutical industry, growing demand for minimally invasive surgeries, increased use of narcotic drugs in palliative care. Major trends in the forecast period include pharmaceutical innovation, telemedicine and remote monitoring, development of non-opioid alternatives, use of artificial intelligence (ai) in drug discovery and development.
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Scope Of Narcotic Drugs Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Narcotic Drugs Market Overview
Market Drivers –
The rising incidence of chronic diseases is expected to propel the growth of the narcotic drug market going forward. Chronic disease is a form of illness that lasts three months or more and can deteriorate with time. Narcotic drugs are used to manage chronic diseases to relieve cancer, chronic pain syndrome, terminal illness, and severe arthritis. For instance, in January 2023, according to the National Library of Medicine, a US-based agency, the number of people in the US aged 50 and older who have at least one chronic condition would increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Therefore, the rising incidence of chronic diseases is driving the growth of the narcotic drug market.
Market Trends –
Major companies operating in the narcotic drug market increasingly focus on product development and innovation to provide reliable products to their customers and strengthen their market position. For instance, in May 2023, Indivior PLC, a US-based pharmaceutical company, launched OPVEE (nalmefene) nasal spray, an opioid overdose rescue medicine for natural and synthetic opioids like fentanyl. It is recommended to immediately treat known or suspected opioid overdoses with natural or synthetic opioids in adults and pediatric patients 12 years of age and older, as indicated by respiratory and central nervous system depression.
The narcotic drugs market covered in this report is segmented –
1) By Drug: Opium; Heroin; Codeine; Oxycodone; Other Drugs
2) By Source: Natural; Semi-Synthetic; Synthetic
3) By Indication: Pain Management; Cough; Diarrhea; Dysentery; Asthma; Other Indications
4) By Distribution Channel: Hospital Pharmacy; Online Pharmacy; Retail Pharmacy
5) By End User: Hospitals; Homecare; Specialty Clinics; Other End Users
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Regional Insights –
Asia-Pacific was the largest region in the narcotic drugs market in 2023. The regions covered in the narcotic drug market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major players in the narcotic drugs market are Pfizer Inc., Johnson and Johnson Limited, AbbVie Inc., Novartis AG, AstraZeneca PLC, Sanofi S.A., Takeda Pharmaceutical Company Limited, Boehringer Ingelheim International GmbH, Viatris Inc., Teva Pharmaceutical Industries Ltd., Daiichi Sankyo Company Limited, Sun Pharmaceutical Industries Ltd., Purdue Pharma LP, Hikma Pharmaceuticals PLC, Endo Pharmaceuticals Inc., Amneal Pharmaceuticals LLC, Lupin Ltd., Mallinckrodt Pharmaceuticals, Alvogen Inc., Indivior Inc., Impax Laboratories Inc., Collegium Pharmaceutical Inc., Lannett Co Inc., Par Pharmaceutical Inc., West-Ward Pharmaceuticals Corp.
Table of Contents
1. Executive Summary
2. Narcotic Drugs Market Report Structure
3. Narcotic Drugs Market Trends And Strategies
4. Narcotic Drugs Market – Macro Economic Scenario
5. Narcotic Drugs Market Size And Growth
…..
27. Narcotic Drugs Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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