The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

According to The Business Research Company’s Narcotic Drugs Global Market Report 2023, the narcotic drugs market is expected to show promising growth in the forecast period.

The narcotic drugs market has witnessed robust growth, with a size that surged from $13.56 billion in 2023 to $14.26 billion in 2024, boasting a compound annual growth rate (CAGR) of 5.1%. Projections suggest further expansion to $16.88 billion by 2028 at a CAGR of 4.3%. This trajectory is underpinned by several factors, including increasing medical need, growing public health concerns, and government initiatives to improve pain management.

Driving Forces Behind the Growth

• Rising Chronic Disease Incidence: The escalating prevalence of chronic diseases plays a pivotal role in propelling the narcotic drug market forward. These drugs are crucial for managing conditions such as cancer, chronic pain syndrome, terminal illness, and severe arthritis. Notably, the aging population in the U.S., with a predicted 99.5% increase in those aged 50 and older having at least one chronic condition by 2050, underscores the importance of narcotic drugs.
• Major Players in the Market: Key contributors to the market’s growth include industry giants such as Pfizer Inc., Johnson and Johnson Limited, AbbVie Inc., Novartis AG, and AstraZeneca PLC, among others. These players are essential in shaping the landscape and responding to the increasing demand for narcotic drugs.

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Product Development and Innovation

• Strategic Focus on Innovation: Major companies in the narcotic drug market, including Indivior PLC, prioritize product development and innovation. Indivior PLC, for instance, launched OPVEE (nalmefene) nasal spray, an opioid overdose rescue medicine, showcasing the industry’s commitment to providing reliable products to customers.
• Acquisitions for Portfolio Strengthening: In March 2023, Indivior PLC acquired Opiant Pharmaceuticals Inc. for $145 million, fortifying its addiction treatment and science portfolio. This acquisition aims to address the opioid overdose crisis, particularly the surge in overdoses from potent synthetic opioids like fentanyl.

Market Segmentation

The narcotic drugs market is segmented based on various criteria, offering a nuanced understanding of its dynamics:

1. By Drug:
   • Opium
   • Heroin
   • Codeine
   • Oxycodone
   • Other Drugs
2. By Source:
   • Natural
   • Semi-Synthetic
   • Synthetic
3. By Indication:
   • Pain Management
   • Cough
   • Diarrhea
   • Dysentery
   • Asthma
   • Other Indications
4. By Distribution Channel:
   • Hospital Pharmacy
   • Online Pharmacy
   • Retail Pharmacy
5. By End User:
   • Hospitals
   • Homecare
   • Specialty Clinics
   • Other End Users

Regional Dominance

• Asia-Pacific Leading the Way: In 2023, Asia-Pacific emerged as the largest region in the narcotic drugs market, underscoring the global nature of this industry. The region’s prominence is a result of factors like increasing healthcare access and a growing pharmaceutical industry.

Future Trends

• Pharmaceutical Innovation: The forecast period brings a wave of pharmaceutical innovation, indicating an exciting era of development in narcotic drugs.
• Telemedicine and Remote Monitoring: The integration of telemedicine and remote monitoring showcases a move towards more accessible healthcare solutions.
• Non-Opioid Alternatives: Development in non-opioid alternatives demonstrates a commitment to addressing concerns surrounding opioid dependence and addiction.
• AI in Drug Discovery: The use of Artificial Intelligence (AI) in drug discovery and development highlights the industry’s embrace of cutting-edge technologies.

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The Narcotic Drugs Global Market Report 2023  offers a comprehensive overview on the narcotic drugs market size, growth rate, trends and drivers, opportunities, strategies, and competitor landscape. The countries covered in the narcotic drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The Table Of Content For The Narcotic Drugs Market Include:
1. Narcotic Drugs Market Executive Summary
2. Narcotic Drugs Market Segments
3. Narcotic Drugs Market Size And Narcotic Drugs Market Growth Rate
4. Key Narcotic Drugs Market Trends
5. Major Narcotic Drugs Market Drivers
……
25. Key Mergers And Acquisitions In The Narcotic Drugs Market
26. Top Narcotic Drugs Companies
27. Narcotic Drugs Market Opportunities And Strategies
28. Narcotic Drugs Market, Conclusions And Recommendations
29. Appendix

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