GBI Research: Opioid market to surpass $17 billion by 2021

LONDON — GBI Research published a report Thursday that noted the U.S. market for opioids will be growing in the coming years. According to the report, the opioid market will hit $17.7 billion by 2021, up from $11 billion in 2014, with a compound annual growth rate of 7%. 

 

The report attributes the growth to a concurrent increase in chronic pain in the United States, stemming from an aging population and more incidences of such chronic diseases as diabetes, obesity, cancer, arthritis and cardiovascular disease. 

 

“Approximately 116 million Americans experienced chronic pain in 2014, which is higher than the incidence of diabetes, heart disorders and cancer combined, and as many as 25 million people experienced moderate to severe pain with significant pain-related activity limitations and diminished quality of life,” GBI Research analyst Deekshita Allavarapu said. 

 

The report comes amid new measures aimed at curbing opioid abuse from the Obama administration and new clinical guidelines that seek to reduce the number of opioids prescribed. However, though this might mean difficulty for manufacturers of opioids, it also presents opportunities for businesses that want to make drugs harder to abuse. 

 

“The result of these possible market restrictions, however, is that opportunities may open up for the development of abuse-deterrent opioids and of products that treat or prevent overdoses,” Allavarapu  said. “Such drugs include Naloxone, which reverses the effect of opioid overdose, Remoxy, a form of controlled-release oxycodone, and Embeda, which combines morphine with an antagonist to reduce the effects of the morphine if necessary.”