The global pancreatic cancer therapeutics and diagnostics 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:
Pancreatic cancer is one of the most lethal forms of cancer with poor prognosis and affects the pancreatic cells causing tumors or lesions. The pancreatic cancer therapeutics and diagnostics cover drugs and medical tests for screening, diagnosis, treatment and monitoring progression of the disease. Advancements in targeted drug delivery and imaging technologies are likely to boost the market growth in coming years.
Market key trends:
One of the key trends in the pancreatic cancer therapeutics and diagnostics market is the rising number of pipeline drugs in clinical trials focusing on targeted therapies. According to a study, over 400 pipeline drugs are currently under various phases of clinical trials majorly concentrating on precision medicines and targeted therapies. These include drugs targeting KRAS gene mutations that drive the growth of pancreatic cancer in majority of the cases. The objective is to develop more effective treatment options through molecular targeted approaches. Other trends include progress in liquid biopsy for early detection and development of novel imaging modalities for accurate diagnosis and staging of pancreatic cancer.
SWOT Analysis
Strength: The pancreatic cancer therapeutics and diagnostic market witnesses increased research and development activities for developing novel and advanced therapies and diagnostic techniques. Increasing adoption of targeted therapies offers potential benefits over traditional chemotherapy drugs.
Weakness: Lack of early detection methods makes pancreatic cancer difficult to diagnose at an early stage. Most pancreatic cancers are diagnosed at a late stage when the chances of effective treatment are very low. High costs associated with pancreatic cancer treatment pose significant financial burden on patients.
Opportunity: Growing demand for minimally invasive surgeries and imaging techniques for pancreatic cancer diagnosis presents significant growth opportunities. Increasing partnerships between pharmaceutical companies and healthcare providers expands scope for development of affordable and innovative treatment options.
Threats: Presence of alternative treatment options for other types of cancer poses threat to pancreatic cancer therapeutics market. Stringent approval process and regulatory guidelines for new drug approvals delays market introduction of novel drug candidates.
Key Takeaways
The 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 cases.
Regional analysis
North America dominates the pancreatic cancer therapeutics and diagnostic market owing to growing incidence of pancreatic cancer coupled with robust healthcare infrastructure and availability of advanced treatment options in the region. Asia Pacific is expected to exhibit fastest growth during the forecast period supported by rising healthcare spending, developing healthcare infrastructure and increasing focus on early detection.
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. These players are focusing on various organic and inorganic growth strategies such as partnerships, mergers and acquisitions, collaborations and new product launches.
