Our look at the biggest trends hitting the Cancer Pain Market over the coming 12 months
According to the report, the global 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.
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.
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Opioids segment to continue its dominant position throughout the forecast period
Based on drug type, the opioids segment contributed the highest market share in 2018, accounting for nearly three-fifths of the total share, and is expected to continue its dominant position throughout the forecast period. Moreover, this segment is expected to grow at the highest CAGR of 5.0% from 2018 to 2025. This is attributed to rise in adoption of opioids for management of cancer pain and their nature of being the FDA-approved first line drugs for treating moderate or severe chronic cancer pain. The report also analyzes non-opioids and nerve blockers segments. The report also analyzes colorectal cancer, breast cancer, prostate cancer, blood cancer, and others.
Lung cancer segment to maintain its leadership status during the forecast period
Based on disease indication, the lung cancer segment held the major share in 2018, contributing for nearly one-fourth of the total market share, and is expected to maintain its leadership status during the forecast period. In addition, this segment would grow at the fastest CAGR of 6.1% from 2018 to 2025. This is a lucrative segment, owing to high prevalence of lung cancer and increase in the usage of cancer pain killers to get relief, upsurge in cigarette smoking population, and availability of advanced diagnostic techniques.
North America to maintain its highest share by 2025
Based on region, North America accounted for the major market share in 2018, accounting for more than two-fifths of the total market share. This region is expected to maintain its highest share during the forecast period. This is due to rapid increase in prevalence of different types of cancers, advancements in technologies, ease in availability of pain therapeutics, and availability of premiere chemotherapy treatments. On the other hand, Asia-Pacific would register the fastest growth rate with a CAGR of 5.4% from 2018 to 2025, owing to rise in prevalence of cancer in China, Japan, and India, increase in early screening of cancer, and surge in availability of pain therapeutics.
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Frontrunner of the industry
Leading market players analyzed in the research Aoxing Pharmaceutical Company, Inc., Daiichi Sankyo Co., Ltd., BioDelivery Sciences International, Inc., Hisamitsu Pharmaceutical Co., Inc., Grunenthal Pharma GmbH & Co. KG, Mundipharma International Limited, Insys Therapeutics, Inc., Pfizer Inc., Orexo AB, and Teva Pharmaceutical Industries Limited.