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.
According to the report published by Allied Market Research, the cancer pain market garnered $5.52 billion in 2018, and is estimated to reach $7.54 billion by 2025, registering a CAGR of 4.5% from 2018 to 2025. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, Increase in incidence of cancer worldwide, surge in healthcare expenditure, and advancements in technology drive the growth in the market. However, adverse effects related to usage of drugs for cancer pain management restrain the market growth. On the other hand, surge in number of pipeline drugs create new opportunities in the industry.
- 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.
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The report offers detailed segmentation of the global cancer pain market based on drug type, disease indication, and region.
Based on region, North America contributed to the highest share in 2020, holding more than two-fifths of the total share, and is estimated to continue its leadership status in terms of revenue by 2030. However, Asia-Pacific is expected to portray the fastest CAGR of 6.0% during the forecast period.
Leading players of the global cancer pain market analyzed in the research include Aoxing Pharmaceutical Company, Inc., CK Life Sciences (WEX Pharmaceuticals), BioDelivery Sciences International, Inc., Grünenthal Pharma GmbH & Co. KCG, Daiichi Sankyo Co., Ltd., Mundipharma International Limited, Hisamitsu Pharmaceutical Co., Inc., Pfizer Inc., Orexo AB, and Teva Pharmaceutical Industries Limited.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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