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Cancer Pain Market Expected to reach $10,329.4 Million by 2030, growing at a CAGR of 5.3% from 2021 to 2030

 

Report Code : A04761

quote 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 quote

Onkar Sumant
Manager, Healthcare at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Cancer Pain Market by Product Type, Disease Indication, and: Opportunity Analysis and Industry Forecast, 2020-2030,” the global cancer pain market was valued at $6,197.8 million in 2020, and is projected to reach $10,329.4 million by 2030, growing at a CAGR of 5.3% from 2021 to 2030.

Cancer pain can be due to the disease condition itself or may be due to the associated treatments such as surgeries, chemotherapy, and other therapies or when A tumor that presses on bones, nerves, or organs can cause pain. It can be acute or chronic. Acute pain is owing to damage caused by a physical injury and tends to last a short time. The chronic pain can be owing to changes to the nerves. This pain is also known as persistent pain. Most chronic pain is caused by the illness and most acute pain is caused by the treatment or diagnostic procedures. The radiotherapy and chemotherapy may produce painful conditions that persist long after treatment has ended. The presence of pain depends mainly on the location of cancer and the stage of the disease. At any given time with malignant cancer smacks pain A lot of treatments are available for cancer pain. These include opioids, non-opioids, and nerve blockers.

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.

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, surge in adoption of cancer pain drugs for treatment of mild to moderate pain, and rise in the unmet needs for management of cancer pain. In addition, rise in public awareness and advance cancer pain therapeutics, surge in geriatric population, and increase in government initiatives to alleviate cancer further drives the growth of the market. However, adverse effects associated with cancer pain are projected to impede the market growth. Conversely, growth opportunities in emerging markets are expected to offer lucrative opportunities during the forecast period.

By drug type segment, the global cancer pain market is categorized into opioids, non-opioids, and nerve blockers. The opioids segment was the major revenue contributor in 2020, and is anticipated to remain dominant during the forecast period due to increase in the adoption of opioids owing to rise in number of moderate to severe stage cancer patient population.

North America accounted for 5.0% global market share in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to the increase in demand for cancer pain therapeutics, high prevalence of cancer, wide availability of cancer pain drugs and trained medical professionals, and supportive reimbursement policies in the healthcare system. Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to surge in incidence of cancer, with increase in adoption of cancer pain drugs for the treatment of cancer

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.

The report provides some of the key players operating in the cancer pain market include Aoxing Pharmaceutical Company, Inc., BioDelivery Sciences International, Inc., CK Life Sciences (WEX Pharmaceuticals), Daiichi Sankyo Co., Ltd., Grünenthal Pharma GmbH & Co. KCG, Hisamitsu Pharmaceutical Co., Inc., Mundipharma International Limited, Orexo AB, Pfizer Inc. and Teva Pharmaceutical Industries Limited. and among others.

Key Findings Of The Study

  • By drug type, the opioids segment is expected to experience rapid growth in the market, and is projected to grow at a CAGR of 5.7% from 2021 to 2030.
  • By disease indication, the lung cancer segment held more than 6.5% of the global cancer pain market share in 2020, and is expected to remain dominant throughout the forecast period. 
  • By region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 6.0% during the forecast period.

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quote Cancer Pain Market by Drug Type (Opioids, Non-opioids, and Nerve Blockers), and Disease Indication (Lung Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Blood Cancer, and Others): Global Opportunity Analysis and Industry Forecast, 2021––2030 quote

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