The global advanced cancer pain management market is expected to grow at a CAGR of 4.74% over the course of the forecast period, from an amazing valuation of US$ 7265.44 million in 2023 to US$ 11,540 million by 2033.
Rapid technological advancements in neuromodulation technique for treatment of neuropathic cancer pain, surging investment to propel cancer research, rapidly growing burden of cancer pain, and extensive research and development activities to develop novel therapies for better control of advanced cancer pain are some key factors anticipated to fuel market revenue growth during the forecast period.
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.
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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
Competitive Landscape
The Terminal cancer pain 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 bolster 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
- 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 Segments:
By Drug Class:
• Monoclonal Antibody
• Cannabinoid
• Aminoindane
By Route of Administration:
- Intravenous
- Oral
- Inhalational
By Distribution Channel:
- Hospital pharmacies
- Retail pharmacies
- Online pharmacies
