The oxycodone drugs market studied was anticipated to witness a CAGR of 5.6% during the forecast period. The major factors attributing to the growth of the market are a rise in the incidence of chronic pain diseases, such as rheumatoid arthritis, cancer, lower back pain, and fibromyalgia. According to the study report published by the MD Anderson Cancer Center in January 2020, chronic non-malignant pain is common in cancer patients across the world, and one in every three cancer patients were prescribed with opioid medication. Thus, huge acceptance and prescription of these medications indicate the growth of the market. Furthermore, an increased number of trauma and surgery cases, rise in the prescription of these products in postoperative pain management due to their proven efficiency and preference among the patients are likely to fuel the market growth during the forecast period.
Key Market Trends
Short-acting Drugs are Expected to Hold the Major Market Share in the Oxycodone Drugs Market
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 the 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. Also, increased research activities to develop IR dosage forms and generics for the existing products by the key players are likely to fuel the segment. The steep rise in investments can be attributed to the discontinuation of various long-acting products, such as Targiniq ER, Troxyca ER, etc., by the USFDA, leading to the growth of the segment over the forecast period.
North America Dominates the Market and it is Expected to do the Same in the Forecast Period
North America is expected to dominate the overall oxycodone 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. According to the American Society of Plastic Surgeons (ASPS) report for the year 2018, about 5.8 million reconstructive procedures were recorded in the United States. The American Journal of Managed Care report published in 2018 estimated that about 200,000 non-traumatic amputations occur every year, and per day nearly 230 Americans with diabetes will suffer an amputation. Thus, higher surgical procedures in the region demand the oxycodone for managing severe pain. Furthermore, increased health awareness among the public about pain management is also expected to propel the growth of the market in the region and contributing to its outstanding market share in the global oxycodone drug market throughout the forecast period.
The oxycodone drug market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some prominent players are developing new products with lesser side effects propelled by favorable accelerated drug approval initiatives for abuse-deterrent formulations (ADFs) by the USFDA. In September 2019, Daiichi Sankyo launched its Oxycodone Extended-Release Tablets 5 mg, 10 mg, 20 mg, and 40 mg NX used for sustained cancer pain treatment in Japan. Launch of such products will positively impact market growth throughout the forecast period. Some of the companies which are currently dominating the market are Sun Pharmaceutical Industries Ltd, Collegium Pharmaceutical Inc., Endo Pharmaceuticals Inc., Teva Pharmaceutical Industries Ltd, and Mallinckrodt Pharmaceuticals.
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