Opioids are a type of pain reliever medication because they reduce the number of pain signals transmitted by the body to the brain. Physicians often prescribe toothache and dental procedures, surgery, injuries and chronic illnesses. Opioids have both advantages when used in the right state and when used correctly, but when over-used, they develop into a serious risk that leads to mortality in patients. According to the US Food and Drug Administration (FDA), many people in the US have been subjected to serious harm associated with these drugs, and thus reducing the impact of opioid abuse and abuse, the US Office for Drug Control has developed a comprehensive Opium Action Plan to address the growing epidemic of opiate abuse and addiction and overdose.
The rising incidence of chronic illnesses is expected to reach the grip of the opiate market during the forecast. According to the Centers for Disease Control and Prevention in 2012, 117 million people in the US had one or more chronic health conditions such as stroke, heart disease, cancer, type 2 diabetes, obesity that would be expected to trigger the demand for opiate medication for the foreseeable period. An increasing number of generic authorizations by health authorities in different countries is another contributing factor to the growth of the global opioid market.
The global opioid market is segmented on the basis of drug classes, therapeutic applications and regions. Factors that lead to demand for the opioid market include the increasing incidence of chronic diseases worldwide and the growing number of authorized products in different regions, which will further increase market growth in advance. Strict government regulation on prescribing opioids to prevent drug addiction and abuse will limit the growth of the global opioid market in the predicted period.
The application segment includes pain management, diarrhea treatment, and cough treatment. The pain segment is expected to contribute to a significant share of the drug market in the opiates market, due to the increasing prescribing of opioids for chronic diseases such as cancer, orthopedics, etc. It is expected that market in Asia and Pacific will be continue to increase significantly in the future due to factors such as the increasing prevalence of chronic diseases in the region.
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The North American market is dominated by the global opioid market in terms of revenue income compared to the market in other regions. This is attributed to the key producers in the region and the increasing incidence of chronic diseases in the region. Europe is the second largest share in eye surgery revenue, followed by markets in Asia and the Pacific, Latin America and the Middle East and Africa.
Some prominent players on the global opioid market are Pfizer Inc., Boehringer Ingelheim, Janssen Pharmaceuticals, Inc., Sanofi S.A., Allergan, Plc, GlaxoSmithKline, Teva Pharmaceutical Industries Ltd., Sun Pharmaceuticals, Mallinckrodt Pharmaceuticals and Endo Pharmaceuticals Inc.