Fentanyl Global Market Report 2024

The fentanyl market size has grown strongly in recent years. It will grow from $15.14 billion in 2023 to $16.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed in the historical period can be attributed to various factors, including the increasing demand for pain management solutions, the prevalence of medical procedures and surgeries, the need for effective cancer pain management, growth in the opioid analgesic market, and the aging population requiring pain relief solutions.

The fentanyl market size is expected to see strong growth in the next few years. It will grow to $20.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period can be attributed to factors such as the increase in chronic pain cases, the expansion of oncology therapies, a rise in surgical procedures, public health initiatives addressing pain management, and regulatory approvals for new indications of fentanyl. Noteworthy trends expected in the forecast period include technological advancements in drug formulations, innovations in detection technologies, the implementation of public health and harm reduction strategies, an increase in pharmaceutical applications, and a growing emphasis on international collaboration and information sharing in the field of pain management.

The anticipated rise in the prevalence of chronic diseases is poised to drive the growth of the fentanyl market. Chronic diseases, persisting over an extended period, contribute to a substantial number of global deaths, with non-communicable diseases (NCDs) accounting for 74% of all annual deaths, according to the World Health Organization's September 2022 report. In the UK, the British Heart Foundation reported a rise in deaths from coronary heart disease to 65,579 in 2021, compared to 64,170 in 2020. Fentanyl plays a crucial role in managing severe and persistent pain associated with chronic diseases, becoming a pivotal factor propelling the growth of the fentanyl market.

The increasing demand for pain management is anticipated to fuel the growth of the fentanyl market. Pain management, crucial for enhancing patients' quality of life, has led to a growing demand for effective pain relief solutions. Fentanyl, a potent opioid, has emerged as a key player in addressing severe or chronic pain, improving physical functioning, and tackling the underlying causes of pain. NIH statistics reveal that approximately 21% of adults experience chronic pain, with 8% facing high-impact chronic pain (HICP). The prevalence of new chronic pain cases further underscores the demand for pain management and contributes to the growth of the fentanyl market.

The enforcement actions against fentanyl trafficking are poised to limit the market's growth. Law enforcement agencies globally are intensifying efforts to curb the illegal manufacturing, distribution, and trafficking of fentanyl. A significant example is the Drug Enforcement Administration's seizure of over 57.5 million fake prescription tablets and 13,740 pounds of fentanyl powder during fiscal year 2022, as reported by the White House in April 2023. Such enforcement actions are instrumental in restricting the availability and distribution of fentanyl, thus hindering the overall growth of the fentanyl market.

Leading companies in the fentanyl market are actively innovating by developing groundbreaking products such as Opvee, securing regulatory approvals to expand their customer base, drive higher sales, and achieve increased revenue. Opvee, also known as nalmefene, serves as a potent opioid receptor blocker specifically designed for treating confirmed or suspected opioid overdose induced by natural or synthetic opioids, including fentanyl. An illustrative example is the accomplishment of Indivior PLC, a prominent U.S.-based pharmaceutical company, which obtained approval from the U.S. Food and Drug Administration for Opvee nasal spray in May 2023. This nasal spray operates by averting the impact of opioids on the brain, aiding patients recently subjected to overdose in restoring normal respiration and blood pressure. The convenience of administering Opvee as a nasal spray enhances its effectiveness during emergency situations, contributing significantly to the arsenal of medications combating opioid overdoses and saving lives.

In April 2023, SK Capital Partners LP, a distinguished U.S.-based private investment company, successfully completed the acquisition of Apotex Pharmaceutical Holdings Inc. This transaction, executed for an undisclosed amount, is geared towards diversifying Apotex's product portfolio, positioning it as a Canadian global health firm, and leveraging its proficiency in producing cost-effective drugs. Apotex Pharmaceutical Holdings Inc., headquartered in Canada, specializes in the manufacturing of fentanyl transdermal systems. This strategic acquisition underscores SK Capital Partners LP's commitment to strengthening its presence in the pharmaceutical industry while enhancing its capabilities and offerings.

Major companies operating in the fentanyl market report are Pfizer Inc., Johnson & Johnson, Sinopharm Group, Merck & Co. Inc., Bayer AG, Novartis AG, Kyowa Kirin Co. Ltd., Fresenius Kabi Oncology Ltd., Abbott Laboratories, Sanofi S.A, Boehringer Ingelheim GmbH, Viatris Inc., Baxter International Inc., Teva Pharmaceutical Industries Limited, Jiangsu Nhwa Pharmaceutical Co. Ltd., Cephalon LLC, AstraZeneca plc, Apotex Inc., Hisamitsu Pharmaceutical Co. Inc., Alvogen, Luye Pharma Group, Henan Lingrui Pharmaceutical Ltd., Insys Therapeutics Inc., Exela Pharma Sciences LLC, Paladin Labs Inc., Bryant Ranch Prepack Inc., Galena Biopharma Inc., Validus Pharmaceuticals LLC, Quality Care Products LLC, Dispensing Solutions Inc.

North America was the largest region in the fentanyl market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fentanyl market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the fentanyl market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The fentanyl market consists of sales of fentanyl patch, fentanyl lozenge, fentanyl nasal spray, fentanyl sublingual spray, fentanyl sublingual tablets, fentanyl lollipop, and fentanyl film. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary types of fentanyl include fentanyl injections and fentanyl TTS (transdermal therapeutic system). Fentanyl injections are a medication delivery method that administers the opioid directly into the bloodstream. These injections are primarily employed to alleviate severe pain during and after surgical procedures. Fentanyl is utilized for various applications, including anesthesia, maintaining anesthesia, general analgesia, postoperative analgesia, and managing breakthrough cancer pain. The recipients of fentanyl treatment include hospitals, clinics, ambulatory surgical centers, and other healthcare facilities.

The fentanyl market research report is one of a series of new reports that provides fentanyl market statistics, including fentanyl industry global market size, regional shares, competitors with a fentanyl market share, detailed fentanyl market segments, market trends and opportunities, and any further data you may need to thrive in the fentanyl industry. This fentanyl market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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