Narcotics Analgesics Market Trends

Growth Drivers

• Increased Research for Cancer Treatment Drugs – Narcotics analgesics is the new approach for the treatment of cancer patients, the medication developed from opioids is highly used for cancer treatment. Therefore, rising investment is to augment the development of more effective drugs. As per the National Cancer Institute, the funding for cancer research increased from USD 4,952.6 in 2015 to USD 6,440.4 in 2019.
• Increase in Incidence of Chronic Diseases such as Cancer, Heart Disorders, Arthritis, and Tuberculosis – The unhealthy lifestyle has led to an increase of chronic diseases among the population. As a result of rising diagnosis of high number of chronic diseases is expected to increase the adoption of narcotics analgesics in the healthcare sector. As they are extensively used for managing the main that cannot be reduced by the use of normal painkillers. About 60 million adults have arthritis in the U.S, which is about 1 in 4 adults.
• Rising Consumption of Different Types of Drugs –Rising drug consumption in the world can create good opportunities for the increased use of narcotics analgesics. In the year 2020, the use of different types of drugs increased by more than 20% from 2010 during the COVID-19 pandemic.
• Increasing Dispensing Rates of Opioids – Opioids are a type of medication used to treat moderate to severe pain. Opioids can be developed in the laboratory or from the opium poppy plant. They function by binding to opioid receptors on nerve cells in the brain, gastrointestinal system, spinal cord, and other organs to suppress pain signals. Some opioids may be used to treat cough and diarrhea as well. For instance, in 2020, over 3% of U.S countries dispensed adequate opioid prescriptions for every individual to have one. Further, the overall dispensing rate in the U.S in the same year was over 40 prescriptions per 100 people, while some countries had nine times higher rates.
• Government Support to Improve Pharmaceutical and Analgesic Industries – Rising spending on pharmaceuticals can boost the advancement of new forms of drugs including those made from the base of narcotics. The estimated R&D expenditure in the pharmaceutical industry in 2019 was more than USD 80 billion.

Challenges

• Addiction to Narcotics Drugs – Narcotics drugs such as heroines can be highly addictive if consumed once. Addiction can further push individuals into serious disorders like substance abuse in the longer run. Their misuse, abuse, and use beyond of prescribed medical purposes can result in opioid dependence and other health issues. The World Health Organization estimates that drug usage is responsible for around half a million fatalities worldwide.
• Shortage of Analgesic Medication
• Imposed Regulations to Prevent Misuse