North America Cancer Pain Management Market Analysis

North America Cancer Pain Management Market Executive Summary

The North America Cancer Pain Management market is projected to grow from $3.26 Bn in 2022 to $4.57 Bn by 2030, registering a CAGR of 4.3% during the forecast period of 2022 - 2030. North America, which consists of the US and Canada, has one of the largest GDPs in the entire world. The GDP of North America is expected to reach $20.5 trillion in 2020, according to the World Bank. In North America, the cost of healthcare is often high even if it varies from country to country. The US spends 17.2% more on healthcare than any other country in North America as a proportion of GDP, according to the WHO. In Canada and Mexico, respectively, healthcare spending as a proportion of GDP was 10.3% and 6.2%.

Cancer-related treatments including chemotherapy and surgery as well as the disease itself may contribute to cancer discomfort. The form, location, and degree of pain experienced have an impact on the medications chosen and how they are used. Numerous different drugs are used to treat cancer pain. For instance, potent opioids are used to treat severe pain, whereas non-opioid medications like acetaminophen and NSAIDs are favored to treat mild to moderate cancer pain. The US is the largest market in North America for cancer pain management, accounting for a significant portion of the global market for cancer pain management.

Market Dynamics

Market Growth Drivers

The North America cancer pain management market is expected to be driven by factors such as the launch of advanced novel pain management drugs, increasing cancer incidence, and the growing need for non-invasive and minimally invasive pain management treatment. Moreover, the North American government has been funding programs like the National Cancer Institute's Pain Management Steering Committee that attempt to improve cancer patients' access to pain management therapies.

Market Restraints

Some pain relievers include side effects such as nausea, dizziness, urinary incontinence, sleep issues, and constipation, which can limit their use and have an impact on the growth of the cancer pain relief market. Furthermore, it is anticipated that rigorous laws and restrictions will limit market expansion. For instance, in order to deal with the opioid epidemic, Canadian regulators have imposed strict restrictions on the prescription of prescription opioids, which may limit the availability of these drugs for some cancer patients. In the US, FDA also maintains strict guidelines for new drug approval, which may cause delays in the development of new cancer pain management therapies.

Competitive Landscape

Key Players

• Collegium Pharmaceutical
• Pfizer
• Abbott
• Sorrento Therapeutics
• WEX Pharmaceuticals
• Tetra Bio-Pharma

Notable Recent Deals

March 2022: Collegium Pharmaceutical acquired BioDelivery Sciences International (BDSI) to establish a premier, diverse specialty pharmaceutical company committed to improving the lives of patients with serious medical problems. It was planned for the acquisition to be a cash tender offer to buy all of the outstanding shares of BDSI for $5.60 each.

July 2020: The acquisition of Lumiera Health Innovation has been announced jointly by Tetra and Mondias. Tetra and Mondias jointly announced the acquisition of Lumiera Health Innovation. With this acquisition, Tetra is able to focus on what it does best: developing novel, medically effective cannabinoid-based medicines for ophthalmic diseases, chronic pain (both cancer-related and not-related to cancer), and advanced cancer pain.

Healthcare Policies and Regulatory Landscape

The United States and Canada's laws and policies play a major role in determining the regulatory environment for the North American cancer pain treatment market. The U.S. Food and Drug Administration (FDA), which is in charge of approving medications for the treatment of cancer pain and supervising their usage and distribution, is the main regulatory organization in the country. The FDA also establishes requirements for the efficacy and safety of certain medications. Health Canada, which has a comparable function to the FDA in the approval, monitoring, and regulation of medications used for cancer pain treatment, has an impact on the regulatory environment in Canada. A number of specialized associations and organizations exist in both nations, including the American Pain Society and the Canadian Pain Society, which help to shape the regulatory environment by offering recommendations on the best ways to treat cancer pain. Additionally, the policies and regulations governing healthcare funding and payment, the accessibility of alternative treatments, and the cost-effectiveness of various medications all have an impact on the reimbursement picture for cancer pain management in North America.

Reimbursement Scenario

Different countries and regions have different reimbursement policies for the North American cancer pain management market. The cost of cancer pain management treatments, such as prescription medications, medical equipment, and palliative care services, is covered by Medicare and Medicaid in the United States. These therapies are also covered by private insurance policies; however, the level of coverage varies by plan and policy. Canada's publicly financed healthcare system pays for the cost of cancer pain management therapies; however, the extent of coverage varies by province and by individual insurance plans. Furthermore, a lot of patients choose to pay out-of-pocket for complementary or alternative therapies like acupuncture or massage therapy.