The Opioids Market To Grow At A Splendid CAGR Of 3.3%

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Opioids Market
Report Id PMRREP3066 Category Life Science
Healthcare
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Which Unexplored Technology Would Hit The Opioids
Market Between Forecast Years?

• Opioids are a type of narcotic pain medication
  that is used to treat moderate to severe pains,
  such as traumatic pain, cough suppression,
  diarrhoea suppression, surgical pain, injuries,
  cancer pain, and pain arising due to chronic
  diseases. However, opioids have both, benefits as
  well as potentially severe risks of addiction.
  Opioids prescribed as pain relievers are usually
  safer if consumed for a short period of time.
  Long-term use can lead to dependency and
  addiction, overdose incidents, and even
  morbidity. Although opioids persist numerous
  adverse effects, opioid therapy is the mainstay
  for pain management for numerous patients.
• According to the revised report published by
  Persistence Market Research, the global opioids
  market valued at US 40.5 Bn in 2020, and is
  predicted to expand at a CAGR of 3 over the
  forecast period (20212031).

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Key Takeaways from Market Study
Morphine opioids are expected to contribute more
than 30 of the revenue share in the market by
2031, owing to their wide availability and
potency to relieve moderate to severe pain
usually after a surgery or traumatic injury.
Analgesia is expected to account for more than
half of the global market share. Consumption of
opioids in analgesic applications, such as cancer
pain, trauma injuries, and others, is expected to
rise over the coming years. Among all the
distribution channels, hospital pharmacies
accounted for more than 30 of the market share
in 2020. Most prescribed opioids are
hospital-acquired, and hence, hospitals are major
treatment providers. North America holds the
highest share in the global opioids market, owing
to the presence of big market players, high
healthcare expenditure, and growing research
development efforts in the country. Key players
are focused on strengthening their clinical
pipelines with new discoveries of novel
abuse-deterrent formulations. The market in the
U.S. is projected to be the fastest-growing at a
CAGR around 3 through 2021-2031. The U.S. holds
a big portion of global revenue and accounts for
more than 90 share in the North American market.
Strong growth in demand for morphine owing to
its potency, efficacy, and safety makes it the
most lucrative segment in the market, says an
analyst of Persistence Market Research.
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