Opium Tincture Market

Opium Tincture Market Overview

Opium Tincture Market size is estimated to reach $65 million by 2027, growing at a CAGR of 4.2% over 2022-2027. Opium tincture is considered as medication that helps to prevent diarrhoea which contains morphine helps to reduce gastrointestinal motility. Opium tincture also helps to increase gastrointestinal muscle tone that helps to reduce pain. Tinctura opii camphorate also known as paregoric, or camphorated tincture of opium that acts as antidiarrheal medication. Pulvis opii is a powdered form of opium that is mostly used in order to help from diarrhea disease. Various other method of opium such as vinum opii which is a kind of herbal wine also support in medication of diarrhea. Increasing prevalence of diabetes disease among people and growing developments in healthcare is the major factor driving the growth of this market. Furthermore, increasing research and development activities in medical industry and rising government initiatives is set to further enhance the overall market demand for Opium Tincture Market for the period 2022-2027.

Report Coverage

The report: “Opium Tincture Market Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Opium Tincture Market.

By Method: Tinctura Opii, Ptinctura Opii Camphorate, Pulvis Opii, Vinum Opii, and Others.

By End-Use Industry: Hospitals, Clinics, and Others.

By Geography: North America (U.S., Canada, Mexico), Europe (U.K, Germany, Italy, France, Spain, Russia, Rest of Europe), Asia Pacific (China, Australia, Japan, South Korea, India, Rest of Asia Pacific), South America (Brazil, Argentina, Others) and Rest of the World (Middle East, Africa).

Key Takeaways

• Geographically, in 2020, North America dominated the Opium Tincture Market owing to increasing advancement in generic drug, high healthcare expenditure and increasing favorable reimbursement policies.
• Increasing prevalence of diabetes disease among people and growing developments in healthcare are likely to aid in the market growth of the Opium Tincture.
• Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Opium Tincture Market report.
• Overdose causes respiratory depression or death is set to create hurdles for the Opium Tincture Market.

The global Opium Tincture Market based on Method can be further segmented into Tinctura Opii, Ptinctura Opii Camphorate, Pulvis Opii, Vinum Opii, and Others. The Tinctura Opii segment is the major segment generating revenue in 2020. This is mainly owing to the wide usage of therapeutic effect that helps to provide effective medication increases the demand of tinctura opii camphorate and market growth. The Pulvis Opii segment is estimated to register the fastest CAGR of 1.6% for the period 2022-2027. This is mainly owing to it is most effective in the early stages of diarrhoea that increasing the growth of this segment.

The global Opium Tincture Market based on End-Use Industry can be further segmented into Hospitals, Clinics, and Others. The Hospital segment registers for the highest Opium Tincture market share in 2020. This is owing to easy accessibility of hospital and higher selling capacity. Moreover, owing to availability of opium tincture patients can prefer hospitals and government is taking initiatives to increase the availability of vinum opii and pulvis opii in hospitals that increases the growth of this market. The Clinics segment is forecasted to register the fastest CAGR of 0.5% over 2022-2027. This is mainly owing to rising research and development and increasing availability for increasing gastrointestinal muscle tone that are increasing the growth of this market.

North America dominated the Opium Tincture Market with major share of 40% in 2020. This is owing to increasing advancement in generic drug, high healthcare expenditure and increasing favorable reimbursement policies. According to American Hospital Association (AHA), in U.S. about 6,090 number of hospitals are developed in 2019 that increases the advancement in health sector and are rising the growth of this market.

However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 2.1% during the forecast period 2022-2027 owing to rising population and increasing development in healthcare.

Opium Tincture Market Drivers

Increasing Prevalence of Diabetes Disease

Increasing prevalence of diabetes diseases increases the demand of opium tincture and are increasing the growth of the Opium Tincture Market. According to World Health Organization, about 422 million people are suffering from diabetes in 2020 that increases the chances of diarrhoea which increases the demand of opium tincture treatment and are increasing the growth of the Opium Tincture Market over 2022-2027.

Growing Developments In Healthcare

The market is set to expand due to advancements in opium tincture drug formulations and a rise in the number of drug trials relating to the efficacy of opium tincture in various disease conditions. Moreover, the increase in government initiatives also increasing the growth of Opium Tincture Market over 2022-2027.

Covid-19 Impact:

COVID-19 pandemic had greatly affected the Opium Tincture Market. During pandemic, researchers are working to develop a vaccine for Covid-19 as the virus are spreading quickly among people that decreases the focus for the other medications and are negatively impacted the growth of this market.

Opium Tincture Market Challenges

Overdose Causes Respiratory Depression

The factors that is set to impede the growth of the Opium Tincture Market are the increasing excess use of opium causes respiratory depression or death is set to create hurdles for the Opium Tincture Market.

Opium Tincture Landscape

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Opium Tincture Market. Opium Tincture top 10 companies include, GlaxoSmithKline, MacFarlan Smith, Johnson and Johnson, Shionogi Pharmaceutical, Johnson Matthey, Sun Pharma, and Mallinckrodt Pharmaceuticals.

Development

• In Feb 2021, Johnson and Johnson are working with GlaxosmithKline on order to develop a new varieties of opium that helps to increase gastrointestinal muscle tone and are increases the growth of this market.

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