Opioid Anesthetics Market Size & Industry Share - Growth Trends & Forecasts (2023 - 2031)

Opioid Anesthetics Market Dynamics - (DRO) :

Key Drivers :

Rising use of adjuvant anesthesia drugs

Adjuvants are medications that are administered together with local or general anesthetics to increase their effectiveness, improve delivery, or decrease the required dosage. These medications work together with local anesthetics to enhance the duration and quality of anesthesia in regional techniques. Over time, the range of local anesthetic adjuvants has expanded from classical opioids to a broad variety of drugs with varying mechanisms of action, all aimed at improving the anesthetic experience. These drugs are used for better management of pain and anesthesia during surgeries. Additionally, the rise the surgeries is propelling the use of adjuvant anaesthesia drugs. For instance, according to the data published on NCBI on July 29, 2020, globally, a staggering 310 million major surgeries are performed each year; around 40 to 50 million in the USA and 20 million in Europe.

Increasing number of surgeries

The rise in the number of surgeries is fuelling the demand for opioid anaesthetics. Opioid anesthetics are used in combination with local and general anesthetic drugs to increase the effectiveness of drug and prevent pain during surgical procedures like dental surgeries, cardiac surgeries, cosmetic surgeries, breast cancer biopsies, bone fractures, knee replacement, and cataract removal. These anesthetics are widely used as pre-anesthesia medications, adjuvant anesthetic medications, and post-operation medications. They are especially vital in treating pain and as anesthesia adjuncts or primary anesthetic agents during surgery and postoperatively. Additionally, the rising number of surgeries is boosting the market for opioid anesthetics globally. For instance, according to the report published by American Society of Plastic Surgeons in September 2023, cosmetic surgery procedures have grown by 19% in 2022 compared to 2019. Furthermore, in June 2021, Canadian Health Information Institute report showed that 55,300 hip replacements and 55,285 knee replacements were performed in Canada during 2020-2021.

Key Restraints :

Side effects associated with the use of opioid anesthetics and strict regulatory framework

Opioids are a key tool in anesthesia and surgical pain management. However, opioids come with a range of potential side effects, including respiratory depression, exacerbation of obstructive sleep apnea, post-operative nausea, vomiting, ileus, hyperalgesia (increased sensitivity to pain), drowsiness, delirium, hypotension, urinary retention, and risk of tolerance. These side effects can range from mild to severe depending upon the resistance and acceptance capacity of person to person. According to the report published by the Centers for Disease Control and Prevention in December 2022, the rate of drug overdose deaths involving synthetic opioids other than methadone increased by 22% in 2021. Moreover, approval of opioid-based drugs requires a strict regulatory framework and guidelines by the regulatory agencies which further extends the approval time for opioid-based anesthetic drugs. Thus, the complex regulatory processes along with the side effects of opioid drugs significantly hamper the opioid anesthetic market.

Future Opportunities :

Increase in development of the healthcare and pharmaceutical sector

The prevalence of chronic disorders is rising globally. There is a significant growth observed in the pharmaceutical and healthcare sectors post-COVID-19 pandemic. Additionally, advancement in the healthcare infrastructure and government initiatives for better management of health is expected to fuel the market for opioid anesthetics for surgical treatment. For instance, according to the data published by the India Brand Equity Foundation in August 2023, in the Union Budget 2023-24, the Indian government allocated USD 10.76 billion to the Ministry of Health and Family Welfare (MoHFW). Moreover, the increasing number of hospitals in the developing countries is expected to potentially fuel the market. For instance, according to the report by Investment Information and Credit Rating Agency, in August 2023, the hospital sector is driving a robust revenue growth of 8-10% in FY24, with an operating profit margin at 22-23%. This will boost the distribution of cancer drugs in the hospital pharmacies.

Top Key Players & Market Share Insights:

The opioid anesthetics market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-