ESOMAR-certified consulting firm Future Market Insight (FMI) has published a report on the global oxycodone market for the forecast period of 2021 – 2031. According to the report, the market is expected to expand at a CAGR of 4.8% during the forecast period.
Oxycodone belongs to a group of opioid analgesics that is generally used in pain management. It is used for both long and short term. Rising prevalence of orthopaedic diseases such as osteoporosis, fibromyalgia, rheumatoid arthritis and other types of chronic pain is boosting the demand for oxycodone in the global market.
According to the International Osteoporosis Foundation, osteoporosis is one of the most serious health concerns among women and around 30% of people in U.S and Europe are affected by it each year. Increasing medical ailment and post-operative pain is another factor influencing the demand for oxycodone market globally.
The market growth is expected to accelerate due to increasing research and development activities undertaken to innovate abuse-deterrent formulations. Advance drug formulation such as extended-release medication for pain relief is an example of improve formulation.
The market however could face certain restrains in growth as oxycodone has side effects such as bladder pain, abdominal cramps, vomiting, diarrhoea, and breathing problem. Moreover, overdose of oxycodone can lead to de-addiction. The market can also be impacted due to certain severe adverse psychological problems such as depression.
COVID-19 pandemic has affected healthcare industry as there has been a sharp reduction in demand due to lesser visits to healthcare facilities such as clinics and hospitals. The widespread of virus has affected workforce in hospitals and other staffing issues as well.
Key Takeaways from FMI’s Oxycodone Market Study
- Increasing penetration of pain management drugs, coupled with favourable reimbursement policies will drive sales in the U.S.
- Within the Middle East and Africa, the demand in GCC countries will rise backed by investment towards expansion of the healthcare sector
- The U.K., Italy, and France are likely to account for sizeable share in the Europe market for oxycodone
- Long-acting oxycodone sales will rise steadily owing to surging application in pain management
- Hospital pharmacies will continue exhibiting high demand for oxycodone, driven by higher footfall of patients
“With the demand for pain management medication rising, market players are aiming at expanding their network across emerging nations. There is high focus on strengthening their footprint in the overall market via strategic collaborations. Besides this, in order to gain competitive edge, they are increasingly spending on drug development,” says a FMI analyst.
Who is Winning?
The key payers operating in the global oxycodone market are focusing on adopting numerous strategies such as mergers and acquisitions, research and development activities, and joint ventures. The key players operating in the global market are Janssen Pharmaceuticals (A Johnson and Johnson Subsidary), Inc., Purdue Pharma L., Hikma Pharmaceuticals USA, Inc., Pfizer, Inc., Sun Pharmaceutical Industries Ltd., Sanofi-Aventis S.A., and others.
- FDA in 2017 approved RoxyBond, a novel formulation of immediate-release oxycodone. This is the first approved immediate release opioid analgesic formulation with labelling that describes its abuse-deterrent properties.
- In September 2019, Daiichi Sankyo Company in Japan, launched its generic formulated oxycodone hydrochloride hydrate extended release tablets for cancer pain treatment.
More Insight on the Global Oxycodone Market
In the latest study, Future Market Insights gives a detailed insight on the global oxycodone market, providing historical data for the period from 2016 to 2020 and forecast statistics for the period of 2021 – 2031. To understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (long-acting oxycodone and short-acting oxycodone), application segment (pain management and de-addiction), distribution channel (hospitals pharmacies and retail pharmacies), and region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).