PANCREATIC CANCER THERAPEUTICS AND DIAGNOSTIC MARKET ANALYSIS

Market Challenges And Opportunities

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 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 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.