Hong Kong Cancer Pain Management Market Analysis Report [2022-30] I Insights10

Hong Kong Cancer Pain Management Market Analysis

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Hong Kong Cancer Pain Management market is projected to grow from $10.45 Mn in 2022 to $17.03 Mn by 2030, registering a CAGR of % during the forecast period of 2022 - 2030. The main factors driving the growth would be large healthcare expenditures, government support, and technological advancements in the field. The market is segmented by drug type and by disease. Some of the major players include CK Life Sciences (HKG), Hisamitsu Pharmaceutical, Pfizer, and Teva Pharmaceuticals.

ID: IN10HKHS002 CATEGORY: Healthcare Services GEOGRAPHY: Hong Kong AUTHOR: Neha Davda

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Hong Kong Cancer Pain Management Market Executive Summary

Hong Kong Cancer Pain Management market is projected to grow from $10.45 Mn in 2022 to $17.03 Mn by 2030, registering a CAGR of % during the forecast period of 2022 - 2030. The overall health spending in Hong Kong for 2019–20 was $189,624 Mn, with a per capita expenditure of $25,258 constituting 6.8% of GDP. With relatively low current health and public current health expenditures as percentages of GDP (6.5% and 3.4%, respectively, in 2019–20), Hong Kong's healthcare system demonstrates cost-effectiveness and efficiency while providing service quality and health systems that rank well by global norms.

Cancer pain may be caused by both the illness itself as well as cancer-related treatments like chemotherapy and surgery. The selection of drugs and their administration is influenced by the kind, location, and intensity of pain that is felt. Pain from cancer can be managed with a variety of medications. For instance, although non-opioid drugs like acetaminophen and NSAIDs are favored to treat mild to moderate cancer pain, powerful opioids are utilized to treat severe pain. One of the global markets with the fastest growth is the Asia-Pacific market for cancer pain management.

hong kong cancer pain management market analysis

Market Dynamics

Market Growth Drivers

The Hong Kong government has made large expenditures on the infrastructure of the healthcare system, including the creation of cancer treatment centres and specialised clinics. This has made it more convenient for cancer patients to seek services and therapies for pain control. Further, technologies and methods for managing cancer pain have advanced significantly, including the creation of novel medications and therapeutic interventions. As a result, patient outcomes have improved, and market growth has expanded.

Market Restraints

The market in Hong Kong for cancer pain management is constrained by a number of distinct factors. Firstly, there are few resources and limited access to expert pain treatment services in public hospitals. Additionally, there is a low demand for these services due to a lack of public understanding of cancer pain management choices. The development and expansion of Hong Kong's market for cancer pain management are severely hampered by these constraints.

Competitive Landscape

Key Players

CK Life Sciences (HKG)
Hisamitsu Pharmaceutical
Pfizer
Teva Pharmaceuticals

Notable Recent Deals

December 2021: RaQualia Pharma and Hisamitsu Pharmaceutical have decided to enter into a licence agreement for a novel sodium channel blocker. Hisamitsu Pharmaceutical will perform preclinical research on new pain treatment drug(s) using the molecule before going on to the clinical stage. This will make use of its expertise in creating transdermal drugs. The development, manufacture, and marketing of the substance will be provided to Hisamitsu Pharmaceutical as the only worldwide rights under the licencing agreement.

Healthcare Policies and Regulatory Landscape

The Hong Kong Department of Health is in charge of overseeing and controlling all aspects of the healthcare industry, including pain management services. The government has put into place a number of initiatives to increase access to high-quality pain management services and foster the growth of the healthcare industry. For instance, the government has set up a centralised pain management facility to offer patients with chronic pain all-encompassing care. For healthcare professionals, there is also a licencing and registration system in place that makes sure that only qualified people are working in the industry.

Reimbursement Scenario

In Hong Kong, reimbursement options for pain management services are typically restricted and vary based on the patient population and type of treatment. Certain pain management procedures, such as those for cancer pain, are partially covered by the government through the Hospital Authority in the public healthcare system. Patients who would choose private hospital care may have private health insurance coverage, which can reimburse the cost of their care in whole or in part. The terms and conditions of the patient's insurance plan will determine the precise amount of reimbursement in this case.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Cancer Pain Management Market Segmentation

By Drug Type (Revenue, USD Billion):

Non-steroidal anti-inflammatory medicines relieve pain at the site of injury by blocking the cyclooxygenase enzyme, which prevents prostaglandin formation. NSAIDs are a class of medications that includes medications with analgesic, antipyretic, and, at higher doses, anti-inflammatory properties.

Opioids
Morphine
- Fentanyl
- Others
Non-Opioids
Acetaminophen
Non-Steroidal Anti-Inflammatory Drugs (NSAIDs)
Nerve Blockers

By Disease Indication (Revenue, USD Billion):

Based on disease Indication the market is segmented into:

Lung Cancer
Colorectal cancer
Breast cancer
Prostate cancer
Blood cancer
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.