The Opioids market is projected to expand from US$ 12.93 billion in 2023 to US$ 15.03 billion by 2031, reflecting a compound annual growth rate (CAGR) of 1.9% during this period.

Opioids encompass a wide range of medications primarily utilized for pain management. While these drugs are known for their effectiveness, they also carry a significant risk of addiction. Opioids function by interacting with specific receptors in the brain, leading to various effects, including pain alleviation. This category includes substances such as heroin, morphine, codeine, fentanyl, methadone, tramadol, and others. The anticipated growth in the opioids market is largely driven by the rising prevalence of chronic pain conditions globally. Additionally, the increasing elderly population is contributing to the demand for opioid medications. Government initiatives aimed at developing treatments for opioid overdose and related disorders are expected to introduce new trends in the opioids market throughout the forecast period.

Strategic actions taken by market participants are expected to create further opportunities for growth in the opioids sector.

Key players in the opioids market are heavily investing in research and development to create more effective products. For instance, in May 2023, Indivior PLC received approval from the US Food and Drug Administration (FDA) for OPVEE (nalmefene) nasal spray, intended for emergency treatment of suspected or confirmed opioid overdoses in both adults and children aged 12 and older, particularly in cases of central nervous system (CNS) and/or respiratory depression. Additionally, in December 2021, Sandoz launched its generic version of Narcan (naloxone hydrochloride) Nasal Spray 4mg in the United States, which is utilized to counteract opioid overdoses. This product is readily available to individuals through retail pharmacies and healthcare institutions, including hospitals. Furthermore, in August 2023, Emergent BioSolutions introduced the over-the-counter NARCAN Nasal Spray, enabling anyone to assist in saving lives during opioid overdose emergencies. These strategic initiatives are likely to foster growth opportunities for the opioids market in the near future.

Geographically, the Opioid market is divided into several regions: North America (including the US, Canada, and Mexico), Europe (comprising the UK, Germany, France, Italy, Spain, Russia, and the rest of Europe), Asia Pacific (which includes China, Japan, India, South Korea, Australia, Southeast Asia, and the rest of Asia Pacific), the Middle East & Africa (covering the UAE, Saudi Arabia, South Africa, and the rest of the Middle East & Africa), and South & Central America (including Brazil, Argentina, and the rest of South & Central America). In 2023, North America dominated the global Opioid market, primarily due to lifestyle factors. However, the Asia Pacific region is anticipated to experience the highest CAGR from 2023 to 2031. The United States held the largest share of the Opioid market within North America in 2022. Companies in the US are employing both organic and inorganic strategies to advance the Opioid market. For example, in 2024, Hikma Pharmaceuticals PLC introduced Fentanyl Citrate Injection, USP, in dosages of 25mcg/0.5mL and 50mcg/mL, marking the first FDA-approved 25mcg/0.5mL presentation available in the US market. This launch is expected to enhance Hikma's product offerings for hospitals. Additionally, in 2023, Rusan Pharma inaugurated a state-of-the-art active pharmaceutical ingredient (API) facility in Madhya Pradesh, India, designed to comply with stringent international regulatory standards, ensuring high compliance levels. This facility has an annual production capacity of 400 metric tons of APIs, which will secure the supply of essential APIs to meet the increasing demand for addiction treatment and pain management products both in India and globally. Moreover, in 2023, Neuraxpharm finalized the acquisition of two established product portfolios from Sanofi, focusing on CNS disorders, pain, and vascular diseases. The acquired portfolio includes 15 products targeting CNS disorders and two addressing pain and vascular conditions. In 2022, Collegium Pharmaceutical, Inc. completed the acquisition of BioDelivery Sciences International Inc. (BDSI), which has a portfolio of products for pain and neurology that address serious and debilitating conditions. BDSI's key growth product, BELBUCA, is a distinct schedule III opioid that complements Collegium's existing pain product lineup. These developments collectively support the anticipated growth of the opioids market.