North America Synthetic Opioids Market to reach US$ 97.6 Billion by end of 2027 – Coherent Market Insights

SEATTLE, May 26, 2020 (GLOBE NEWSWIRE) -- Synthetic opioids are psychoactive substances that are either known to be opiates or have opiate-like effects. Fentanyl, Alphamethylfentanyl, Alfentanil, and Sufentanil are some of the examples of synthetic opioids.

North America synthetic opioids market is estimated to account for US$ 97.6 Bn in terms of value by the end of 2027.

Market Drivers:

Increasing prevalence of cancer is expected to boost growth of North America synthetic opioids market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

Moreover, high incidence of HIV is also expected to aid in growth of the market. For instance, according to ‘Summary: Estimates of HIV incidence, prevalence and Canada's progress on meeting the 90-90-90 HIV targets, 2016' published by Public Health Agency of Canada, in July 2018, in 2016,  63,110 people in Canada were infected with HIV.

Market Opportunities:

Funding for R&D in opioids is expected to offer lucrative growth opportunities for players in North America synthetic opioids market. For instance, in the U.S., The National Institute on Drug Abuse (NIDA) offers funding for R&D in drug use and its consequences.

Moreover, R&D in use of synthetic opioids is also expected to aid in growth of the market. For instance, in March 2020, Adamis Pharmaceuticals Corporation, in collaboration with University of Michigan, U.S., reported that higher doses of 2 mg intramuscular Naloxone result in higher mu receptor occupancy and could be useful in addressing overdoses resulting from potent synthetic opioids.  

Market Restraints:

Use of Synthetic Opioids may lead to several side effects, thereby hindering growth of the market. For instance, Remifentanil causes a reduction in sympathetic nervous system tone, respiratory depression and analgesia.

Request for Sample PDF copy @ https://www.coherentmarketinsights.com/insight/request-sample/3660

Key Takeaways:

North America synthetic opioids market was valued at US$ 81.3 Bn in 2019 and is forecast to reach US$ 97.6 Bn by 2027 at a CAGR of 2.2% between 2020 and 2027. Increasing prevalence of cancer is expected to boost demand for synthetic opioids over the forecast period.

Semi synthetic opioids segment held dominant position in North America synthetic opioids market in 2019, accounting for 92.2% share in terms of value. Increasing investment in research and development of opioids during the forecast period is expected to assist the growth of the segment.

Market Trends:

Deaths due to drug overdose have increased during the Covid-19 pandemic. This can be attributed to social isolation and increasing use of opioids. In May 2020, U.S. Border Patrol reported seizing 57 pounds of fentanyl since January 2020 in Tucson Sector.

Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in May 2020, Adamis Pharmaceuticals Corporation resubmitted New Drug Application to the U.S. Food and Drug Administration for its ZIMHI (naloxone HCI Injection, USP) product candidate for the treatment of opioid overdose.

Regulations

U.S.

• Drug Enforcement Administration (DEA) is responsible for enforcing the controlled substances laws and regulations
• It is responsible for the enforcement of the provisions of the Controlled Substances Act as they pertain to the manufacturing, distribution, and dispensing of legally produced controlled substances
• It also coordinates and cooperates with federal, state, and local law enforcement officials on mutual drug enforcement efforts and enhancement of such efforts through exploitation of potential interstate and international investigations beyond local or limited federal jurisdictions and resources.

Competitive Landscape:

Major players operating in North America synthetic opioids market include, Adamis Pharmaceuticals Corporation, Purdue Pharma LP, Pfizer Inc., Janssen Pharmaceuticals, Inc., Teva Pharmaceuticals, Endo International plc, West-Ward Pharmaceuticals, Mallinckrodt Pharmaceuticals plc, Mylan N.V., Impax Laboratories, Inc., and Indivior Plc.

Key Developments:

September 2019: Endo International plc announced execution of final settlement agreement and release resolving ‘Track 1' opioid cases by its subsidiaries Endo Pharmaceuticals Inc., Endo Health Solutions Inc., Par Pharmaceutical, Inc. and Par Pharmaceutical Companies, Inc.

Buy-Now this Research Report @ https://www.coherentmarketinsights.com/insight/buy-now/3660

Market Segmentation:

• Synthetic Opioids Market, By Product Type :
  • Synthetic Opioids
    • • Methadone
      • Fentanyl
      • Meperidine
  • Semi Synthetic Opioids
    • • Hydrocodone
      • Oxymorphone
      • Oxycodone
      • Hydromorphone
      • Buprenorphine
• Synthetic Opioids Market, By Application:
  • Pain Management
  • De-Addiction
• Synthetic Opioids Market, By Distribution Channel:
  • Retail Outlets
  • Hospitals 
• Synthetic Opioids Market, By Region:
  • U.S.
  • Canada

Mr. Shah
Coherent Market Insights
1001 4th Ave. 
#3200 
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com