SciSparc Ltd. announced its had been received notice of acceptance for its patent application for Combination of Opioids and N-Acylethanolamines for pain treatment. The Patent has been granted by IP Australia, the government agency in Australia that administers intellectual property rights and legislation for patents. According to a report by Grand View Research entitled "Opioid Market Size, Share & Trends Analysis Report By Product (IR/Short Acting Opioids, ER/Long-Acting Opioids), By Application (pain Relief, Anesthesia), By Route Of Administration, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030", the global opioid market size was valued at $22.8 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 1.4% from 2023 to 2030.

The increasing rate of regulatory approvals and the launch of new opioid medicines to treat patients with chronic pain are the factors expected to drive market growth. At the same time, opioid abuse and addiction has been a global growing epidemic for more than a decade.