The global advanced cancer pain management market is poised for remarkable expansion, with its valuation anticipated to reach an impressive USD 7,265.44 million in 2023 and projected to climb to USD 11,540 million by 2033, marking a steady CAGR of 4.74% during the forecast period.
This substantial growth is attributed to rapid technological advancements in neuromodulation techniques for treating neuropathic cancer pain, heightened investments in cancer research, and the burgeoning global burden of cancer pain. Extensive research and development activities aimed at innovating novel therapies for effective pain management are further driving market expansion.
Emerging trends in patient-controlled analgesia and enhanced research into the mechanisms of advanced cancer pain are contributing significantly to market growth. With increasing cancer cases, the demand for advanced cancer pain management solutions continues to rise, especially for addressing pain caused by nerve compression and tumor progression.
Additionally, the prevalence of genetic diseases, such as Acute Lymphoblastic Leukemia, is fueling the demand for specialized pain management therapies. Governments and healthcare organizations worldwide are taking proactive measures, including favorable funding and initiatives, to address the alarming rise in cancer prevalence. This has encouraged healthcare companies to prioritize cancer pain management as a critical component of treatment.
As technological advancements continue to unlock better alternatives for pain management, the global advanced cancer pain management market is well-positioned for sustained growth. This trajectory underscores the urgent need for effective, sensitive, and efficient pain management methods to enhance the quality of life for cancer patients worldwide.
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
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Competitive Landscape:
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 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 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
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