Rising Incidence of Opioid Abuse Causes Significant Concern
According to the National Institute of Drug Abuse (NIDA), there has been a rise in the misuse of prescription opioids where about 8 to 12% of the people who are prescribed these opioids become addicted to them, increasing the economic burden of drug abuse in America alone to ~80 Bn.
This has encouraged manufacturers to further research and development into drugs that are less addictive and abuse deterrent. These drugs with an abuse deterrent formulae, are now being approved by regulatory organizations for the treatment of severe pain. Despite newer formulations of opiates however, the concern pertaining to abuse of opioids has been a cause of concern, holding back the growth of the global oxycodone market.
A Lucrative Market in North America
Oxycodone is an opioid widely used in clinical settings and prescribed for the management of severe pain, for both acute and non-chronic pain. According to this report on the oxycodone market by Future Market Insights, North America is expected to be a lucrative market for oxycodone, due to the its large economy and purchasing power. In Asia Pacific however, the oxycodone market is still emerging, even as expenditure of healthcare and wellness increases. This is expected to create promising circumstances for players in the global oxycodone market to expand their geographical foothold.
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Expanding at a rather modest annual growth rate of 4.6 percent, the global market for oxycodone is projected to reach a revenue of US$ 4 Billion in 2028—showcasing an absolute dollar opportunity of US$ 181.3 Mn, through 2018-2019. Future Market Insights, in its recent analysis of the global oxycodone market, elaborates on the key market dynamics, opportunity assessment, and regional and competitive landscape analysis, for a period spanning 2018 to 2028.
With nearly 10-fold increase in the use of opioids since its inception, the oxycodone contributes to one of the largest revenue generator in the overall pharmaceutical landscape. Intensifying sales of oxycodone can be attributed to:
- Increasing patent expirations for branded products and much lesser new product launches, translating into increased consumption of generics—that contribute to the maximum revenue of the global oxycodone market, thereby, fueling the net sales.
- Growing number of cancer treatments, which in turn, increases the demand for supportive care medications for pain management. Increased prescriptions of oxycodone and Hydrocodone for treating cancer pain, will remain the largest contributor to the sales growth of the aforementioned medication.
“In terms of demand, high efficiency of synthetic and semi-synthetic opioids increase its use. In addition, Opioids prescription is highly regulated by a set of clinical practice guidelines, while ensuring safe access and proper dosage. Opioids are covered under such stringent regulations translates into increased consumption. Rising awareness about palliative care in terminal disease conditions combined with favorable reimbursement policies are some additional demand-side factors, augmenting the consumption of opioids”, projects a senior analyst at FMI
Elaborating further, the analyst explains that palliative care programs in US—which includes palliative care consultation teams and dedicated in-patient palliative care units—are delivered in accordance with the government and commercial reimbursement policies, further boosting the oxycodone market in the region. In addition to palliative programs, increased prescription in de-addiction programs, is well contributing to the demand of de-addiction opiates.
Innovative Drug Formulations Pushing Oxycodone Global Sales
In the in-depth analysis of the oxycodone market, FMI underlines the introduction of innovative opiate drugs, currently occupying a lion’s share. Innovations in formulations—not necessarily targeted at drug efficacy— is a critical supply-side driver in the global oxycodone market. Abuse-deterrent formulations in Oxycontin, by Purdue Pharma is one such example. Moreover, Purdue has been granted exclusive selling rights for Oxycontin till 2030, after it made formulations changes to the drug’s chemical structure, thereby marketing it as an ‘abuse-proof’, slow-releasing pill. In addition, FDA’s nod to new generation drugs, making them ‘less-addictive’, will gain prominence through 2028. Drug advancements in extended-release medications for pain control, would supplement to the sales of oxycodone, globally. This scenario is expected to create favorable adoption opportunities for long-standing oxycodone, notes FMI in its report titled “Oxycodone Market Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028”.
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Opportunity Analysis of Oxycodone Market Reveals Lucrative Growth Prospects
- In terms of business expansion opportunities, strategic investments, licensing agreements, and acquisitions hold significant potential.
- Apart from the above mentioned, investments in research and development activities would present potential growth opportunities for oxycodone manufacturers.
- Increasing strategic collaborations between manufacturers and generic drugs distributors operating in the pain management business, will prove critical to forward expansion plans.
- As demand for oxycodone remains uniform across patients of all age groups, opioids are expected to offer effective drug formulations and enhanced solubility of API, further prompting manufactures to capitalize on the emerging latent opportunity.
- Rising prevalence of chronic diseases in humans and increasing demand for parenteral formulations around the world, particularly in North American countries, will supplement to the growth of oxycodone market in the region.