Codeine Phosphate Market Size, Share, Growth, and Industry Growth, By Type (Extracted From Opium and Synthesized By Morphine), By Application (Narcotic Analgesic, Antitussive, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Codeine Phosphate Market REPORT OVERVIEW

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The global codeine phosphate market size was USD 243.16 million in 2021 and market is projected to touch USD 458.6 million by 2031, at a CAGR of 6.55% from 2021 to 2031.

Codeine phosphate is used to treat cough, pain, and diarrhea. It is made of codeine phosphate or opium and binds to opioid receptors in the main nervous system. It is a type of antitussive agent, opiate, analgesic agent type, and antidiarrheal agent type. The market expansion is anticipated to be accelerated by the rise in the prescription of painkillers for a variety of conditions, including cancer, cardiovascular problems, and arthritis. The aging population's vulnerability and associated medical issues are also expected to support the expansion of the market. 

Additionally, it is anticipated that the growing patient population and the quickening rate of market participant penetration will fuel market expansion. Additionally, it is anticipated that the rising prevalence of cancer and other ailments, including cardiovascular conditions and others, will impact the market's expansion. Additionally, the quick rise in treatment awareness and technological improvement is anticipated to open up a number of new prospects that will impact this medical field.

COVID-19 Impact: Use of Medication in Severe Pain Propelled Market Growth during the Pandemic 

The pandemic outbreak led to a sudden health emergency worldwide. The government implemented various restrictions and rules to control the spread of the virus. COVID-19 was an infectious disease that affected the major population. Mild to moderate respiratory illness was noticed during the pandemic. The population adopted various safety protocols and was more concerned about their health, which led them to see a doctor even with mild fever and cough or cold. The demand for pain, cough and cold medications such as morphine, codeine phosphate, and opioid increased even during the pandemic. 

LATEST TRENDS

"Easy Availability of Products in Clinics to Present Growth Opportunities"

The codeine phosphate market growth is forecasted to be supported by the easy availability of the product. The medications for cough, cold, and pain are easily available in clinics and medicals, which eventually boosts its consumption. Furthermore, it is generally accepted that its usage in treating severe and persistent pain linked to serious medical conditions is conventional practice. Furthermore, the key cause of the rising growth of the morphine market is the increasing prevalence of orthopedic ailments like osteoporosis, fibromyalgia, elbow pain, and arthritis. The market is expanding as a result of reasons such as changes in lifestyle that cause pain and an increase in surgical operations because the drug is given for postoperative pain treatment. However, the drug's addictiveness limits the expansion of the world morphine market.

Codeine Phosphate Market Segmentation

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• By Type Analysis

By type, the market is segmented into extracted from opium and synthesized by morphine.

• By Application Analysis

Based on application, the market is classified into narcotic analgesic, antitussive, and others.

DRIVING FACTORS

"Rising Prevalence of Cough and Cold to Aid Market Growth"

The presence of the geriatric population is estimated to boost the demand for the product. The geriatric population is prone to increased pollution, coughs, and colds, which leads to a higher demand for treatment. The awareness about advanced medicines is rising, coupled with the prevalence of chronic diseases leading to higher consumption of the product. Moreover, the pandemic outbreak increased health concerns among the population, which led to a rise in the consumption of antibiotics, antihistamines, and bronchodilators. These factors are anticipated to lavish the codeine phosphate market growth in the foreseeable future. 

"Use of Painkillers in Various Illnesses to Boost Product Demand"

One of the most effective medications for treating pain is codeine phosphate. Furthermore, it is generally accepted that its usage in treating severe and persistent pain linked to serious medical conditions is conventional practice. Furthermore, the key cause of the rising growth of the market is the increasing prevalence of orthopedic ailments like osteoporosis, fibromyalgia, elbow pain, and arthritis. The rising incidence of diseases, including cancer, chronic pain (post-surgical pain, lower back pain), arthritis, and fibromyalgia, is one of the main factors fueling the expansion of the painkillers, buprenorphine, and other medication markets. The therapy of moderate to severe pain in cancer patients is advised by using several narcotic medications.

RESTRAINING FACTORS

"Side Effects Associated With the Medication to Retard Market Growth"

The consumption of medicines for a longer period of time may lead to addiction, which is estimated to impede codeine phosphate market growth. The presence of generic drugs is estimated to create challenges for the market. 

Codeine Phosphate Market REGIONAL INSIGHTS

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"North America to Be the Dominant Region by the Rising Prevalence of Chronic Diseases"

North America is forecasted to lead the global codeine phosphate market share, attributed to the rising prevalence of chronic diseases coupled with the strong presence of the major market players. The establishment of advanced healthcare infrastructure is also expected to account for regional growth in the global market. 

Asia Pacific is forecasted to show significant growth by virtue of the easy availability of retail pharmacies and cough syrups. Additionally, the presence of the geriatric population leads to higher consumption of the product. That further leads to the growth of the region.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in the Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• Aesica (U.K.)
• Mallinckrodt (U.K.)
• TPI (U.S.)
• Temad (Iran)
• GSK (U.K.)
• Tas. Alkaloids (Australia)
• Weifa (Norway)
• Alkaloida (Hungary)
• Francopia (France)
• Alcaliber (Spain)
• Sri Krishna (India)
• Sino Pharm (China)
• Fine Chemicals (India)
• Macfarian Smith (U.K.)
• Noramco (U.S.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2021 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.