The Oxycodone Market is estimated to grow from USD 5.23 Billion in 2020 to USD 7.46 Billion by 2028, at a CAGR of 4.6%, during the forecast period. The oxycodone market is driven by an increase in the number of patients suffering from terminally ill diseases such as cancer and HIV and a high increase in the prescription of post-operative pain medication.
Cancer's growing commonness, Parkinson's disease, and rheumatic diseases drive the growth of the market. The use of oxycodone to relieve post-operative pain under different medical conditions fuels the growth of the market.
Increasing concern about oxycodone abuse, however, is curbing market growth. However, less addictive oxycodone drugs approved by the FDA for adults and children are likely to open new gateways in the forecast period for the growth of Oxycodone Market.
Further key findings from the report suggest
- The Oxycodone Market is estimated to grow from USD 5.23 Billion in 2020 to USD 7.46 Billion by 2028, at a CAGR of 4.6%, during the forecast period. The oxycodone market is driven by an increase in the number of patients suffering from terminally ill diseases such as cancer and HIV and a high increase in the prescription of post-operative pain medication.
- The market for short acting oxycodone is expected to hold the largest market share at USD 5.09 Billion by 2028, at a CAGR of 5.5% during the forecast period. An increase in pharmaceutical companies new drug applications and the number of products in the pipeline are driving the market for oxycodone. Other formulations are coming up on the market, such as controlling the release of drugs to improve pain management.
- Based on routes of administration, the oral segment is expected to hold the largest market share and is expected to reach USD 2.98 Billion by 2028, at a CAGR of 5.8% during the forecast period. Oxycodone is only approved for mouth use in the United States, which is available as tablets and oral solutions. However, oxycodone parenteral formulations (brand name OxyNorm) are also available worldwide and are widely used in Europe.
- The market for hospital pharmacies is expected to reach USD 3.05 Billion by 2028, at a CAGR of 6.1% during the forecast period. The large scale development of specialty hospitals with increasing purchasing power is driving oxycodone products to be adopted more quickly. Another driver for the oxycodone market is the consolidation of large healthcare providers coupled with increased penetration of healthcare insurance.
- The market for North America is expected to reach USD 2.8 Billion by 2028, at a CAGR of 4.9% during the forecast period due to the increase in spending on healthcare market and the dominance of geriatric populations with terminal conditions such as rheumatoid arthritis is increasing, which will foster market growth.
