Increase in incidence of cancer across the globe and surge in healthcare expenditure drive the growth of the global cancer pain market. North America contributed to the highest share in 2020, and is estimated to continue its leadership status in terms of revenue by 2030. The demand for cancer pain drugs lowered down due to the delay in shipments and production activities during the Covid-19 pandemic.
Portland, OR, Aug. 02, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Cancer Pain Market generated $6.19 billion in 2020, and is projected to garner $10.32 billion by 2030, witnessing a CAGR of 5.3% from 2021 to 2030. The report provides an extensive analysis of changing market trends, key segments, top investment pockets, value chain, regional scenario, and competitive landscape.
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Increase in incidence of cancer across the globe and surge in healthcare expenditure drive the growth of the global cancer pain market. However, fatal effects associated with the use of drugs employed in cancer pain management hinder the market growth. On the other hand, surge in number of pipeline drugs and untapped potential in emerging economies present new opportunities in the coming years.
Manufacturing activities of cancer pain drugs faced obstacles due to lockdown measures and reduced workforce. Moreover, the demand for cancer pain drugs lowered down due to the delay in shipments and production activities.
As per the government norms, cancer treatments and care had been provided to patients in extreme cases only. This led to reduced patient flow in cancer clinics and hospitals. In addition, there has been limited availability of medical staff for taking care of cancer patients, as the staff has been reallocated to take care of increase in number of Covid-infected patients.
The report offers detailed segmentation of the global cancer pain market based on drug type, disease indication, and region.
Based on drug type, the opioids segment accounted for the largest market share in 2020, contributing to more than half of the total share, and is expected to maintain its lead in terms of revenue during the forecast period. Moreover, this segment is projected to witness the highest CAGR of 5.7% from 2021 to 2030. The research also analyzes the segments including non-opioids and nerve blockers.
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Based on disease indication, the lung cancer segment held the largest share in 2020, accounting for more than one-fifth of the global cancer pain market, and is estimated to maintain its dominance during the forecast period. However, the breast cancer segment is projected to manifest the fastest CAGR of 6.1% from 2021 to 2030.
Based on region, North America contributed to the highest share in 2020, holding more than two-fifths of the total share, and is estimated to continue its leadership status in terms of revenue by 2030. However, Asia-Pacific is expected to portray the fastest CAGR of 6.0% during the forecast period.
Leading players of the global cancer pain market analyzed in the research include Aoxing Pharmaceutical Company, Inc., CK Life Sciences (WEX Pharmaceuticals), BioDelivery Sciences International, Inc., Grünenthal Pharma GmbH & Co. KCG, Daiichi Sankyo Co., Ltd., Mundipharma International Limited, Hisamitsu Pharmaceutical Co., Inc., Pfizer Inc., Orexo AB, and Teva Pharmaceutical Industries Limited.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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