Market Dynamics:
The pancreatic cancer therapeutics and diagnostic market is primarily driven by rising incidence of pancreatic cancer globally. According to the National Cancer Institute, it is estimated that around 60,430 Americans will be diagnosed with pancreatic cancer in 2022. Other key drivers include growing geriatric population, increasing adoption of imaging modalities for diagnosis and rising number of clinical trials evaluating efficacy of novel drugs. However, poor prognosis of the disease coupled with limited treatment options continues to restrain the market growth. High cost of therapies and risk of adverse effects also challenges the market. Innovation in imaging technologies and development of targeted and immuno-oncology drugs are expected to provide lucrative opportunities over the forecast period.
SWOT Analysis
Strength:
- Increasing research and development activities for developing advanced therapeutics and diagnostics.
- Rising adoption of targeted therapy and immunotherapies for pancreatic cancer treatment.
- Growing awareness regarding pancreatic cancer and available treatment options.
Weakness:
- Late diagnosis of pancreatic cancer hampers successful treatment.
- High cost associated with pancreatic cancer therapeutics and diagnostic procedures limits accessibility.
Opportunity:
- Untapped emerging markets present lucrative opportunities for market expansion.
- Development of novel early detection techniques can increase survival rate of patients.
Threats:
- Stringent regulatory framework for approval of pancreatic cancer drugs increases complexity.
- Alternative treatment options pose threat to market growth.
Key Takeaways
Global Pancreatic Cancer Therapeutics And Diagnostic Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing incidence of pancreatic cancer worldwide.
Regional analysis:
North America dominates the market and is expected to continue its dominance over the forecast period. This is attributed to growing elderly population, increasing healthcare spending, and high adoption of advanced treatment in the region. Asia Pacific exhibits the fastest growth due to rising awareness, improving healthcare infrastructure, and expanding patient pool.
Key players:
Key players operating in the 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.
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