The U.S. Opioids Market Growth Accelerated by Increasing Demand for Pain Management

 

Opioids drugs are used extensively for pain management in conditions like cancer, injuries, postoperative, neurologic disorders and several other medical conditions. The increasing prevalence of chronic diseases and disorders has accelerated the demand for effective pain management drugs. Prescription opioids are the mainstay for management of moderate to severe acute and chronic pain.

The U.S. Opioids Market Size is estimated to be valued at US$ 19792.39 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing demand for pain management is one of the key drivers of theU.S. Opioids Market. According to the National Institutes of Health, around 20.4% of U.S. adults experience chronic pain and 8% of U.S. adults have high-impact chronic pain that limits life or work activities. Moreover, the opioid overdose crisis has raised concerns about the growing misuse of prescription opioids leading to addition. This has accelerated the development and adoption of abuse-deterrent formulations of opioid drugs which are formulated to discourage tampering and discourage unintended routes of administration like injection. Development of such formulations is expected to drive the growth of theU.S. Opioids Market during the forecast period.

Segment Analysis
The U.S. Opioids market is dominated by opioid pain relievers sub segment, accounting for over 65% share in 2021. Easy availability of these medications over the counter and prescription opioid pain relievers for chronic and acute pain treatment has led to widespread use. However, rising cases of opioid overuse and dependency pose regulatory and social challenges.

Key Takeaways
The U.S. Opioids market is expected to witness high growth. The U.S. Opioids Market is estimated to be valued at US$ 19792.39 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.

Regional analysis: The Midwest region currently accounts for the largest share in the U.S opioids market owing to higher incidence of chronic pain disorders and availability of prescription opioid medications. However, the western region is witnessing fastest growth led by states like California due to rise in opioid overdose deaths in recent years. Regulatory push to curb overprescription and easy access is influencing the regional market dynamics.

Key players: Key players operating in theU.S. Opioids market are Kimberly-Clark Corporation, Procter and Gamble, Unicharm Corporation, Domtar Corporation, Kao Corporation, Ontex Group, Johnson & Johnson Services, Inc., Nobel Hygiene, Fujian Shuangheng Group Co., Ltd., and Bumkins.

Get More Insights Here: https://www.newswirestats.com/u-s-opioids-market-size-share-and-growth-forecast-2023-2030/