According to Future Market Insight, the global Oxycodone Market is expected to reach a remarkable US$ 8.92 billion valuation by 2033, with a CAGR of 5.7%. From its estimated value of US$ 5.11 billion in 2023, this predicted expansion represents a significant increase.
During the forecast period, the market revenue growth is anticipated to be driven by several factors, including
- the growing usage of opioids for the treatment of moderate to severe chronic pain
- the increasing occurrence of chronic conditions like osteoarthritis and neuropathic disorders
- the rising demand for oxycodone to effectively manage and relieve post-operative pain
- the growing prevalence of cancer and the increasing number of cancer-related deaths worldwide
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Globally, there are more and more senior people, which is fueling market expansion. This group is more susceptible to developing cancer. The percentage of adults 60 and older is expected to increase from 2015 to 2050 by 12% to 22%.
Over the past 20 years, there has been a significant increase in global healthcare spending. Furthermore, oxycodone drug research expenditures have increased significantly. Additionally, there has been a noticeable increase in oxycodone-specific clinical trials. It is anticipated that these positive tendencies would continue for the duration of the prediction.
The number of people without a cancer diagnosis is known as the cancer incidence. It includes both the likelihood that cancer may develop and the average time that people live after receiving a diagnosis. It is anticipated that oxycodone, which is frequently used to treat cancer, will play a big role in driving growth.
Patients with life-threatening illnesses get palliative care, which focuses on enhancing their quality of life. In order to effectively manage pain for individuals receiving palliative care, oxycodone is essential. This is especially valid for people who have advanced cancer or other life-threatening illnesses. The demand for oxycodone has grown as palliative care is being given more priority by healthcare institutions.
One of the primary factors anticipated to impede market growth is the rising personal apprehension regarding the side effects linked to cancer medications. Other restraining factors include
- limited awareness of these drugs among individuals in low and middle-income countries
- the absence of reimbursement policies for cancer treatment in certain countries
- the potential for misuse, abuse, and fatal outcomes of oxycodone overdose requires lower therapeutic dosages and strict regulations
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The potential for addiction and the negative effects of opioids have generated interest in non-opioid options to treat pain. Non-pharmacological therapies and the creation of new drug classes are examples of non-opioid options. Businesses that prioritise non-opioid pain treatment research and development might take a commanding position in the rapidly changing healthcare market.
Key Takeaways:
- The oxycodone industry in the United Kingdom is anticipated to rise, exhibiting a CAGR of 5.5% through 2033
- The United States held a 91.3% share of the global oxycodone industry in 2022
- With a CAGR of 4.1% over the forecast period, India is predicted to develop rapidly in the oxycodone industry
- In 2022, Japan had a 23.7% share of the oxycodone industry globally
- The oxycodone industry in China is expected to increase, registering a CAGR of 5.6% over the forecast period
- The pain management segment emerged as the leading power in the oxycodone industry, securing a 78.68% share of the global market
- With a significant market share of 70.31%, the long acting oxycodone segment emerged as the dominant force in the oxycodone industry
- The oxycodone industry was predominantly led by the retail pharmacies segment, capturing a 75.8% global share of the global market
Competitive Landscape in the Oxycodone Market:
Key players are implementing diverse strategies to uphold their market positions and expand their presence on a global scale. Following are a few of these strategies:
- Developing oxycodone formulations that are difficult to misuse
- Investing in improving efficacy and safety
- Conducting rigorous clinical trials and generating robust scientific evidence to support the effectiveness
- Continuously enhancing oxycodone formulations based on advancements
- Strong campaigns to increase brand awareness
- Working with healthcare providers and institutions
- Ensuring adherence to quality and safety regulations
- Targeting regions with high demand
- Offering complementary medications and alternative routes
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Recent Developments by Key Players in the Oxycodone Market:
Daiichi Sankyo Company, also known as Daiichi Sankyo, introduced a new generic version of oxycodone hydrochloride hydrate injection to treat cancer pain in June 2019. This unique formulation is called Oxycodone Injections 10 mg and 50 mg “Daiichi Sankyo.” The introduction of this new formulation took place in Japan.
Leading Oxycodone Manufacturers as Profiled by FMI include:
- Teva Pharmaceutical Industries Ltd.
- Purdue Pharma L.P
- Daiichi Sankyo
- Acorda Therapeutics
- Teikoku Pharma USA, Inc.
- Mylan N.V
- Endo Pharmaceuticals Inc.
- Janssen Pharmaceuticals, Inc.
Key Segments Covered in Oxycodone Market Study:
By Oxycodone Type:
- Long-acting oxycodone
- Short-acting oxycodone
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By Application:
- Pain Management
- De-addiction
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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