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Cancer Pain market Overview:
Cancer pain market was valued at $6,197.8 million in 2020, and is estimated to reach $10,329.4 million by 2030, growing at a CAGR of 5.3% from 2021 to 2030.
PORTLAND, OREGON, UNITED STATES, August 18, 2022 /EINPresswire.com / -- The global cancer pain market was valued at $6,197.8 million in 2020, and is estimated to reach $10,329.4 million by 2030, growing at a CAGR of 5.3% from 2021 to 2030.
What is the of pain killer for cancer?
Opioids are highly effective medicines for relieving cancer pain. These include morphine, fentanyl, codeine, oxycodone, hydromorphone, and methadone. Some people fear the potency of morphine in particular.
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Frontrunner of the industry
Leading market players analyzed in the research Aoxing Pharmaceutical Company, Inc., Daiichi Sankyo Co., Ltd., BioDelivery Sciences International, Inc., Hisamitsu Pharmaceutical Co., Inc., Grunenthal Pharma GmbH & Co. KG, Mundipharma International Limited, Insys Therapeutics, Inc., Pfizer Inc., Orexo AB, and Teva Pharmaceutical Industries Limited.
Covid-19 Scenario:
Manufacturing activities of cancer pain drugs faced obstacles due to lockdown measures and reduced workforce. Moreover, the demand for cancer pain drugs lowered down due to the delay in shipments and production activities.
As per the government norms, cancer treatments and care had been provided to patients in extreme cases only. This led to reduced patient flow in cancer clinics and hospitals. In addition, there has been limited availability of medical staff for taking care of cancer patients, as the staff has been reallocated to take care of increase in number of Covid-infected patients.
Rise in the demand for the drugs, surge in prevalence of cancer across the globe, increase in number of R&D activities to develop ideal cancer pain medications fuels growth of the cancer pain market.
The impact of COVID-19 pandemic is expected to remain moderate for the cancer pain market. The companies are facing a setback, owing to the lockdown, which led to a drop in the manufacturing and the patient flow reduced substantially. Also, the demand for cancer pain drugs further reduced due to the delayed shipments & production schedules which furthers create financial problems for companies with heavy debts. This, in turn, has limited the impact of COVID-19 on the cancer pain market. Furthermore, as per government rules only emergency care would be provided to patient many cancer treatment and surgeries were delayed in pandemic which reduced the patients flow in cancer clinics and hospitals. Thus, limited availability of medical care for conditions other than COVID-19 within the country has impacted the cancer pain market in a moderate manner.
Opioids segment to continue its dominant position throughout the forecast period
Based on drug type, the opioids segment contributed the highest market share in 2018, accounting for nearly three-fifths of the total share, and is expected to continue its dominant position throughout the forecast period. Moreover, this segment is expected to grow at the highest CAGR of 5.0% from 2018 to 2025. This is attributed to rise in adoption of opioids for management of cancer pain and their nature of being the FDA-approved first line drugs for treating moderate or severe chronic cancer pain. The report also analyzes non-opioids and nerve blockers segments. The report also analyzes colorectal cancer, breast cancer, prostate cancer, blood cancer, and others.
Increase in incidence of cancer across the globe and surge in healthcare expenditure drive the growth of the global cancer pain market. However, fatal effects associated with the use of drugs employed in cancer pain management hinder the market growth. On the other hand, surge in number of pipeline drugs and untapped potential in emerging economies present new opportunities in the coming years.
North America to maintain its highest share by 2025
Based on region, North America accounted for the major market share in 2018, accounting for more than two-fifths of the total market share. This region is expected to maintain its highest share during the forecast period. This is due to rapid increase in prevalence of different types of cancers, advancements in technologies, ease in availability of pain therapeutics, and availability of premiere chemotherapy treatments. On the other hand, Asia-Pacific would register the fastest growth rate with a CAGR of 5.4% from 2018 to 2025, owing to rise in prevalence of cancer in China, Japan, and India, increase in early screening of cancer, and surge in availability of pain therapeutics.
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Cancer pain market is segmented on the basis of drug type, disease indication, and region. By drug type, the market is classified as opioids, non-opioids, and nerve blockers. The opioids are further segmented into morphine, fentanyl, and others. The non-opioids are further divided into acetaminophen and non-steroidal anti-inflammatory drugs (NSAIDs). According to the disease indication, the market is categorized into lung cancer, colorectal cancer, breast cancer, prostate cancer, blood cancer, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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