Market Trends of Oxycodone Drugs Industry
This section covers the major market trends shaping the Oxycodone Drugs Market according to our research experts:
Short-acting Drugs are Expected to Hold the Major Market Share Over the Forecast Period
Short-acting drugs are those which are effective immediately after being administered and require repeated dosages in long-term treatment. Short-acting drugs are expected to account for the largest market revenue share during the forecast period. This dominance is owing to their usage as primary line treatment used by physicians. Furthermore, increased demand for these products can be attributed to the rise in the prevalence of side effects of PR formulations. These PR formulations may lead to protracted adverse events among oxycodone-naive patients, and elderly patients who are in the initial stage of medication.
The utilization of short-acting drugs in cancer pain management has been on the rise in recent times. For instance, an article published in April 2021 in the Cancer Journal, indicated that short-acting oxycodone drugs were prescribed for over 53.8% of patients with advanced cancer. Thus, such instances in the application of short-acting opioids for pain management are generating demand for the product type and are expected to boost the growth of the segment.
Similarly, the rising number of cancer cases around the world, which boost the use of short-acting opioids is expected to add to the growth of the studied segment. According to an article published in the National Library of Medicine in February 2021, short-acting, immediate-release opioids are usually prescribed for breakthrough pain in cancer patients Thus, the increasing number of cancer cases is likely to boost segmental growth. Therefore, owing to the increasing adoption of short acting drugs, the studied segment is expecetd to witness growth over the forecast period.
North America is Expected to Hold the Largest Market Share over the Forecast Period
North America holds a major market share and is expected to continue its strong hold over the forecast period. Factors such as the rise in the number of cancers, RA, osteoarthritis, and other diseases that necessitate the prescription of these drugs for pain management contribute to the studied market growth in the region.
The upsurge in cancer cases across the countries such as the United States and Mexico is likely to boost the growth of the market in North America. For instance, the 2022 data published by the American Cancer Society (ACS) estimated that there will be 1.9 million new cancer cases in the United States in 2022. Furthermore, according to the National Cancer Institute (NCI), breast cancer is the most common cancer, with 290,560 new cases projected in the United States in 2022.
In addition, according to the 2022 World Cancer Research Fund International (WCRF) report, nearly 101,703 cancer cases were diagnosed among women where the age-standardized rate (ASR) was 137.4 per 100,000 population in Mexico. The report also stated that the cancer rate was lower among men than women in the country where the ASR was 62.6 per 100,000 population, still, it is raising the cancer burden. As chronic non-malignant pain is common in cancer patients, most often cancer patients are prescribed opioid medication. Thus, huge acceptance and prescription of these medications indicate new opportunities for oxycodone drugs, further fueling the growth of the market.
Furthermore, oxycodone has been widely prescribed for pain management in RA and osteoarthritis patients. As the burden of these orthopedic diseases is increasing across North America, the demand for oxycodone drugs is increasing. For instance, according to the 2021 report published by the Arthritis Community Research and Evaluation Unit (ACREU), around 15% of Canadians aged 20 years and above had osteoarthritis in 2021. The above source further stated that more than 4 million Canadians, or about 1 in every 7 adults, have osteoarthritis in Canada. Thus, the high burden of orthopedic disorders is expected to boost the demand for pain management drugs. This is predicted to garner overall, market growth in the region. Thus, the rising burden of RA, osteoarthritis, and cancer is among the other major factors that are anticipated to drive market growth during the forecast period in North America.
