Pancreatic cancer is a disease in which malignant (cancer) cells form in the tissues of the pancreas. Pancreatic cancer occurs when changes (mutations) in the pancreas cells lead them to multiply out of control. Smoking is one of the most important risk factors for pancreatic cancer. About 10% of patients who receive an early diagnosis become disease-free after treatment. Techniques used to diagnose pancreatic cancer include magnetic resonance imaging, computerized tomography scans, ultrasound, and, sometimes, positron emission tomography scans. Treatment may include surgery, radiation, chemotherapy, or a combination of these.
Market Statistics:
The global Pancreatic Cancer Therapeutics And Diagnostic Market is estimated to account for US$ 3,942.1 Mn in terms of value by the end of 2022.
Drivers:
Increasing incidence and prevalence of pancreatic cancer across the globe is expected to augment the growth of the global pancreatic cancer therapeutics and diagnostic market during the forecast period. For instance, pancreatic cancer is the 12th most common cancer around the world. It is the 12th most common cancer in men and the 11th most common cancer in women. Pancreatic cancer is one of the most common causes of cancer-associated death worldwide. According to American Cancer Society, in 2022, about 62,210 people (32,970 men and 29,240 women) will be diagnosed with pancreatic cancer, and 49,830 people (25,970 men and 23,860 women) will die of pancreatic cancer. Moreover, pancreatic cancer accounts for about 3% of all cancers in the U.S. and about 7% of all cancer deaths, driving the growth of the market.
Opportunities:
Increase in demand for safe and effective treatment options is expected to offer significant growth opportunities for players in the pancreatic cancer therapeutics and diagnostic market. For instance, with the increase in burden of pancreatic cancer and growing awareness among people, the demand for safe and effective treatment is also increasing. In October 2021, Silenseed entered into a joint venture agreement with Guangzhou Sino-Israel Bio-Industry Investment Fund LLP to establish a Guangzhou Silenseed-China Ltd. to develop, conduct clinical studies, and obtain approvals for the products related to pancreatic, lung, prostate, and brain cancer.
Restraints:
High cost of diagnosis and treatment and stringent regularity guidelines are major factors expected to hamper growth of the global pancreatic cancer therapeutics and diagnostic market. For instance, most cancer diagnostic tests fall within the Class III category, and these devices are subject to all FDA General Controls and the Premarket Approval (PMA) process. Moreover, 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. This in turn is restraining the growth of the pancreatic cancer therapeutics and diagnostic market.
Pancreatic Cancer Therapeutics and Diagnostic Market - Impact of Coronavirus (Covid-19) Pandemic:
Outbreak of COVID-19 had a severe impact on the pancreatic cancer therapeutics and diagnostic market. Recent studies have shown that the pandemic adversely impacted the delay of surgery for pancreatic cancer patients and wait times for the diagnostic imaging. The pandemic also affected the chemotherapy regimens of pancreatic cancer patients, and placed them in a high-risk group for developing severe disease. In short, the pandemic had a negative impact on the global pancreatic cancer therapeutics and diagnostics market.
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Key Takeaways:
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.
Among type, treatment segment held dominant position in the global pancreatic cancer therapeutics and diagnostic market in 2020, accounting for 80.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
One of the key trends expected to augment the growth of the global pancreatic cancer therapeutics and diagnostic market is the growing frequency of drug launches and approvals. Owing to rise in burden of pancreatic cancer and increase in awareness among people, market players are focusing on launching and developing novel therapeutics. For instance, in January 2022, the U.S. Food and Drug Administration (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.
Competitive Landscape:
Major players operating in the global pancreatic cancer therapeutics and diagnostic market include
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.
Recent Developments:
In July 2021, Novartis received Orphan Drug Designation for NIS793, in combination with the standard of care chemotherapy for the treatment of pancreatic cancer from the U.S. Food and Drug Administration. NIS793 is a novel antibody specific for Transforming Growth Factor Beta, which is known to have a vital role in metastatic pancreatic ductal carcinoma and other solid tumors.
In June 2021, HUTCHMED Limited received the approval of Surufatinib for drug registration by the National Medical Products Administration of China for the treatment of advanced pancreatic neuroendocrine tumors.
In February 2021, Garvan Institute of Medical Research and the University of New South Wales Sydney led an innovative pancreatic cancer clinical trial program. A national clinical trial program will test promising new 400 targeted therapy for pancreatic cancer.
In July 2020, Olaparib approved in the European Union (EU) for patients with germline BRCA-mutated (gBRCAm) metastatic pancreatic cancer.
