As per the current market research conducted by the CMI Team, the global Cancer Pain Market size is expected to record a CAGR of 5.8% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 8.6 Billion. By 2033, the valuation is anticipated to reach USD 14.4 Billion.
Cancer Pain Market: Growth Factors and Dynamics
- Increasing Cancer Prevalence: The rising incidence of cancer worldwide is a key driver of growth in the cancer pain market. As cancer rates continue to climb, particularly in aging populations, the demand for effective pain management solutions becomes ever more critical.
- Advancements in Pain Management Therapies: Ongoing research and development efforts have led to the introduction of innovative pain management therapies tailored specifically for cancer patients. These advancements include novel pharmacological treatments, non-pharmacological interventions, and targeted drug delivery systems, all of which contribute to improved pain relief and patient outcomes.
- Growing Awareness and Focus on Palliative Care: There is a growing recognition of the importance of palliative care in cancer treatment, which encompasses pain management as a fundamental component. As healthcare systems worldwide prioritize holistic patient care, there is an increased emphasis on providing comprehensive pain relief strategies to enhance the quality of life for cancer patients.
- Expansion of Hospice and Home Care Services: The expanding availability and utilization of hospice and home care services for cancer patients have amplified the demand for effective pain management solutions outside of traditional healthcare settings. This trend underscores the need for adaptable and patient-centric pain management approaches that can be administered in various care settings.
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Cancer Pain Market: Partnership and Acquisitions
- In 2022, St. Louis-based private equity firm, Compass Group Equity Partners, announced a strategic partnership with Memphis-based Mays & Schnapp Neurospine and Pain, an interventional pain management practice catering to patients in Tennessee and Mississippi, expanding their healthcare investment portfolio.
- In 2023, First Light Acquisition Group and Calidi Biotherapeutics, Inc. announced their merger to form a clinical-stage biotechnology company. Their focus is on developing oncolytic virotherapy using a stem cell-based cancer treatment delivery platform.
- In 2022, Gilead and Dragonfly have announced a research collaboration to advance natural killer cell engagers in oncology. Gilead obtained a worldwide license from Dragonfly for their 5T4 targeting immunotherapy program DF7001 as part of the agreement.
Cancer Pain Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Cancer Pain Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Disruption in Healthcare Services: The COVID-19 pandemic led to significant disruptions in healthcare services, including delays in cancer diagnosis, treatment, and pain management. Restrictions on non-urgent medical procedures and reduced access to healthcare facilities resulted in challenges for cancer patients in managing their pain effectively.
- Shift in Priorities and Resources: Healthcare systems globally reallocated resources and prioritized efforts to combat the pandemic, diverting attention and funding away from cancer care and pain management initiatives. This shift in priorities created barriers to accessing pain relief medications, specialized treatments, and palliative care services for cancer patients experiencing pain.
- Resumption of Cancer Care Services: With the gradual easing of COVID-19 restrictions and the implementation of safety measures, healthcare facilities have resumed cancer care services, including pain management interventions. Increased capacity for cancer diagnosis, treatment, and supportive care contributes to improved access to pain relief for patients with cancer.
- Telemedicine and Remote Monitoring: The adoption of telemedicine and remote monitoring technologies surged during the pandemic, enabling healthcare providers to deliver virtual consultations, monitor patient symptoms remotely, and prescribe pain medications without requiring in-person visits. This shift towards telehealth solutions enhances accessibility to pain management services and facilitates ongoing support for cancer patients, even in the absence of physical clinic visits.
List of the prominent players in the Cancer Pain Market:
- Purdue Pharma L.P.
- Teva Pharmaceutical Industries Ltd.
- Pfizer Inc.
- Johnson & Johnson
- Novartis AG
- GlaxoSmithKline plc
- AstraZeneca plc
- Merck & Co. Inc.
- Bayer AG
- Eli Lilly and Company
- Abbott Laboratories
- Bristol Myers Squibb Company
- Mallinckrodt Pharmaceuticals
- Endo International plc
- Mylan N.V.
- Others
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