Market Trends of Patient-controlled Analgesia Pumps Industry
This section covers the major market trends shaping the Patient-controlled Analgesia Pumps Market according to our research experts:
Oncology is Expected to Hold the Major Market Share in the Market Over the Forecast Period
The oncology segment is expected to account for a significant market share during the forecast period due to the widespread prevalence of cancers worldwide. Cancer pain is often described as a throbbing, pressing, burning, or tingling sensation that can be managed through PCA pumps, and hence, the demand for PCA pumps is expected to increase with the rising burden of cancer. For Instance, according to the Canadian Cancer Statistics 2021, in Canada, 229,200 new cancer cases were detected in 2021. Similarly, as per the report published by the CMAJ Group in 2022, an estimated 233,900 people in Canada will be diagnosed with cancer in 2022. Thus, the increase in new cases of cancer in the region will increase the demand for pain management, which can be achieved using patient-controlled analgesia pumps. Therefore, growth in the market is expected. Highly potent opioid drugs, such as hydro morphine, morphine, and fentanyl through patient-controlled analgesia (PCA) infusion, are prescribed by physicians to treat unbearable pain. The rising adoption of PCA pumps in such conditions to improve the quality of life is expected to promote the segment's growth.
Similarly, the increase in patient satisfaction with cancer pain management with the use of patient-controlled analgesics plays a significant role in market growth. For instance, as per an article published by the JNCCN Journal in August 2021, the programmable patient-controlled analgesia (PCA) pump allows patients to control pain on demand and also promptly responds to the patient's changing needs, and it reduces analgesic delay. The PCA significantly reduced successful titration and average pain score for persistent severe cancer pain. Thus, the preference for PCA pumps for cancer pain management is expected to boost the growth of the segment.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to dominate the overall PCA pumps market owing to the rise in the number of cases of cancer, accidental injuries, and other ailments related to pain and the rise in research funding on chronic pain.
The high prevalence of cancer cases in the North American region is expected to add to the market's growth. For instance, as per the ACS 2021 & 2022 report, in the United States, 1,898,160 new cancer cases were estimated in 2021, which is going to rise in 2022 to 1,918,030 new cancer cases. Excluding non-melanoma skin cancer, 42% of cancer cases in the United States that are newly diagnosed, or around 805,600 cases in 2022, may be preventable. Thus, the rising prevalence of cancer cases in the region is likely to boost the market's growth in the region over the forecast period.
Furthermore, the rise in research funding on chronic pain is also expected to propel the market's growth in the region. For instance, as per NIH 2022, the research funding for chronic pain in the United States for 2021, 2022, and 2023 is estimated at USD 725 million, USD 750 million, and USD 862 million, respectively. In addition, the partnerships and acquisitions among the key market players in the region are also adding to the market's growth. For instance, in January 2022, California-based ICU Medical acquired the Smiths Medical Division, which includes syringe and ambulatory infusion devices, vascular access, and vital care products from Smiths Group Plc. Such activities are likely to expand the portfolio of companies, which are expected to witness significant growth over the forecast period in the North American region.
