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Cholangiocarcinoma, also known as bile duct cancer, is a rare type of cancer that forms in the bile duct. The bile ducts are thin tubes that carry bile from the liver and gallbladder to the small intestine. Bile helps with digestion by helping to break down fats. Cholangiocarcinoma most commonly affects adults over 60 years of age and is more common in men than women. Symptoms include yellowing of the skin and eyes, abdominal pain, weight loss, and fatigue. Diagnosis involves blood tests, imaging scans such as MRI, ultrasound, CT, and biopsy. Treatment options depend on the stage of cancer and include surgery, radiation therapy, chemotherapy, stent placement, and liver transplantation.
The global cholangiocarcinoma market is estimated to be valued at US$ 7,275.7 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing public awareness about cholangiocarcinoma is expected to drive the market growth over the forecast period. Various non-profit organizations and patient advocacy groups are actively working toward improving awareness about bile duct cancer through campaigns, conferences, and patient education programs. For instance, the Cholangiocarcinoma Foundation hosts an annual Cholangiocarcinoma Awareness Month in November and various awareness walks and fundraisers throughout the year. Bile duct cancer also has limited treatment options and poor prognosis. Therefore, pharmaceutical companies are investing heavily in R&D of novel drugs and combination therapies for treatment of advanced stage disease which is also expected to boost the market growth. Some late stage pipeline drugs in clinical trials that have shown promising results include Ivosidenib by Agios Pharmaceuticals for IDH1 mutant cholangiocarcinoma and Pemigatinib by Incyte for FGFR2 translocated cholangiocarcinoma. If approved, these targeted therapies will provide new treatment alternatives to patients.
Segment Analysis
The cholangiocarcinoma market is segmented based on diagnosis and treatment type. Among the diagnosis type segments, the imaging tests segment accounts for the largest share owing to high adoption of CT scan and MRI procedures for accurate diagnosis of cholangiocarcinoma. The imaging tests segment is followed by blood tests segment. Based on treatment type, the chemotherapy segment dominates the market due to wide acceptance of chemotherapy as first line treatment of cholangiocarcinoma. The chemotherapy segment is followed by radiation therapy.
PEST Analysis
Political: Healthcare reforms and favorable government initiatives towards cancer awareness and treatment in major markets support market growth. However, high cost of treatment poses challenges.
Economic: Rising healthcare expenditures and improving reimbursement scenario globally drives market expansion.
Social: Increasing incidence of risk factors such as obesity and liver diseases coupled with changing lifestyle contribute to market growth.
Technological: Advancements in imaging technologies, targeted therapies offer new avenues. However, high R&D costs related to drug development act as a barrier.
Key Takeaways
The global cholangiocarcinoma market is expected to witness high growth. The global cholangiocarcinoma market is estimated to be valued at US$ 7,275.7 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030.
North America dominates the market and is expected to retain its position throughout the forecast period. This is attributed to growing incidence of risk factors, advanced healthcare facilities and presence of key market players in the region.
Key players
Key players operating in the cholangiocarcinoma market are Johnson & Johnson Services, Inc., Cooper Companies Inc., Lifecell Corporation (Allergan Plc), W. L. Gore & Associates, Inc., Maquet Holding B.V. & Co. KG, Becton, Dickinson and Company, Medtronic Plc, Cook Medical Inc., Baxter International Inc., and B. Braun Melsungen AG.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
