Market for semi-synthetic opioids exhibits promising investment opportunities for investors owing to high profit margins
The semi-synthetic opioids segment accounted for more than 90% revenue share of the North America synthetic opioids market in 2016 and is expected to gain more than 10 BPS in its market share by 2024. The semi-synthetic opioids segment is expected to reach a market valuation of more than US$ 80 Bn by 2024, expanding at a CAGR of 2.5% over the forecast period. The segment’s revenue in the North America synthetic opioids market is expected to grow 1.25X by 2024 end as compared to that in 2015. The semi-synthetic opioids segment dominated the North America synthetic opioids market in terms of revenue in 2016 and is projected to continue to do so throughout the forecast period. The semi-synthetic product type segment is likely to remain an attractive segment, recording an attractiveness index of 1.8 over the forecast period.
Increasing number of prescriptions of semi-synthetic opioids than synthetic opioids will fuel segmental revenue in the North America synthetic opioids market
Rise in the number of patients suffering from terminal illnesses such as a severe cough resulting from lung infection, cancer, HIV, along with a high surge in the prescription for post-operative pain medication are factors expected to boost the consumption of semi-synthetic opioids as pain medication. Furthermore, rising awareness about palliative care in terminal disease conditions is boosting the adoption of opioid drugs globally. Favored reimbursement policies and rising awareness about palliative care services in the North America region are factors driving the consumption of semi-synthetic opioid drugs. In the U.S, palliative care services are delivered in accordance with government and commercial reimbursement policies. Hospital palliative care programs in the U.S include palliative care consultation teams and dedicated in-patient palliative care units. Non-hospital palliative care programs include ambulatories and office and home-based palliative care programs.
Increasing prescriptions of semi-synthetic opioids for de-addiction programs is also likely to create a positive impact on the semi-synthetic opioids segment. Methadone and Buprenorphine are widely prescribed drugs in opioid de-addiction programs. Due to the over prescription and abuse of opioid drugs these days, the demand for de-addiction opiates has increased. In 2015, more than 20 million Americans suffered from substance use disorder, which included 2 million people suffering from the abuse of Suboxone, one of the blockbuster drugs containing buprenorphine.
The introduction of novel opioids, especially in Abuse Deterrent Formulation would enhance the growth of the North America synthetic opioids market. New products with innovative formulations and drug designs such as abuse-deterrent formulations in Oxycontin and Opana are likely to fuel the branded opiates market. Moreover, the U.S. Food and Drug Administration is encouraging drug makers to come up with new generation drugs that make them less attractive to addicts. Increase in new drug applications by pharmaceutical companies and the number of products in their pipeline is a key growth driver for the semi-synthetic opioids segment of the North America synthetic opioids market.
The Canada semi-synthetic opioids market is anticipated to depict a relatively high growth rate as compared to the U.S market over the forecast period
The semi-synthetic opioids segment accounted for more than 90% revenue share of the U.S synthetic opioids market in 2016, and it is expected to gain 10 BPS in its market share by 2024. The semi-synthetic opioids segment in the U.S synthetic opioids market is estimated to reach a market valuation of a little more than US$ 75 Bn by 2024. Semi-synthetic opioids generate huge revenue, attributed to their comparatively high prescriptions and increasing pain management demand in the U.S. The Canada semi-synthetic opioids market accounted for close to US$ 7 Bn of the total market revenue in 2016, and it is expected to gain more than 60 BPS in its market share by 2024.
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