Fentanyl Market Size

Fentanyl Market size was valued at USD 15.95 Billion in 2023 and is anticipated to exceed USD 35.28 Billion by the end of 2036, expanding at over 6.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of fentanyl is evaluated at USD 16.85 Billion. The market growth is attributed to the increasing prevalence of cancer across the world. According to the World Health Organization (WHO), in the year 2018 it went from 9.6 million to the year 2020, when the number of the people died of cancer more than 10 million. Added to this is the expected increase in cancer awareness, the development of new treatments, and increased investment in medical research. Cancer is the leading cause of premature death worldwide, which is why government agencies around the world are investing in initiatives and programs to reduce cancer mortality. For instance, in the year 2013 the World Health Assembly recommended cancer prevention in the context of an integrated approach aimed at achieving certain goals of the Global Plan of Action to Prevent and Control Non-Communicable Diseases (NCDs).

Moreover, increasing global healthcare spending is estimated to boost the growth of the global fentanyl market. According to the data by The World Bank, in the year 2018, USD 1,111,082 per capita was spent on global healthcare, up from USD 999,104 in the year 2015. In addition to this, increasing awareness campaigns on the therapeutic effects of fentanyl are expected to increase the potential for market expansion during the forecast period. Fentanyl is prescribed to patients experiencing sudden episodes of extreme pain for cancer. It is not administered as a regular medication and should only be taken when an episode occurs.