PANCREATIC CANCER THERAPEUTICS AND DIAGNOSTIC MARKET ANALYSIS

The global pancreatic cancer therapeutics and diagnostic market was valued at US$ 3,689.6 Mn in 2021 and is forecast to reach a value of US$ 6,039.3 Mn by 2028 at a CAGR of 7.4% between 2022 and 2028. The global pancreatic cancer therapeutics and diagnostic market is experiencing strong growth due to the rise in incidence and prevalence of pancreatic cancer and rise in development of novel therapeutics. Moreover, growing geriatric population around the world and rise in demand for safe and effective therapeutics is expected to boost the growth of the market. However, factors such as stringent rules and regulations and high cost associated with diagnosis and treatments are expected to hamper the growth of the market.

Global Pancreatic Cancer Therapeutics and Diagnostic Market: Regional Insights

Based on geography, the global pancreatic cancer therapeutics and diagnostic market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing incidence and prevalence of pancreatic cancer and surging demand for safe, effective treatment options in the region. For instance, according to the American Cancer Society, in 2022, more than 62,210 people (32,970 men and 29,240 women) in the United States will be diagnosed with pancreatic cancer, and over 49,830 people (25,970 men and 23,860 women) will die of pancreatic cancer. Pancreatic cancer therapeutics and diagnostics is a medical procedure used to diagnose pancreatic cancer and their subsequent treatment.

Europe is also expected to witness robust growth in the global pancreatic cancer therapeutics and diagnostic market owing to the increasing burden of pancreatic cancer and increase in demand for effective therapeutics and diagnostics in the region. For instance, according to the United European Gastroenterology, number of deaths from pancreatic cancer has almost doubled in the past three decades and it now claims the lives of more than 90,000 EU (European Union) citizens every year. Moreover, pancreatic cancer is currently one of the leading cause of cancer deaths in Europe, this in turn is expected to aid in the growth of the market.

Figure 1. Global Pancreatic Cancer Therapeutics and Diagnostic Market Share (%), by Region, 2022

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Global Pancreatic Cancer Therapeutics and Diagnostic Market Drivers:

Growing burden of pancreatic cancer to underpin market growth

One of the key factors expected to augment the growth of the global pancreatic cancer therapeutics and diagnostic market over the forecast period is the rise in incidence and prevalence of pancreatic cancer around the world. According to the World Cancer Research Fund, pancreatic cancer is the 12th most common cancer across the globe, and it is the 12th most common cancer in men and the 11th most common cancer in women. Over 495,000 new cases of pancreatic cancer were diagnosed in 2020, increasing the demand for effective therapeutics and diagnostics.

Increase in development of novel therapeutics to augment market growth

Another factor which is driving the growth of the pancreatic cancer therapeutics and diagnostic market is the rise in development of novel therapeutics. Owing to increase in burden of pancreatic cancer worldwide and increase in awareness among people, players in the market are focusing on developing and launching novel therapeutics in the market. In January 2022, Marker Therapeutics Inc. announced that the U.S. Food and Drug Administration (USFDA) Office of Orphan Products Development has granted Orphan Drug designation to MT-601, a multi-tumor-associated antigen-specific T cell therapy for the treatment of pancreatic cancer.

Global Pancreatic Cancer Therapeutics and Diagnostic Market Opportunities:

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the pancreatic cancer therapeutics and diagnostic market. For instance, the number of elderly patients with pancreatic cancer has increased worldwide, and thus, there is urgent need to develop specific therapeutics and diagnostic for elderly patients. According to the World Health Organization (WHO), by 2030, one in six people in the world will be aged 60 years and over, and by 2050, the world’s population of people aged 60 years and older will double (2.1 billion). This in turn is expected to drive growth of the market.

Increase in demand for safe and effective therapeutics worldwide is expected to offer significant growth opportunities for players in the pancreatic cancer therapeutics and diagnostic market. For instance, players in the market are focusing on developing and launching novel therapeutics and diagnostics in the market. In July 2021, Novartis announced that the U.S. FDA has granted Orphan Drug Designation (ODD) for NIS793 in combination with standard of care chemotherapy for the treatment of pancreatic cancer. NIS793 is known to have an important role in metastatic pancreatic ductal carcinoma (mPDAC) and other solid tumors.

Global Pancreatic Cancer Therapeutics and Diagnostic Market Trends:

Increasing investments in the healthcare sector is a recent trend

With the increase in number of cancer cases and a steady rise in the geriatric population, demand for safe and effective treatment is also increasing. Thus, research institute and market players are increasingly investing for the development of effective therapeutics and diagnostics. In February 2021, Garvan Institute of Medical Research and the University of New South Wales Sydney led an innovative pancreatic cancer clinical trial program, thanks to a US$ 3.75 million grant from the Cancer Institute NSW. This in turn is expected to drive the market growth.

Growing frequency of drug launches and approvals is another trend

Due to rise in burden of pancreatic cancer and increase in awareness among people, players in the market are focusing on launching and developing novel therapeutics. For instance, the U.S. Food and Drug Administration has approved several therapeutics to treat pancreatic cancer. In January 2022, the U.S. FDA gave orphan drug status to multi-targeted T-cell therapy for pancreatic cancer treatment. This in trend is also expected to continue over the forecast period.

Global Pancreatic Cancer Therapeutics and Diagnostic Market Restraints:

Stringent regularity guidelines to hinder growth of the market

One of the key factors expected to hamper the growth of the global pancreatic cancer therapeutics and diagnostic market is the stringent rules and regulations. For instance, the U.S. FDA classifies medical devices based on the level of risk, such as Class I or low risk, Class II or moderate risk, and Class III, or high risk. Most cancer diagnostic tests fall within the Class III category, and these devices are subject to all FDA General Controls and the FDA Premarket Approval process.

High cost of diagnosis and treatments to hamper the market growth

Another factor which is hampering the growth of the pancreatic cancer therapeutics and diagnostic market is the high cost associated with diagnosis and treatments. There are currently many targeted therapies and immunotherapies that are under clinical development for the treatment of pancreatic cancer. But their high cost is a cause of concern. High cost associated with diagnosis and treatments make them out of reach for most patients, hampering the growth of the market.

Figure 2. Global Pancreatic Cancer Therapeutics and Diagnostic Market Share (%), by Type, 2022

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Global Pancreatic Cancer Therapeutics and Diagnostic Market Segmentation:

The global pancreatic cancer therapeutics and diagnostic market report is segmented into Type and Geography.

Based on Type, the global pancreatic cancer therapeutics and diagnostic market is segmented into Treatment and Diagnostics. Out of which, Treatment Segment is expected to dominate the market over the forecast period and this is attributed to the increasing demand for safe, effective treatment options across the world.

Diagnostics Segment is also expected to witness significant growth in the near future and this is owing to the increasing burden of pancreatic cancer worldwide.

Global Pancreatic Cancer Therapeutics and Diagnostic Market: Key Developments

In January 2022, Zai Lab Limited announced the successful treatment of the first patient in Greater China in the PANOVA-3 trial, a Phase III trial is evaluating the efficacy of tumor treating fields administered concomitantly with gemcitabine and nab-paclitaxel as front-line treatment for people with unresectable, locally advanced pancreatic cancer.

In September 2020, Immunovia AB announced positive results from its verification study for the launch of IMMray PanCan-d. IMMray PanCan-d is slated to be the first blood-based test used for the early diagnosis of pancreatic cancer.

In September 2020, scientists from the University of Sheffield discovered a drug that can improve the life expectancy and quality of life for patients with hard-to-treat pancreatic cancer.

In May 2020, scientists from the Weill Cornell Medicine and the Beth Israel Deaconness Medical Center announced positive results from its COMBAT trial. The trial is studying the use of triple combination of an investigational drug called BL- 8040 (motixafortide), which can be used to treat metastatic pancreatic cancer.

In June 2019, AstraZeneca and Merck & Co. developed and commercialized a drug sold under the brand name LYNPARZA (Olaparib). Their international Phase-III trial study found that treatment with the drug Olaparib significantly reduced the risk of disease progression or death.

Global Pancreatic Cancer Therapeutics and Diagnostic Market: Key Companies Insights

The pancreatic cancer therapeutics and diagnostic market is highly competitive. This is attributed to the increase in demand for safe and effective therapeutics, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global 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.

*Definition: Pancreatic cancer is cancer that forms in the cells of the pancreas. Pancreatic cancer occurs when changes (mutations) in the pancreas cells lead them to multiply out of control. The cancer can be diagnosed with the help of ultrasound, computerized tomography scans, magnetic resonance imaging and, sometimes, positron emission tomography scans. Treatment may include surgery, radiation, chemotherapy, or a combination of these.