by The Pancreatic Cancer Therapeutics And Diagnostic Market is estimated to be valued at US$ 4255.87 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The pancreatic cancer therapeutics and diagnostic market involve products used for diagnosis and treatment of pancreatic cancer. The major products in this market include imaging systems, biopsy, blood tests, tumor markers, and therapeutic drugs. Pancreatic cancer has low rates of early detection as symptoms usually do not appear until the cancer has reached an advanced stage. Hence, development of non-invasive diagnostic modalities plays a major role in improving survival rates by enabling early detection.
Market Dynamics:
There are two major drivers of the pancreatic cancer therapeutics and diagnostic market –
Rising prevalence of pancreatic cancer- According to global cancer statistics, pancreatic cancer is the seventh leading cause of cancer deaths worldwide. It is estimated that around 458,000 new pancreatic cancer cases were diagnosed globally in 2018. The increasing incidence of pancreatic cancer is expected to drive the demand for therapeutics and diagnostics.
Development of novel non-invasive diagnostic techniques- Conventional diagnostic methods such as endoscopic retrograde cholangiopancreatography (ERCP) and endoscopic ultrasound guided fine needle aspiration (EUS-FNA) are associated with risks of complications. Researchers are focusing on development of advanced imaging systems, blood tests and other non-invasive methods for early and accurate detection of pancreatic cancer. These innovative diagnostic modalities will fuel the market growth over the forecast period.
Segment Analysis
Pancreatic Cancer Therapeutics and Diagnostic Market is segmented based on the product type, therapeutic application and end user. Based on type, the market is dominated by therapeutic segment, which holds more than 60% share owing to increasing prevalence of pancreatic cancer globally and growing pipeline of novel drugs for treatment. Diagnostic segment is expected to witness higher growth during the forecast period due to rising need for early diagnosis.
PEST Analysis
Political: Regulations supporting R&D and funding for cancer research from government organizations is driving growth. However, high treatment cost is a challenge.
Economic: Rising healthcare expenditures, growing per capita income and healthcare insurance penetration in developing nations are propelling market growth.
Social: Increasing public awareness about cancer symptoms and risk factors is leading to early diagnosis. Socio-economic burden of pancreatic cancer also highlights need for advanced therapeutics and diagnostics.
Technological: Advancements in imaging modalities, biomarker detection techniques and targeted drug delivery systems are expected to boost market during forecast period. Deep learning applications show promise for improved diagnostic accuracy.
Key Takeaways
Global Pancreatic Cancer Therapeutics And Diagnostic Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of pancreatic cancer worldwide.
The market was valued at US$ 4255.87 Mn in 2023 and is anticipated to reach over US$ 8000 Mn by 2030. North America holds the largest share currently owing to availability of advanced healthcare facilities and presence of key market players. Asia Pacific is poised to witness fastest growth due to rising healthcare investments, growing awareness and improving access to care in major countries.
Regional analysis
Regional analysis Asia-Pacific region is poised to witness highest growth in the pancreatic cancer therapeutics and diagnostic market during the forecast period attributable to expanding patient pool, rising healthcare infrastructural development, and increasing government emphasis on early diagnosis in developing economies like India and China.
Key players
Key players operating in the pancreatic cancer therapeutics and diagnostic market are F Hoffmann-La Roche AG, Merck KgaA, Apexigen Inc., Immunovia AB, Viatris Inc., Amgen Inc., AstraZeneca PLC, Bristol-Myers Squibb, Novartis AG, Pfizer Inc., Myriad Genetics Inc., Canon Medical Systems Corporation, FUJIFILM Holdings Corporation, Boston Scientific Corporation, and Rafael Holdings Inc. (Rafael Pharmaceuticals), among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
