PANCREATIC CANCER THERAPEUTICS AND DIAGNOSTIC MARKET ANALYSIS

Pancreatic Cancer Therapeutics And Diagnostic MarketSize and Trends

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 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.