by The Global Pancreatic Cancer Therapeutics and Diagnostic Market Size 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 a type of cancer that occurs in the pancreas, an organ located behind the stomach that helps in digestion. Pancreatic cancer symptoms may include abdominal/back pain, weight loss, jaundice etc. If not detected at an early stage, pancreatic cancer can spread to other parts of the body like the liver or lungs through blood or lymph nodes. The pancreatic cancer therapeutics and diagnostic market includes various pharmaceutical drugs, medical devices and diagnostic tests used in the treatment and diagnosis of pancreatic cancer. Biomarkers are also being developed to detect pancreatic cancer at an early stage through blood and urine tests. Imaging tests like CT scan, MRI etc. are used for diagnosis and staging of pancreatic cancer. Chemotherapy and targeted drug therapies along with surgery are used for pancreatic cancer treatment depending on the stage of cancer.
Market key trends:
One of the key trends in the pancreatic cancer therapeutics and diagnostic market is the increasing research and development of novel targeted therapies. Pancreatic tumors have unique mutations that can be targeted through drugs. Companies are developing targeted drugs that block specific mutations driving tumor growth. Immunotherapy is another emerging trend where immune cells are being harnessed to identify and attack cancer cells. Biomarker development for early detection through non-invasive tests is also a major focus area. Lab developed tests are being researched that can detect tell-tale genomic alterations in blood or other body fluids that point to presence of pancreatic cancer. Such tests hold promise for detecting pancreatic cancer at an early curable stage.
Porter’s Analysis
Threat of new entrants: The pancreatic cancer therapeutics market requires high investment in R&D and clinical trials. Established key players dominate the market making it difficult for new players to enter.
Bargaining power of buyers: The bargaining power of buyers is moderate. The life-threatening nature of pancreatic cancer provides less options to buyers to switch to substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to a large number of raw material and device suppliers in the market.
Threat of new substitutes: Limited substitute available as pancreatic cancer has no definite treatment available.
Competitive rivalry: Intense competitive rivalry exists among key players to lead the market.
Key Takeaways
The Global Pancreatic Cancer Therapeutics and Diagnostic Market Size is expected to witness high growth at a CAGR of 7.4% over the forecast period, due to increasing prevalence of pancreatic cancer worldwide.
Regional analysis: North America dominated the pancreatic cancer therapeutics and diagnostic market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to high diagnosis rates and growing research funding for cancer in the region. Asia Pacific is expected to exhibit fastest growth rate owing to growing healthcare infrastructure and rising healthcare expenditure.
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.
