Advanced Cancer Pain Management Market is driven by rising Cancer Incidences
Advanced Cancer Pain Management involves the use of various pain relieving methods such as medications, nerve blocks, and other procedures to alleviate cancer related pain. Cancer pain arises when a tumor presses on bones, nerves, or other organs in the body. It hampers a patient's mobility and quality of life. Advanced cancer pain therapies employ a multimodal approach involving pharmacological and non-pharmacological options. Oral and parenteral opioids remain the mainstay of pharmacological treatment whereas nerve blocks, radiofrequency ablation, and neuroaugmentation help provide non-opioid relief.
The Global Advanced Cancer Pain Management Market is estimated to be valued at US$ 8.1 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Advanced Cancer Pain Management are Tetra Bio-Pharma,Medlab Clinical Ltd,GW Pharmaceuticals,Pharmascience Inc.,PharmaCielo. These companies are investing heavily in developing novel drug formulations and medical devices to manage cancer pain effectively.
Growing demand in the market can be attributed to the rising global burden of cancer. According to the World Health Organization, cancer claimed nearly 10 million lives in 2020 and its incidence is expected to further increase in the coming decades. As more patients are diagnosed, the need for advanced pain therapies will rise substantially.
Global expansion of the advanced cancer pain management market is underway with multiple companies establishing worldwide distribution networks and production facilities. Emerging economies in Asia Pacific and Latin America with their growing healthcare budgets are actively pursuing partnerships with global innovators for technology transfer.
Market drivers
A key driver for the advanced cancer pain management market is rising cancer incidences. According to WHO, cancer burden has risen to 19.3 million cases and 10.0 million cancer deaths in 2020. If preventive measures are not taken, the global cancer caseload will increase to about 30 million new cases per year by 2040. As more patients suffer from cancer, their need for pain relief will drive the advanced cancer pain management industry.
Impact of geopolitical situation on Advanced Cancer Pain Management market growth
The advanced cancer pain management market is facing challenges due to the ongoing geopolitical conflicts and tensions across various regions. The Russia-Ukraine war has disrupted supply chains of raw materials and active pharmaceutical ingredients (APIs) which are essential for manufacturing pain medications. Many European countries are dependent on imports from Russia and Ukraine for analgesia drugs. The prolongation of this war may lead to shortages and price hikes of critical pain relievers in the coming years.
Similarly, the rising political instability and conflicts in various Middle Eastern and African nations are negatively impacting the supply reliability. Additionally, stringent export restrictions imposed by certain governments on narcotic drugs amid addiction concerns pose regulatory obstacles. Such destabilizing global events make long-term demand forecasting difficult for manufacturers. They need to devise risk mitigation strategies and seek alternative sourcing routes to avoid severe drug shortages.
The trade wars and protectionist policies followed by some economies also create uncertainties. Overall, the market players require agile supply chain management and flexible production planning to adapt to the fluctuating geopolitical scenarios. Moreover, they must explore new regional partnerships and alliances to expand into emerging low-risk markets for sustained growth in the forecast period.
Geographical regions with concentrated Advanced Cancer Pain Management market value
North America currently dominates the global advanced cancer pain management industry holding the largest market share in terms of value. This can be attributed to the rising prevalence of cancer alongside the growing geriatric population vulnerable to developing malignancies in the US and Canada.
Moreover, these countries have well-developed healthcare infrastructures and higher per capita healthcare spending, allowing for faster uptake of novel pain therapies. Supportive regulatory environment and reimbursement schemes also contribute to the North American market's strong position. The regional market value is projected to grow steadily through 2031 despite geopolitical challenges.
Fastest growing region for the Advanced Cancer Pain Management market
The Asia Pacific region is poised to exhibit the highest growth rate for the advanced cancer pain management market during the forecast years from 2024 to 2031. This can be accredited to growing health awareness, increasing discretionary incomes, expanding medical insurance coverage, and improving access to modern treatments in emerging countries like China, India, Japan, and South Korea.
The rising incidence of cancer due to changing lifestyle habits, growing geriatric demography, and government efforts to strengthen healthcare sectors will boost the APAC market's value. Furthermore, the presence of many global manufacturers and rising domestic players in the region will support product availability. The low labor and manufacturing costs also make the APAC an attractive investment destination, pushing market growth.
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