Fentanyl Market Trends

Growth Drivers

• Growing Geriatric Population – The geriatric population is prone to cancer diseases and it is estimated that the geriatric population growth across the globe is driving the market growth. From the year 2015 to the year 2050, the proportion of the world's population over 60 is estimated to almost double from 12% to 22 per cent. In the year 2020, there will be more people over the age of 60 than children under the age of 5, and by 2050 it is projected that 80% of the world's older people will live in lower and middle income countries.
• Worldwide Prevalence of Cancer – Cancer incidence is expressed as the number of people living without being diagnosed with cancer. It is defined by how common cancers develop (incidence) and how long they live after diagnosis (survival). Therefore, the most common cancers with the longest survival rates have the highest prevalence. For instance, the prevalence of breast cancer in women and prostate cancer in men is high, estimated at 42% and 43% in the year 2019. Fentanyl is widely used in cancer treatment. Hence, it is estimated to be a major growth driver.
• Rising healthcare Spending – According to the latest spending data, global healthcare spending has increased over the past two decades, effectively doubling from 8.5% in 2000 to USD 8.5 trillion in the year 2019, increasing GDP reached 9.8%. The boom will continue during the forecast period.
• Growing Oncology Expenditure – Global oncology spending in the year 2021 was found to be around USD 185 billion. For comparison, six years ago oncology spending was about USD 85 billion. This is also estimated to strengthen the oncology information system.
• Rise in Research Spending – Growth in the global market during the forecast period can be further attributed to increased investment in research and development activities to continuously find more viable solutions for medical procedures. Research reports show that global R&D spending has more than tripled in real terms since 2000, rising from about USD 680 billion to more than USD 2.5 trillion in 2019.

Challenges

• Side Effects of Cancer Medications – Increasing personal concern about side effects associated with the use of IBS medications is one of the major factors expected to slow down the market growth.
• Low awareness of these drugs among people in low and middle-income countries
• Lack of reimbursement policies for treatment of cancer in some countries