The global cancer pain management market is predicted to hit over $7.80B by 2030, at a CAGR of 5.25% during the forecast period, according to a report by Research & Markets.
The number of people living with cancer-related pain is on the rise, due to the increasing number of long-term cancer survivors and the growing prevalence of cancer in older populations worldwide. With advances in cancer treatments, people are now living longer with advanced cancer, further contributing to the growing number of individuals with cancer-related pain.
The growing incidence of cancer-related pain and the effects of the opioid epidemic on the management of chronic pain have renewed efforts to develop new pain medications that are not addictive, as well as non-drug therapies for managing chronic pain.
There is increasing recognition of the need for greater accessibility to pain management medications, which is driving the consumption and acceptance of these drugs over other therapeutic options. Consequently, the high levels of awareness, ease of access, fast-acting nature, and cost-effectiveness of pain management medications have made them a preferred choice over other therapy options.
Despite the existing treatment options, the cancer pain management industry is constantly looking for newer and more effective ways to manage pain in cancer patients. Key manufacturers in the industry are exploring the use of the network model for research and development to come up with innovative treatment options. Ongoing research and development efforts help businesses analyze new treatment combinations and their effectiveness in pain management.
There is a shift in the industry towards developing personalized drugs, biologics, and quick-dose lifestyle medicines, which make up over 70% of the medications currently in development. The focus is no longer solely on managing symptoms, but on amending the disease itself.
Manufacturers are also moving away from chemical-based medications and towards biologic products-based therapeutics. Sympathetic administrative reform is also helping to facilitate the development of novel and effective pain management medications