The global fentanyl market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2030. Fentanyl is prescribed to patients who experience sudden episodes of extreme pain, such as, in case of cancer. It is not given as regular medication, instead, should only be taken in case of the episode. The growth of the market can be attributed to the growing prevalence of cancer across the world. According to the data by the World Health Organization (WHO), over 10 million people died due to cancer in 2020, up from 9.6 million in 2018. Moreover, the increasing cancer awareness, development of new methods for treatment, and growing investment in medical research, are anticipated to boost the market growth. Cancer is one of the leading causes of untimely death globally, which is why, government authorities across the world are investing in initiatives and programs to curb the cancer mortality rate. For instance, the World Health Assembly launched the ‘Resolution Cancer prevention and control in the context of an integrated approach (WHA70.12)’ aiming to achieve the specific targets of the Global Action Plan for the prevention and control of Non-communicable Diseases (NCDs) 2013-2020 and the 2030 UN Agenda for Sustainable Development, to reduce premature mortality from cancer.
Furthermore, the increasing healthcare expenditure across the globe, is estimated to boost the market growth. According to the data by the World Bank, USD 1,111.082 was spent per capita for healthcare globally, in 2018, which has increased significantly from USD 999.104 in 2015.
The market is segmented by end-user into hospital, oncology centers, surgical centers, and others, out of which, the oncology centers segment is anticipated to hold the notable share in the global fentanyl market over the forecast period as oncology centers specifically provide cancer treatment. The rising cancer patient pool is also estimated to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global fentanyl market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high share of cancer patients in the region. According to the US National Cancer Institute, around 1,806,590 new cases of cancer are estimated to be diagnosed in the United States in 2020. Moreover, it is estimated that cancer may cause 606,520 deaths in the same year. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of large number of cancer patients in the region, along with the improving regional healthcare sector.
The global fentanyl market is further classified on the basis of region as follows:
Our in-depth analysis of the global fentanyl market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing incidences of cancer is estimated to boost the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
The side effects of narcotics are estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period on the back of increasing prevalence of cancer in the region.
The major players in the market are Bayer AG, Novartis AG, Sanofi-aventis Groupe, Abbott Laboratories, Merck & Co., Inc., Validus Pharmaceuticals LLC, Teva Pharmaceutical Industries Ltd., Siemens Healthcare GmbH., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by route of administration, end-user, and by region.
The oncology centers segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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