PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424998
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424998
Pancreatic Cancer Therapeutics & Diagnostics Market size was valued at USD 2,470.6 Million in 2022, expanding at a CAGR of 5.5% from 2023 to 2030.
Pancreatic cancer therapeutics and diagnostics encompass medical procedures for both the diagnosis and subsequent treatment of pancreatic cancer. Globally, pancreatic cancer stands as a significant contributor to cancer-related fatalities, with the disease burden escalating rapidly. According to the American Cancer Society, the 5-year relative survival rates are approximately 44% for localized cases, 15% for regional cases, and 3% for distant cases. In response, healthcare professionals and authorities are underscoring the need to develop and commercialize precise screening methods to monitor prevalence levels.
Pancreatic Cancer Therapeutics & Diagnostics Market- Market Dynamics
Rising incidence of pancreatic cancer, advancements in molecular biology, drug development, and diagnostic technology is expected to propel the market demand
The market growth is driven by factors such as the rising incidence of pancreatic cancer, advancements in molecular biology, drug development, and diagnostic technology. The market is poised for significant expansion due to increased research and development initiatives, favorable reimbursement scenarios, and the introduction of innovative products. Notably, in January 2019, scientists at the Van Andel Research Institute introduced a novel blood test (CA19-9 test) that, when combined with an existing test, can detect nearly 70% of pancreatic cancers with a false-positive rate of less than 5%. Additionally, Myriad Genetics Inc. announced in January 2021 that its BRACAnalysis Diagnostic System, used for pancreatic cancer screening, would receive reimbursement from Japan's Ministry of Health, Labour, and Welfare, potentially expanding the patient pool for genetic testing in Japan.Collaborations are also shaping the market positively. In October 2020, Oncolytics Biotech Inc. disclosed a collaboration with Roche and AIO for a phase 1/2 trial evaluating the efficacy of pelareorep and atezolizumab in treating metastatic pancreatic cancer. These developments are anticipated to have a favorable impact on market growth throughout the forecast period.
Pancreatic Cancer Therapeutics & Diagnostics Market- Key Insights
As per the analysis shared by our research analyst, the global Pancreatic Cancer Therapeutics & Diagnostics Market is estimated to grow annually at a CAGR of around 5.5% over the forecast period (2023-2030)
The Cancer Therapeutics & Diagnostics Market is projected to grow at a significant rate due to rising incidence of pancreatic cancer, advancements in molecular biology, drug development, and diagnostic technology
Based on end user, hospital was predicted to show maximum market share in the year 2022
Based on Treatment, chemotherapy segment was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Pancreatic Cancer Therapeutics & Diagnostics Market is segmented on the basis of Treatment Type, Diagnostic, By End User, and Region.
The market is divided into three categories based on Treatment: Chemotherapy. Surgery, Other Treatments. Over the forecast period, it is anticipated that the chemotherapy segment will play a significant role in the studied market. Chemotherapy stands as a primary method of treating pancreatic cancer, functioning by impeding the growth and division of pancreatic cancer cells, effectively killing them. These chemotherapy drugs operate systemically, traveling through the bloodstream to target and damage cancer cells throughout the entire body.
The market is divided into four categories based on End User: Hospitals, Clinics, Laboratories, Others. In 2022, the pancreatic cancer diagnostics market was predominantly led by the hospitals segment in terms of revenue share. This prominence can be attributed to several factors, including heightened awareness of personalized medicines, enhancements in accessible healthcare services, an uptick in patient visits to hospitals, and an increasing emphasis on strategic initiatives, all of which are bolstering the growth of the hospital segment.
Pancreatic Cancer Therapeutics & Diagnostics Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. The target illness's rising incidence and the rise in for-profit and nonprofit organizations' attempts to support early disease identification are driving the expansion of the North American area. One well-known group that supports research efforts and raises awareness of the disease is the Pancreatic Cancer Action Network.
In the pancreatic cancer therapeutic & diagnostic market, companies are actively pursuing strategies to capitalize on the increasing demand for Pancreatic Cancer Therapeutics & Diagnostics. In the field of pancreatic cancer therapeutics, pharmaceutical and biotechnology companies are involved in various activities, including new product launches, partnerships, collaborations, and research initiatives.
In January 2023, the evaluation of the radiotracer, 68Ga-Fibroblast-Activation-Protein-Inhibitors (FAPI)-46, in pancreatic cancer imaging through a clinical study was released by Mayo Clinic.