Introduction
Ketorolac tromethamine, a potent nonsteroidal anti-inflammatory drug (NSAID), and its combination with phenylephrine hydrochloride, are significant players in the pain management and ophthalmic surgery markets. Here, we delve into the market dynamics, financial trajectory, and key factors influencing these medications.
Global Ketorolac Tromethamine Market
Market Size and Growth
The global ketorolac tromethamine market is substantial and growing. As of 2024, the market size is estimated at USD 725.2 million, with a projected compound annual growth rate (CAGR) of 11.50% from 2024 to 2031, reaching USD 1,553.75 million by 2031[1].
Regional Market Segmentation
The market is segmented geographically, with North America dominating, accounting for around 40% of the global revenue in 2024. This region is driven by increasing surgical procedures, rising chronic pain incidence, and a robust pharmaceutical industry[1].
- North America: Expected to grow at a CAGR of 9.7% from 2024 to 2031.
- Europe: The fastest-growing region, with a CAGR of 10.0% from 2024 to 2031.
- Asia-Pacific: Growing at a CAGR of 13.5% from 2024 to 2031, driven by increasing awareness of pain management and expanding healthcare access.
- Latin America: Expected to grow at a CAGR of 10.9% from 2024 to 2031.
- Middle East and Africa: Growing at a CAGR of 11.2% from 2024 to 2031, influenced by advancements in healthcare infrastructure[1].
Drivers of Market Growth
The market is driven by several key factors:
- Increasing Surgical Procedures: The rise in surgical operations worldwide increases the demand for effective pain management solutions.
- Chronic Pain Incidence: Growing prevalence of chronic pain disorders fuels the need for NSAIDs like ketorolac tromethamine.
- Research and Development: Ongoing R&D initiatives to enhance drug formulations and delivery systems support market growth[3][4].
Financial Impact of Ketorolac Tromethamine
Cost Savings and Resource Utilization
Studies have shown that ketorolac tromethamine has significant cost advantages over opiate analgesics. A retrospective cohort study found that ketorolac use was associated with reduced lengths of stay, lower usage of narcotic drugs, and fewer adverse events, leading to overall reduced hospital costs[2].
Economic Benefits in Pain Management
Ketorolac tromethamine's narcotic-sparing effects and reduced rates of adverse drug events contribute to its economic benefits. This is particularly evident in postoperative pain management, where it reduces the need for antiemetic and antipruritic medications, thereby lowering overall healthcare costs[2].
Phenylephrine/Ketorolac Combination in Ophthalmic Surgery
Market Context
The combination of phenylephrine and ketorolac, known as Omidria, is used in ophthalmic surgery, particularly in cataract procedures. This combination offers significant benefits in terms of reduced iris manipulation and cost savings in certain settings.
Financial Impact in ASC and HOPD Settings
A cost-analysis study revealed that the use of Omidria in Ambulatory Surgery Center (ASC) settings resulted in cost savings of $106,225 per year due to separate insurance reimbursement. However, in Hospital Outpatient Department (HOPD) settings, the use of Omidria increased facility costs due to lack of insurance reimbursement[5].
Clinical Benefits
The use of Omidria reduces the need for pupillary dilation devices by 83%, which can lead to smoother and more efficient surgical procedures. This reduction in iris manipulation is a significant clinical benefit, enhancing patient outcomes and surgical efficiency[5].
Key Players in the Market
The ketorolac tromethamine market is dominated by several major pharmaceutical companies:
- Pfizer Inc.
- Fresenius Kabi AG
- Hikma Pharmaceuticals PLC
- Mylan N.V.
- Sandoz International GmbH
- Teva Pharmaceutical Industries Ltd.
- B. Braun Melsungen AG
- Sun Pharmaceutical Industries Ltd.
- Apotex Inc.
- Amgen Inc.[4].
Regulatory and Healthcare Infrastructure Influence
The growth of the ketorolac tromethamine market is also influenced by regulatory environments and healthcare infrastructure. In regions like Europe, stringent regulatory requirements ensure the quality and safety of pharmaceutical products, fostering market growth. Advanced healthcare systems in North America and expanding healthcare access in Asia-Pacific further support the market's expansion[1][4].
Challenges and Opportunities
Impact of COVID-19
The COVID-19 pandemic presented significant challenges, including supply chain disruptions, reduced healthcare facility visits, and delayed surgical procedures. However, the market showed resilience due to the drug's critical role in pain management protocols. As healthcare systems adapt to pandemic conditions, the market is expected to recover and grow[1].
Future Growth Opportunities
The ongoing vaccination efforts and healthcare system adaptations will continue to shape the market trajectory. Increasing awareness about pain management, expanding healthcare access, and advancements in drug formulations and delivery systems offer substantial growth opportunities[1][3].
Key Takeaways
- The global ketorolac tromethamine market is projected to grow significantly, driven by increasing surgical procedures and chronic pain incidence.
- The market is segmented geographically, with North America and Europe being key regions.
- Ketorolac tromethamine offers significant cost advantages over opiate analgesics.
- The phenylephrine/ketorolac combination (Omidria) provides clinical and financial benefits in ophthalmic surgery.
- Major pharmaceutical companies dominate the market, and regulatory environments play a crucial role in market growth.
FAQs
What is the current market size of ketorolac tromethamine?
The global ketorolac tromethamine market size is estimated at USD 725.2 million in 2024[1].
What is the projected growth rate of the ketorolac tromethamine market?
The market is expected to grow at a CAGR of 11.50% from 2024 to 2031[1].
How does the phenylephrine/ketorolac combination impact costs in ophthalmic surgery?
The use of Omidria in ASC settings can result in cost savings, but it may increase costs in HOPD settings due to lack of insurance reimbursement[5].
What are the key drivers of the ketorolac tromethamine market?
The market is driven by increasing surgical procedures, rising chronic pain incidence, and ongoing R&D initiatives[3][4].
Which regions are expected to see the fastest growth in the ketorolac tromethamine market?
Europe is expected to be the fastest-growing region, followed by the Asia-Pacific region[1].
Sources
- Cognitive Market Research: Ketorolac Tromethamine Market Report 2024 (Global Edition)
- PubMed: Evaluation of the financial impact of ketorolac tromethamine therapy
- Market Research Intellect: Global Ketorolac Tromethamine Market Size and Projections
- Verified Market Research: Ketorolac Tromethamine Market Trends, Size & Forecast
- IOVS: The Financial Impact of Phenylephrine/Ketorolac in Routine Cataract Surgery
