The global Pancreatic Cancer Therapeutics And Diagnostic Market is estimated to be valued at US$ 4255.87 Mn or Bn 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:
Pancreatic cancer therapeutics and diagnostic products include drugs used for treating pancreatic cancer and diagnostic tools used for detecting pancreatic cancer. Drugs such as chemotherapy drugs, immunotherapies and targeted therapies are used for pancreatic cancer treatment. Advanced diagnostic tools such as MRI, CT scan, ultrasound and blood tests are used for early and accurate diagnosis of pancreatic cancer.
Market key trends:
One of the key trends in the pancreatic cancer therapeutics and diagnostic market is the increasing adoption of targeted therapies. Targeted therapies work by targeting specific molecular changes or abnormalities that help cancer cells grow and survive. Some of the targeted therapies approved for pancreatic cancer include erlotinib, nab-paclitaxel and ramucirumab. Advances in genetic profiling and identification of tumor biomarkers is enabling development of novel targeted therapies. This is expected to drive the demand for targeted therapies in the coming years.
The pancreatic cancer therapeutics and diagnostic market is witnessing increasing adoption of diagnosis and treatment at earlier stages. Early detection is key to improving treatment outcomes and survival rates in pancreatic cancer. Technological advancements in diagnostic imaging technologies allow for more precise detection and staging of pancreatic tumors. Non-invasive liquid biopsy tests are gaining popularity for detection of cancer biomarkers. In addition, targeted therapies and immunotherapy are demonstrating promising results in clinical trials for selected patient groups.
SWOT Analysis
Strengths: Growing awareness about pancreatic cancer symptoms and risk factors is driving more people to undergo timely screening. Also, increased research funding and partnerships between industry and academia has led to accelerated drug development.
Weaknesses: Pancreatic cancer has a very poor prognosis due to non-specific symptoms and difficulty of early detection. Many drug candidates still face challenges of overcoming drug resistance.
Opportunities: Advancements in diagnostic technologies allow for detection of tiny tumors and molecular profiling for personalized treatment. New drug classes such as nanoparticle therapies and RNAi therapies present opportunities.
Threats: High cost of care and drugs remains a challenge. Also, the intense competition amongst drug developers increases pricing pressure in the market.
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 adoption of advanced diagnostic techniques. The market size for 2023 is estimated at US$ 4255.87 Mn.
Regional analysis: North America is expected to dominate the market during the forecast period. This is attributed to continuous technological advancements in diagnostic imaging modalities and widespread health insurance coverage enabling access to cancer screening. Asia Pacific is anticipated to exhibit the fastest growth rate owing to rising incidence of pancreatic cancer coupled with growing healthcare expenditure.
Key players operating in the Pancreatic Cancer Therapeutics And Diagnostic 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
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