Fentanyl Industry - Regional Synopsis
North American Market Forecast
The North American fentanyl market is projected to hold the largest market share of about 35% by the end of 2037, attributed to the growing population and research activity; health insurance covering various cancer diagnoses. Rising economic status and affordability of advanced treatments for patients suffering from cancer are estimated to boost the growth of the market. According to the U.S. Bureau of Economic Analysis, personal income in the U.S. in August 2022 grew at a rate of 0.3% to reach USD 71.6 billion, while personal spending was observed to grow at a rate of 0.4% to reach USD 6.75 billion. In the United States, 1,752,735 new cancer cases were reported in 2019 and 599,589 people died from cancer. For every 100,000 people, 439 new cancer cases were reported and 146 people died of cancer. Moreover, the insurance companies in North America offer efficient reimbursement policies to the patients going through cancer treatment, which encourages the patients to opt for advanced treatment methods. Hence, this is also estimated to add to the regional market growth significantly.
APAC Market Statistics
The fentanyl market in the Asia Pacific region market is projected to hold the second largest share of about 24% during the forecast period, attributed to the constantly growing aged population throughout the region. The elderly people are more prone to cancer diseases that require fentanyl for their treatment. Asia Pacific's population is aging faster than any other region in the world. Among the total aged population of the world, Asia Pacific accounts for 60 per cent, or 630 million, that are 60 years of age or older. The geriatric population in the region is projected to reach 1.3 billion by the year 2050. Additionally, the government's role in raising awareness regarding the cancer and its medications is expected to boost the market growth in the region. Moreover, increasing number of cancer patients and deaths, increased funding for medical infrastructure are expected to affect the growth of the market in the region.
Europe Market Forecast
Further, the fentanyl market in the Europe is projected to hold a majority of the share by the end of 2037, attributed majorly to the increased drug activity in Europe, including the synthetic opioid fentanyl. There is now a recent European Union-funded initiative initiated by the Trimbos Institute to prepare for the synthetic opioid (SO) threat, called SO-PREP. According to their website, the SO-PREP project was established to gain better insight and understanding of the current use and trends of SO, and related health needs, in order to strengthen the SO readiness of European health systems. Their goal is to develop an evidence-based toolkit with implementation guides outlining monitoring and response best practices. According to a drug report last year by the European Center for the Surveillance of Drugs and Addiction, 1 in 5 of those who started drug treatment for opioid-related problems, it cited synthetic opioids, not heroin, as the main problem drug.
