Market Trends of Alexipharmic Drugs Industry
This section covers the major market trends shaping the Alexipharmic Drugs Market according to our research experts:
Opioid Overdose is Expected to Hold the Major Market Share in the Alexipharmic Drugs Market
Opioid overdose is expected to account for the largest market revenue share during the forecast period. This dominance is owing to increased adoption of opioids as primary line treatment by physicians and higher preference among the patients. Also, the higher incidences of deaths due to illicit consumption of Synthetic opioids increased demand for these products. Synthetic opioids, other than methadone such as tramadol and fentanyl result in more deaths than from any other type of opioid.
As per the factsheet published by the World Health Organization in August 2018, nearly 450,000 people died as a result of drug use in 2015. Among which about 160 thousand deaths were directly associated with drug use disorders and about 118 thousand with opioid use disorders. Also, the report states that an estimated 27 million people who suffered from opioid use disorders in 2016.
Furthermore, increased research activities to develop opioid reversal agents by the key players is likely to fuel the growth of the segment over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the overall alexipharmic drugs market owing to the rise in the number of cancers, plastic surgery, diabetic ulcer amputation cases, and others that necessitate the prescription of these drugs and driving the market growth in the region. As per the United States Department of Health and Human Services (HHS) report, about 70,237 drug overdose deaths were recorded in 2017 with a significant increase in deaths by 9.6% to that of 2016 in the United States. Also, the report emphasizes that opioids resulted in 47,600 deaths representing 67.8% of all drug overdose deaths in 2017. Thus, higher incidences of drug overdose deaths in the region demand immediate and effective alexipharmic drugs propelling the growth of the market in the region.
