(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The "Global Cancer Pain Market (2023-2028) by Type, Disease Indication, and Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Cancer Pain Market is anticipated to grow from an estimated value of USD 8.55 billion in 2023 to USD 10.98 billion by 2028, at a compound annual growth rate (CAGR) of 5.12%. This growth is driven by several key factors and opportunities within the cancer pain management market:
Market Drivers: Increase in Cancer Cases: The global increase in cancer incidence is a significant driver for the cancer pain management market. As the number of people diagnosed with cancer rises, so does the potential pool of cancer-related pain patients. This trend implies a growing demand for appropriate pain management treatments, including drugs, therapies, and interventions, to improve patients' overall quality of life during their cancer journey. Aging Population: Cancer is more common in older individuals, and chronic pain from cancer and its therapies is prevalent among this demographic. With a rising aging population, there is a greater need for specialized pain treatment measures that address the specific requirements of older patients, such as adjusted dosages and approaches to minimize side effects. Increased Healthcare Spending: The rising global healthcare spending is another major driver of the cancer pain management industry. Increased investments in healthcare infrastructure by governments and the private sector lead to greater access to pain treatment services. This financial support also facilitates the development of new pain-relief technologies and therapies, driving innovation and improving the overall level of care for cancer pain sufferers. Growing Pipeline of Medications: The increasing pipeline of potential cancer pain medications offers exciting business opportunities. Pharmaceutical companies are continually investing in research and development (R&D) to create new pain-relief drugs with higher efficacy and fewer adverse effects. As more medications progress through clinical trials, the chance of introducing novel treatments to address unmet needs increases, providing patients with more alternatives for effective pain management. Emerging Markets: Emerging markets present significant opportunities for cancer pain management. As economies in these countries rise and healthcare infrastructure improves, there is a growing demand for better pain treatment alternatives. Additionally, increased awareness of cancer-related pain management and greater access to medical facilities create a favorable environment for pharmaceutical companies to expand their presence in these regions and meet the demands of a growing patient population.
Market Challenges: Adverse Effects of Medications: The use of certain medications for cancer pain management can be associated with negative side effects. These adverse effects may impact patient tolerance, compliance, and overall treatment outcomes. Addressing these side effects and developing safer therapeutic options are challenges in the market. Lack of a Perfect Solution: Despite various existing treatments, no single technique can entirely eliminate pain for all cancer patients. This challenge highlights the need for unique and personalized pain relief and patient well-being solutions.
The Global Cancer Pain Market is segmented based on Type, Disease Indication, and Geography. Types of cancer pain management include opioids, non-opioids, and nerve blockers. Disease indications cover lung cancer, colorectal cancer, breast cancer, prostate cancer, blood cancer, and others. Geographically, the market is segmented into the Americas, Europe, the Middle East & Africa, and Asia-Pacific.
The market report also profiles key players in the industry, such as AbbVie Inc., Amgen Inc., Aoxing Pharmaceutical, Biodelivery Sciences International, Bristol Myers Squibb, CK Life Sciences, Daiichi Sankyo, Eli Lilly & Company, GlaxoSmithKline PLC, Grunenthal Pharma, GW Pharmaceuticals, Hisamitsu Pharmaceutical, Johnson & Johnson, Kyowa Kirin, Merck & Co., Inc., Mundipharma International, Orexo, Pfizer, Roche, and Teva Pharmaceutical Industries.
In addition to presenting market dynamics, drivers, restraints, opportunities, and challenges, the report includes an Ansoff Matrix analysis, which offers strategic growth approaches for companies in the market. This comprehensive report is a valuable resource for industry professionals and stakeholders seeking insights into the Global Cancer Pain Market.
| Report Attribute || Details |
| No. of Pages || 158 |
| Forecast Period || 2023 - 2028 |
| Estimated Market Value (USD) in 2023 || $8.55 Billion |
| Forecasted Market Value (USD) by 2028 || $10.98 Billion |
| Compound Annual Growth Rate || 5.1% |
| Regions Covered || Global |
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Global Cancer Pain Market
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