Hydrocodone Market size is anticipated to witness lucrative growth rate during the forecast period i.e., between 2024-2036.
The growth of the market can be attributed to the increasing application of hydrocodone in manufacturing drugs, which include, pain killers, paracetamol, cough suppressants, and others. Hydrocodone is an opioid, meaning, it is derived from natural opium, which is why, it is a controlled drug. The growing usage of hydrocodone-based drugs to relieve pain in medical conditions, such as, cancer, arthritis, and surgeries, among others, is estimated to boost the market growth. Moreover, the rising prevalence of cancer across the globe, is further estimated to boost the market growth. According to the data by the World Health Organization (WHO), over 10 million people died due to cancer in 2020.
Moreover, the growing R&D activities, for the development of new drugs, is estimated to boost the market growth. In addition to this, the increasing investment in the field of medical research by pharmaceutical companies, is projected to propel the market growth. According to the World Bank data, 2.204% of the global GDP was spent for R&D activities in 2018.
Growth Drivers
Challenges
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2023 |
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2024–2036 |
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The hydrocodone market is segmented by application into pain relief, cough treatment, and others, out of which, the pain relief segment is anticipated to hold the notable share in the market over the forecast period on account of its analgesic effect on brain and spinal cord. Hydrocodone is prescribed for moderate-to-severe pain, depending on the drug combination. Such factors are estimated to boost the segment growth.
Our in-depth analysis of the global market includes the following segments:
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On the basis of geographical analysis, the hydrocodone market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Europe industry is predicted to account for largest revenue share by 2036, propelled by advancements in the healthcare sector in the region.Moreover, the increasing investment in the medical research is estimated to further propel the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the rising cases of arthritis and other diseases, which requires pain killer drugs. According to the data by the Center for Disease Control and Prevention (CDC), about 58.5 million people, which is 23.7% of the total population in the United States, have doctor-diagnosed arthritis. Moreover, the liberty to research with narcotics for medicinal use, in developed countries, is anticipated to propel the hydrocodone market growth.
January, 2018: The U.S. Food and Drug Administration announced the change in safety labelling for cough and cold medications which contain codeine or hydrocodone. The consumption of these drugs will be restricted or limited for pediatric use.
Author Credits: Radhika Pawar
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