MARKET OUTLOOK
Research by Triton shows that the Asia-Pacific opioid drugs market will be fast progressing at a CAGR of 3.05% in terms of revenue over the forecast period of 2019-2028. China, Japan, India, South Korea, ASEAN countries, Australia & New Zealand, and Rest of APAC together form the market in this region.
India is among the top opium producers in the world for the legal medical market. It has been placed at the fourth position by The International Narcotics Control Board (INCB). In fact, it is the only country in the world that legally produces opium gum—this substance consists of several indispensable alkaloids like codeine, thebaine, and morphine. Morphine is considered one of the best analgesics, as it helps provide relief when one experiences extreme and excruciating pain. Opium cultivation is permitted in certain areas in the country, such as in the states of Rajasthan, Uttar Pradesh, and Madhya Pradesh. These factors indicate an enhanced adoption of opioid drugs in India. This is helping the growth of the Indian opioid drugs market over the forecast period.
In South Korea, opiate consumption has increased exponentially. This is due to enhanced awareness among patients as well as the realization among medical professionals of the need for pain control. The country ranks third in terms of opioid consumption in Asia. With the rise in the number of oncology patients and growth in awareness, this trend is expected to continue over the forthcoming years. All these factors are aiding the growth of the South Korean market for opioid drugs.
COMPETITIVE OUTLOOK
The prominent companies in this market are Johnson Johnson, Mylan NV, Janssen Pharmaceuticals Inc, Teva Pharmaceutical Industries Ltd, Lannett Co Inc, Pfizer Inc, Sanofi-Aventis SA, Biodelivery Sciences International Inc, and Hikma Pharmaceuticals Plc.