The bile duct cancer market is estimated to be valued at US$ 235.9 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bile duct cancer, also known as cholangiocarcinoma, is a rare malignancy that forms in the bile ducts. The bile ducts are tubes that connect the liver and gallbladder to the small intestine. There are two main types, intrahepatic and extrahepatic bile duct cancer. Bile duct cancer products include devices and drugs used for diagnosis and treatment. Common treatment methods include surgery, radiation therapy, chemotherapy, targeted therapy and immunotherapy.
Market Dynamics:
The growth of the Global Bile Duct Cancer Market Size is primarily driven by the rising prevalence of bile duct cancer across the globe. According to the American Cancer Society, about 8,000 people in the US get bile duct cancer each year. Lifestyle factors such as obesity, smoking, liver disease and other illnesses that cause inflammation in the bile ducts are increasing the risk of developing bile duct cancer. Moreover, increasing adoption of advanced diagnostic technologies like CT scans, MRIs and endoscopic ultrasounds for early detection is also contributing to the market growth. However, low disease awareness, difficulties in diagnosis owing to non-specific symptoms and lack of effective treatment options are some of the challenges hindering the growth of this market.
SWOT Analysis
Strength: Bile Duct Cancer market has strong research and development activities with increasingclinical trials for advanced treatment options. multiple treatment options available for advanced disease. Rising awareness about bile duct cancer and its treatment options.
Weakness: High cost involved in diagnosis and treatment of bile duct cancer hampers market growth. Lack of awareness about bile duct cancer in low and middle-income countries restricts market growth.
Opportunity: Increasing healthcare expenditures in emerging nations provide growth opportunities. Rising preference for precision medicine and targeted therapies for bile duct cancer treatment boost market growth.
Threats: Risk of drug failure during clinical trials hampers the growth of market. stringent regulatory framework for approval of new treatment limits market growth.
Key Takeaways
The global Bile Duct Cancer market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing incidence of bile duct cancer worldwide. Rising prevalence of risk factors such as primary sclerosing cholangitis (PSC), congenital abnormalities of biliary tract etc. are fueling the market growth.
Regional analysis The Asia Pacific region is expected to witness fastest growth in the bile duct cancer market owing to increasing healthcare expenditures, raising awareness about diagnosis and treatment at early stages. North America dominated the global bile duct cancer market in 2023 and is expected to maintain its dominance over the forecast period due to growing R&D activities, availability of advanced treatment options and strong presence of key players in the region.
Key players operating in the Bile Duct Cancer market are Incyte Corporation, Eisai Co., Ltd., QED Therapeutics, Inc., Agios Pharmaceuticals, Inc., RenovoRx, Ability Pharmaceuticals, Imbrium Therapeutics L.P. and Delcath Systems, Inc. The key players are mainly focused on developing new drug formulations and treatment technologies to expand their product reach and market share.
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