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.
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.
Cancer pain is chronic in nature and is commonly associated with cancer. It results from tissue damage, either due to the disease itself or due to different treatments such as chemotherapy, radiotherapy, or surgery. Cancer pain drugs are expected to exhibit significant market growth during the forecast period due to growth in 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, and rise in the unmet needs for management of cancer pain.
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.
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.
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