Research Nester published a report titled “Fentanyl Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global fentanyl market in terms of market segmentation by route of administration, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global fentanyl market is anticipated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2030. The market is segmented on the basis of end-user into hospital, oncology centers, surgical centers, and others. Out of these segments, the oncology centers segment is anticipated to hold the notable market share over the forecast period. This can be attributed to the specific cancer treatment and cancer research conducted in oncology centers. The rising cancer patient pool is also estimated to boost the segment growth.
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The global fentanyl market is projected to grow on the back of rising cases of cancer globally. As per the data by the National Cancer Institute, over 18.1 million new cases of cancer were reported globally in 2018. Moreover, the growing research activities, along with rising investment in the medical R&D activities is estimated to boost the market growth. Furthermore, the increasing government concerns to provide treatment to the rising cancer patient pool is further foreseen to propel the market growth.
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 projected to gain the largest market share throughout the forecast period, on the back of the high prevalence of cancer 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.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Rising Prevalence of Cancer to Boost the Market Growth
According to the data by the World Health Organization (WHO), the cancer mortality rate grew from 9.6 million in 2018 to over 10 million in 2020.
Fentanyl is prescribed to cancer patients who experience uncontrolled and extreme episodes of pain. It is not given on a regular basis, but only in case of the pain breakout. Moreover, fentanyl can be provided only four time a day. The growing demand for fentanyl for cancer patients, along with the rising incidences of cancer are anticipated to boost the market growth.
However, fentanyl has many side effects, including addiction, which are expected to operate as key restraint to the growth of global fentanyl market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global fentanyl market which includes company profiling of Bayer AG, Novartis AG, Boehringer Ingelheim GmbH, Sanofi-aventis Groupe, Abbott Laboratories, Merck & Co., Inc., Validus Pharmaceuticals LLC, Teva Pharmaceutical Industries Ltd., and Siemens Healthcare GmbH. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global fentanyl market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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