The global advanced cancer pain management market is set for substantial growth, with an anticipated valuation of US$ 7,265.44 million in 2023. According to recent market analysis, the sector is projected to expand at a compound annual growth rate (CAGR) of 4.74% from 2023 to 2033, ultimately reaching US$ 11,540 million.
This growth is primarily driven by the increasing prevalence of cancer globally and the rising demand for effective pain management solutions tailored to the needs of cancer patients.
Key Market Drivers:
- Increasing Prevalence of Cancer: The rising incidence of cancer worldwide is a significant factor contributing to the growth of the advanced cancer pain management market. As more individuals are diagnosed with cancer, the need for effective pain management strategies becomes increasingly critical.
- Growing Awareness of Pain Management Options: There is an increasing recognition of the importance of effective pain management in enhancing the quality of life for cancer patients. This awareness is driving demand for advanced pain relief solutions, including pharmacological treatments and interventional procedures.
- Innovations in Pain Management Therapies: Ongoing advancements in pain management technologies and therapies are expanding the options available to healthcare providers. Innovations in drug formulations, delivery methods, and interventional techniques are improving patient outcomes and driving market growth.
Regional Insights: North America is expected to dominate the advanced cancer pain management market, supported by a robust healthcare system and significant investment in research and development. Europe is also projected to hold a substantial share, while the Asia-Pacific region is anticipated to experience rapid growth due to increasing healthcare access and rising awareness of cancer pain management.
Market Outlook: As the demand for effective cancer pain management solutions continues to rise, the market is well-positioned for steady growth over the next decade. With a focus on improving patient outcomes and enhancing quality of life for cancer patients, the advanced cancer pain management market is set to thrive through 2033.
Furthermore, mounting research activities to understand the mechanism of advanced cancer pain and advent of patient-controlled analgesia are some other factors anticipated to contribute to revenue growth of advance cancer pain therapeutics market during the forecast period. The increasing cancer cases have led to growth in the product demand to reduce the pain caused by nerve compression mainly because of the tumor compressing and other variables depending upon progression of cancer. Also, increasing prevalence of genetic diseases, like Acute Lymphoblastic Leukemia, is also anticipated to augment market growth during the projected period.
The global market for advance cancer pain management is expected to expand significantly owing to advances in technology for better alternative options for pain management and favorable government funding and initiatives. The alarming rise in the rate of cancer prevalence compels healthcare companies to rethink their goals of treating cancer and also concentrate on pain management, which is likely to require cancer pain management methods that are specific, sensitive and efficient. These factors are expected to boost market growth during the forecast period.
Key Takeaways
- North America is expected to dominate the industry while reaching market share of around 42.9% by end of the forecast period.
- The market in Asia Pacific is projected to witness fastest CAGR of 5.5% during the projected period.
- By drug class, ‘Cannabinoids’ is projected to account for 35% market share by end of the forecast period.
- Hospital pharmacies are expected to dominate the market by distribution channel, with a market share of 67.2 % by 2033.
Mounting research activities in finding alternative options to manage advanced cancer pain will fuel the market growth- Comments an FMI Analyst
Market Competition
The advanced cancer pain management market is extremely competitive and consists of several industry players. These players are developing novel delivery systems for treating Advanced cancer pain management. This is estimated to propel advanced cancer pain management market. The key players in this industry are: WEX Pharmaceuticals Inc, Jazz Pharmaceuticals, Nobelpharma Co., Ltd, Tetra Bio-Pharma Inc., Pfizer, Recipharm, eurofins, Sigma-Aldrich, AstraZeneca, GlaxoSmithKline plc. Key market players are tending towards adoption of inorganic growth strategies like acquisition, mergers, partnerships, and collaboration in order to strengthen their product portfolio. This is anticipated to fuel the global Advanced cancer pain management market.
- In October 2022, Parker Laboratories Inc., which develops, manufactures, and sells pain relief creams, ultrasound and electromedical contact media, and institutional cleaners and disinfectants, is increasing its analgesics line. The company has added Helix CBD Therapy Cream, CBD Clinical Cream, and Tri-Active Therapy Cream to its HelixTM line.
- In September 2022, Compass Group Equity Partners which is a St. Louis-based private equity firm, declared a strategic partnership with Mays & Schnapp Neurospine and Pain (“Mays & Schnapp”), based in Memphis, interventional pain management practice serving patients in Tennessee and Mississippi.
- In July 2021, Venus Remedies Limited announced launch of a consumer healthcare division that will provide various products for pain management.
- In January 2021, Boston Scientific Corporation announced the launch of Wave Writer Alpha, a portfolio of spinal cord stimulator systems that combine therapy options for personalized pain relief.
Key Companies Profiled
- WEX Pharmaceuticals Inc.
- Jazz Pharmaceuticals
- Nobelpharma Co., Ltd
- Tetra Bio-Pharma Inc.
- Pfizer
- Recipharm
- eurofins
- Sigma-Aldrich
- AstraZeneca
- GlaxoSmithKline plc
Key Segments Profiled in the Advanced Cancer Pain Management Industry Survey
By Drug Class:
- Monoclonal Antibody
- Cannabinoid
- Aminoindane
By Route of Administration:
- Intravenous
- Oral
- Inhalational
By Distribution Channel:
- Hospital pharmacies
- Retail pharmacies
- Online pharmacies
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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