The global pancreatic cancer Therapeutics And Diagnostics Market is estimated to be valued at US$ 4255.87 Mn or Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pancreatic cancer is a very lethal form of cancer with poor prognosis and limited treatment options. Pancreatic cancer Therapeutics and diagnostics aim to detect the disease at an early stage, monitor responses to treatment and accurately diagnose recurrence. They play a pivotal role in improving patient outcomes and survival rates.
Market key trends:
One of the key trends fueling the growth of the pancreatic cancer therapeutics and diagnostic market is the increasing focus on developing and commercializing novel biomarkers. Biomarkers act as surrogate endpoints for assessing the effectiveness of targeted therapies during clinical trials. They can also help in early detection and screening of high-risk individuals. With over 75 targeted drugs and 200 biomarker assays in the pipeline, their clinical application holds tremendous potential to transform pancreatic cancer management in the coming years.
Segment Analysis
The global pancreatic cancer therapeutics and diagnostic market is segmented based on therapeutic, diagnostic, end user and distribution channel. By therapeutic, chemotherapy holds the largest market share due to the increasing adoption of chemotherapy as first line of treatment for pancreatic cancer. By diagnostic, imaging holds the largest share as imaging techniques aid in accurate diagnosis and staging of pancreatic cancer. By end user, hospitals dominate the market as majority of cancer diagnosis and treatment procedures are carried out in hospitals. By distribution channel, hospital pharmacy accounts for the highest share due to higher patient footfall and availability of wide range of drugs.
Key Takeaways
The global pancreatic cancer therapeutics and diagnostic market is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of pancreatic cancer globally.
Regional analysis- North America dominates the global pancreatic cancer therapeutics and diagnostic market due to robust healthcare infrastructure, presence of key pharmaceutical companies and availability of advanced treatment alternatives. Asia Pacific is projected to grow at fastest CAGR due to increasing healthcare expenditure, improving healthcare facilities and rising patient awareness in emerging countries.
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. Major players focus on collaboration and new product launch to strengthen their market position.
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