PUBLISHER: The Business Research Company | PRODUCT CODE: 1415610
PUBLISHER: The Business Research Company | PRODUCT CODE: 1415610
“Narcotic Drugs Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on narcotic drugs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for narcotic drugs? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The narcotic drugs market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
A narcotic drug is a class of substances that affect the central nervous system, inducing effects like drowsiness, pain relief, euphoria, and sometimes hallucinations. These drugs are commonly derived from the opium poppy plant but can also be synthesized.
The key types of narcotic drugs include opium, heroin, codeine, oxycodone, and others. Opium is a bitter, brownish, addictive substance derived from the dried latex of immature seed capsules of the opium poppy. These narcotics come from various sources, which can be natural, semi-synthetic, or synthetic, and are used for a range of purposes, including pain management, cough suppression, diarrhea treatment, asthma relief, and more. They are distributed through a variety of channels, including hospital pharmacies, online pharmacies, and retail pharmacies, and are utilized by diverse end-users, such as hospitals, homecare services, specialty clinics, and others.
The narcotic drugs market research report is one of a series of new reports from The Business Research Company that provides narcotic drugs market statistics, including narcotic drugs industry global market size, regional shares, competitors with a narcotic drugs market share, detailed narcotic drugs market segments, market trends and opportunities and any further data you may need to thrive in the narcotic drugs industry. This narcotic drug market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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.
The anticipated increase in the prevalence of chronic diseases is expected to be a driving force behind the growth of the narcotic drug market in the future. Chronic diseases are long-term illnesses that persist for three months or longer and often worsen over time. Narcotic drugs play a critical role in managing chronic diseases by providing relief for conditions such as cancer, chronic pain syndromes, terminal illnesses, and severe arthritis. For example, as of January 2023, data from the National Library of Medicine, a US-based agency, indicates that the number of individuals in the United States aged 50 and older who have at least one chronic condition is projected to increase by 99.5%. This increase would see the number rise from 71.522 million in 2020 to 142.66 million by 2050. Therefore, the growing incidence of chronic diseases is a significant factor fueling the expansion of the narcotic drug market.
The expanding use of opioids as prescribed medications is anticipated to drive the growth of the narcotic drugs market in the foreseeable future. Opioids, a category of substances encompassing both legally prescribed drugs and illicit substances, are known for inducing sensations of euphoria, relaxation, and sedation. The rising utilization of opioids in prescription medications contributes to the demand for narcotic drugs. Opioids are integrated into narcotic drugs primarily due to their potent pain-relieving and sedative attributes, particularly when alternative pain management methods prove inadequate. For example, as of August 2023, the World Health Organization (WHO), a specialized health agency based in Switzerland, reported that in 2021, approximately 296 million individuals, accounting for 5.8% of the population aged 15-64 years, experimented with drugs at least once. Within this demographic, around 60 million people worldwide specifically used opioids. Hence, the increasing use of opioids as prescription medicine is a driving force behind the growth of the narcotic drugs market.
The growing regulatory challenges present a significant obstacle that may impede the market's expansion throughout the forecast period. Government authorities face challenges in law enforcement and regulation due to the escalating volumes of narcotic drug transportation, including substances like cannabis and new psychoactive substances (NPS). As an example, in June 2023, Forbes Media LLC, a U.S.-based media company, reported that the surge in truck drivers testing positive for marijuana since its legalization has led to the dismissal of over 100,000 drivers. Consequently, the increasing regulatory challenges are acting as a deterrent to the future growth of the narcotic drugs market.
Prominent companies within the narcotic drug market are placing a growing emphasis on product development and innovation to offer dependable products to their customers and bolster their positions in the market. As an example, in May 2023, Indivior PLC, a pharmaceutical company headquartered in the United States, introduced OPVEE (nalmefene) nasal spray. This product serves as an opioid overdose rescue medication designed for use with natural and synthetic opioids, including substances like fentanyl. It is recommended for immediate use in the treatment of known or suspected opioid overdoses in adults and pediatric patients aged 12 and older, particularly in cases involving respiratory and central nervous system depression. This development underscores the company's commitment to addressing critical medical needs and enhancing the safety of individuals at risk of opioid overdose.
In March 2023, Indivior PLC, a pharmaceutical company based in the United States, completed its acquisition of Opiant Pharmaceuticals Inc. for a total of $145 million. This strategic acquisition is intended to bolster Indivior PLC's portfolio in the field of addiction treatment and science. It is noteworthy that this acquisition includes OPNT003, an investigational opioid overdose treatment, which is seen as a crucial addition to address the ongoing opioid overdose crisis in the United States, particularly involving potent synthetic opioids like fentanyl. Opiant Pharmaceuticals Inc., a pharmaceutical company headquartered in the United States, specializes in the manufacturing of narcotic drugs. This acquisition reflects Indivior PLC's commitment to expanding its offerings in the fight against opioid overdoses and substance use disorders.
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.
Asia-Pacific was the largest region in the narcotic drugs market in 2023. The regions covered in the narcotic drug report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the narcotic drug market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, and Spain.
The narcotic drug market consists of sales of ketobemidone, pethidine, tolidine, and trimeperidine. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.