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 includes various drugs and diagnostic products used for the treatment and diagnosis of pancreatic cancer. Key products in this market include chemotherapy drugs, targeted therapy drugs, diagnostic blood tests, endoscopic ultrasonography, computed tomography(CT) scans, magnetic resonance imaging(MRI) scans, biopsy, which are used alone or in combination for pancreatic cancer management.

Market Dynamics

The growth of the pancreatic cancer therapeutics and diagnostic market is driven by the increasing incidence of pancreatic cancer globally. According to the statistics provided by Pancreatic Cancer Action Network, pancreatic cancer is the third leading cause of cancer-related deaths in the United States. It is estimated that around 62,210 new cases of pancreatic cancer will be diagnosed and around 49,830 deaths will occur due to pancreatic cancer in the United States in 2022. The other driver for the market growth is the increasing research and development activities for developing novel and effective drugs and diagnostic technologies for pancreatic cancer. Various pharmaceutical and diagnostic product manufacturers are conducting clinical trials to develop more targeted and customized treatment options for pancreatic cancer patients. However, the lack of early symptoms of pancreatic cancer poses a major challenge to the timely diagnosis and clinical outcomes.

SWOT Analysis

Strength: Pancreatic cancer therapeutics and diagnostic market has strong R&D investments from leading players, which is expected to drive product innovations. Early detection is crucial for effective treatment, thus rising awareness regarding symptoms is helping people seek timely medical help. Various guidelines and initiatives by regulatory bodies are making diagnostics more affordable and accessible.

Weakness: Pancreatic cancer has non-specific symptoms in early stages, which makes it difficult to detect. Lack of effective screening tests also poses challenges. Developing personalized treatment approaches is complex due to molecular heterogeneity of tumors. High costs associated with developing new drugs and lack of reimbursement hamper market growth.

Opportunity: Untapped growth opportunities exist in developing countries due to increasing healthcare expenditures. Adoption of combination therapies and targeted drugs holds promise to improve clinical outcomes. Advancements in genomic profiling and liquid biopsy tests are expected to transform disease management.

Threats: Stringent regulatory approval process and safety concerns prolong product launch timelines. High R&D costs and clinical trial failure risks deter investments. Patent cliffs of blockbuster drugs invite biosimilar competition. COVID-19 pandemic had short-term negative impact on market due to deferred elective procedures and recruitment challenges for ongoing clinical trials.

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 incidence of pancreatic cancer worldwide. As per the latest GLOBOCAN statistics, pancreatic cancer ranks as the 7th most common cause of cancer-related deaths globally.

Regional analysis: North America dominated the market in 2022 due to supportive reimbursement policies and presence of major market players in the region. However, Asia Pacific is anticipated to register fastest growth owing to rising healthcare expenditure, large patient population and growing medical tourism. Countries like China, Japan and India are expected to be high potential markets in the coming years.

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.  

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