U.S. Opioids Market Estimated To Witness a Phenomenal Growth by 2025
According to the National Institutes of Health (NIH) estimates, in 2015 by the American Pain Society, nearly 50 million people in the U.S. suffered from chronic pain. Use of opioids in cancer, orthopedic, neuropathic, post-operative pain, and lower back pain is very effective. With growing incidence of chronic pain demand for opioids is also expected to increase consequently. Moreover, opioid overdose or abuse has fueled the growth of the U.S. opioids market. CVS Health’s, leading pharmacy chain, reports that company had been often asked to fill the prescription of 30 to 60 of the powerful pills at a time for conditions that required a much more limited amount.
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However, in near future, the overuse or abuse is expected to come down significantly with deceleration of opioids a public health emergency in October 2017 by U.S government. The pharmacy chain, insurance companies, doctors, and all professionals related (directly or indirectly) to this crisis are being monitored closely and had been asked to co-operate to end this epidemic. This strict government intervention are restraining the growth of the U.S. opioids market.
Increasing incidences of chronic pain is expected to drive growth of the U.S. opioids market
According to the American Academy of Pain Medicine (AAPM), 2011, around 1.8 billion people suffered from chronic pain. Moreover, according to the National Institute of Health (NIH) estimates in 2015, one in 10 people in the U.S. suffered from chronic pain. Increasing prevalence of chronic pain is expected to result in high prescription of opioids pain relievers, which in turn is expected to fuel the market growth. Easy availability and favorable insurance policy are other major drivers for growth of the U.S. opioids market.
The analysis of Medicare prescription drug plans, which covers 35.7 million people in the second quarter of 2017, by ProPublica — an investigative journal and The New York Times — a leading U.S. newspaper, revealed that only one-third of the covered people had any access to other types of pain killer and less-risky opioids. This was attributed to low cost of opioids drugs. The scenario might change, however, due to strict monitoring from government and regulatory bodies.
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Cannabis as potential alternative for pain relief can be a threat to the U.S. opioids market
Cannabis could be the alternative therapy for opioids. Currently, medical marijuana is legal in 28 states and the District of Columbia even though it is illegal under federal law. According to a research published in Annals of Internal Medicine, in majority of cases, between 45% and 85%, medical marijuana is used for pain management. However, there is some ambiguity about medical marijuana effectiveness in pain management. Cannabis could be used as effective therapy after establishment of clinical trials.
Some major players operating in the U.S. opioids market include Purdue Pharma L.P., Titan Pharmaceuticals, Inc., Boehringer Ingelheim GmbH, Janssen Pharmaceuticals, Inc., Sanofi S.A., Sun Pharmaceuticals Industries Limited, Mallinckrodt Pharmaceuticals, Egalet Corporation, Endo Pharmaceuticals plc, Allergan, plc, and Pfizer Inc.
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