Overview and Scope
A narcotic drug is a type of drug that acts on the central nervous system to produce sleepiness, pain relief, euphoria, and sometimes hallucinations. Narcotic drugs are typically derived from the opium poppy plant but can also be synthetically produced.
Sizing and Forecast
The narcotic drugs market size has grown strongly in recent years. It will grow from $13.56 billion in 2023 to $14.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increasing medical need, growing public health concerns, increasing access to healthcare, rising prevalence of chronic pain, government initiatives to improve pain management.
The narcotic drugs market size is expected to see steady growth in the next few years. It will grow to $16.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to growing demand for generic narcotic drugs, growing pharmaceutical industry, growing demand for minimally invasive surgeries, increased use of narcotic drugs in palliative care. Major trends in the forecast period include pharmaceutical innovation, telemedicine and remote monitoring, development of non-opioid alternatives, use of artificial intelligence (ai) in drug discovery and development.
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Segmentation & Regional Insights
The narcotic drugs market covered in this report is segmented –
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
Asia-Pacific was the largest region in the narcotic drugs market in 2023. The regions covered in the narcotic drug market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rising incidence of chronic diseases is expected to propel the growth of the narcotic drug market going forward. Chronic disease is a form of illness that lasts three months or more and can deteriorate with time. Narcotic drugs are used to manage chronic diseases to relieve cancer, chronic pain syndrome, terminal illness, and severe arthritis. For instance, in January 2023, according to the National Library of Medicine, a US-based agency, the number of people in the US aged 50 and older who have at least one chronic condition would increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Therefore, the rising incidence of chronic diseases is driving the growth of the narcotic drug market.
Key Industry Players
Major players in the narcotic drugs market are Pfizer Inc., Johnson and Johnson Limited, AbbVie Inc., Novartis AG, AstraZeneca PLC, Sanofi S.A., Takeda Pharmaceutical Company Limited, Boehringer Ingelheim International GmbH, Viatris Inc., Teva Pharmaceutical Industries Ltd., Daiichi Sankyo Company Limited, Sun Pharmaceutical Industries Ltd., Purdue Pharma LP, Hikma Pharmaceuticals PLC, Endo Pharmaceuticals Inc., Amneal Pharmaceuticals LLC, Lupin Ltd., Mallinckrodt Pharmaceuticals, Alvogen Inc., Indivior Inc., Impax Laboratories Inc., Collegium Pharmaceutical Inc., Lannett Co Inc., Par Pharmaceutical Inc., West-Ward Pharmaceuticals Corp.
The narcotic drugs market report table of contents includes:
1. Executive Summary
2. Narcotic Drugs Market Characteristics
3. Narcotic Drugs Market Trends And Strategies
4. Narcotic Drugs Market – Macro Economic Scenario
5. Global Narcotic Drugs Market Size and Growth
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26. South America Narcotic Drugs Market
27. Brazil Narcotic Drugs Market
28. Middle East Narcotic Drugs Market
29. Africa Narcotic Drugs Market
30. Narcotic Drugs Market Competitive Landscape And Company Profiles
Top Major Players:
- Pfizer Inc.
- Johnson and Johnson Limited
- AbbVie Inc
- Novartis AG
- AstraZeneca PLC
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