July 12, 2024
Pancreatic Cancer Therapeutics And Diagnostic Market

High Incidence of Pancreatic Cancer to Boost Growth of the Global Pancreatic Cancer Therapeutics and Diagnostic Market

The global 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:
Pancreatic cancer is a life-threatening disease whaere abnormal cells grow out of control in the pancreas. It is one of the deadliest cancers with a 5-year survival rate of only 9%. The main risk factors include smoking, obesity, and family history of pancreatic cancer or certain genetic conditions. Therapeutics and diagnostics are crucial for effective treatment of pancreatic cancer. Therapeutics include chemotherapy, targeted therapy and immunotherapy to destroy cancer cells. Diagnostics such as CT scans, MRIs, endoscopic ultrasound and biopsies help detect and diagnose pancreatic cancer at early stages to improve treatment outcomes.

Market key trends:
Rising incidence of pancreatic cancer worldwide is a major trend boosting the market growth. As per latest statistics, pancreatic cancer is the third leading cause of cancer related deaths in the US. In addition, increased R&D investments by key players for development of novel targeted therapies and advanced diagnostic technologies like liquid biopsy will further support market expansion over the forecast period. Development of personalized therapies based on molecular profiling will also open new growth avenues.

Porter’s Analysis

Threat of new entrants: The development of pancreatic cancer therapeutics require huge R&D investment and strict regulatory approvals. This creates significant entry barriers for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate as there exist multiple options for treatment and diagnosis of pancreatic cancer.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and dependence of buyers on their products and services.

Threat of new substitutes: Development of novel treatment alternatives poses threat of substitution.

Competitive rivalry: The presence of large pharmaceutical companies intensify competition in the market.

Key Takeaways

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 is expected to dominate the global pancreatic cancer therapeutics and diagnostic market during the forecast period. This is attributed to rise in pancreatic cancer incidence, availability of advanced treatment & diagnostic facilities, and presence of major market players in the region. Asia Pacific exhibits lucrative growth prospects owing to growing awareness and improving healthcare infrastructure.

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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it