Pancreatic Cancer Therapeutics and Diagnostic Market is Estimated To Witness High Growth Owing To Rising Prevalence of Pancreatic Cancer

Pancreatic Cancer Therapeutics and Diagnostic Market


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:
This market consists of therapeutic and diagnostic products related to pancreatic cancer. Pancreatic cancer most commonly involves tumors that start in the exocrine cells or the tissues that produce pancreatic juices. The leading treatments include chemotherapy, radiation therapy, targeted therapy, immunotherapy and surgery.

Market key trends:
One of the key trends fuelling the market growth is rising prevalence of pancreatic cancer. Pancreatic cancer is one of the deadliest cancers, as it is often detected at an advanced stage when it is difficult to treat. According to Global Cancer Observatory, in 2020, over 494,000 new cases of pancreatic cancer were diagnosed and over 466,000 people died due to this cancer globally. The high mortality rate can be attributed to inadequate symptoms in early stages, difficulty in diagnosis and poor responsiveness to available therapies. This has created a need for better therapeutic, diagnostic and screening options which is driving research and development in this market.

Porter’s Analysis
Threat of new entrants: High costs associated with R&D, manufacturing and marketing restrict entry of new players in this market.
Bargaining power of buyers: Due to availability of limited treatment options, buyers have low bargaining power.
Bargaining power of suppliers: Established presence of major pharma companies makes supplier power weak.
Threat of new substitutes: No major substitute is currently available for pancreatic cancer treatment.
Competitive rivalry: Intense as major players focus on clinical trials to develop novel drug and diagnostic solutions.

SWOT Analysis
Strengths: Rising investments by government and pharma companies in pancreatic cancer research.
Weaknesses: Late stage detection makes treatment challenging. High costs associated with pancreatic cancer care pose affordability issues.
Opportunities: Emerging economies provide scope for market expansion. New drug discovery and development offers lucrative opportunities.
Threats: Stringent regulations for drug approvals. Side effects associated with treatments raise safety concerns.

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 burden of pancreatic cancer.

Regional analysis: North America dominates the pancreatic cancer therapeutics and diagnostic market currently. However, Asia Pacific is expected to witness fastest CAGR over the forecast period due rapid economic development and rising healthcare infrastructure in emerging economies such as India and China.

Key players operating in the pancreatic cancer therapeutics and diagnostics 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. Major players are focused on developing targeted therapies and early detection diagnostics.
 

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