Newark, Oct. 27, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global pancreatic cancer market is expected to grow from USD 3.43 billion in 2021 to USD 6.93 billion by 2030, at a CAGR of 8.13% during the forecast period 2022-2030.
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The number of people suffering from pancreatic diseases/conditions has increased due to the rising trend of an inactive lifestyle and improper diet. The rising number of diabetes patients has been primarily attributed to the increasing consumption of processed foods and beverages with higher sugar contents, which also considerably adds to the rising number of pancreatic cancer patients. The number of elderly people has increased, which has added to the pool of patients with pancreatic cancer. The rising number of patients has also been greatly aided by rising alcohol and cigarette use. The global pancreatic cancer market will be driven by the increasing number of pancreatic cancer patients brought on by unhealthy lifestyles, poor diets, excessive alcohol or cigarette use, or old age. The expansion of the pancreatic cancer market will also be aided by the increased awareness about the causes, symptoms, and treatments of pancreatic cancer brought about by various government initiatives, NGOs, and other civil society groups. New technological advancements and scientific breakthroughs that have paved the way for developing safer and more effective drugs/therapies/treatments to treat pancreatic cancer will provide lucrative opportunities to the market players. However, the high cost of drug development and treatments can hamper the market's growth. Stringent government guidelines and regulations will also challenge the market during the forecast period. Innovations and comprehensive approval mechanisms can help overcome these challenges and provide an impetus to the global pancreatic cancer market.
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Competitive Strategy
To enhance their market position in the global pancreatic cancer market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Multitargeted T-cell therapy for treating pancreatic cancer received orphan drug designation from the U.S. Food and Drug Administration (FDA) in January 2022. The cancer cell surface proteins PRAME, SSX2, MAGEA4, NY-ESO-1, and Survivin, target the autologous, non-gene-edited T-cell therapy MT-601 (Marker Therapeutics). Such scientific and technological advancements will contribute to the growth of the pancreatic cancer market.
Market Growth & Trends
Pancreatic cancer is not diagnosed until it is in the later stages of progression, as the symptoms only show up then. Pancreatic cancer is aggressive, and a difficult diagnosis makes it a fatal condition; therefore, the mortality rate of pancreatic cancer is very high. The reduced window for treatment has resulted in the failure of many monotherapies and treatments over the years. The market players are now concentrating on combination therapy, employing two or more drugs/treatments to treat cancer or minimize/shrink it. Increasing government healthcare expenditure is anticipated to make combination therapies accessible and affordable, thereby contributing to the growth of the pancreatic cancer market. Streamlining and improving regulatory procedures to increase approval rates of new drugs/therapies/treatments will also benefit the market.
Key Findings
• In 2021, the chemotherapy segment dominated the market with the largest market share of 39% and market revenue of 1.33 billion.
The treatment type segment is divided into chemotherapy, immunotherapy, hormone therapy, surgery, radiation therapy, targeted drug therapy, and others. In 2021, the chemotherapy segment dominated the market with the largest market share of 39% and market revenue of 1.33 billion.
• In 2021, the exocrine pancreatic cancer segment dominated the market with the largest market share of 57% and market revenue of 1.95 billion.
The disease type segment is divided into endocrine and exocrine pancreatic cancer. In 2021, the exocrine pancreatic cancer segment dominated the market with the largest market share of 57% and market revenue of 1.95 billion.
• In 2021, the hospital segment accounted for the largest share of the market, with 47% and a market revenue of 1.61 billion.
The end-user segment is divided into hospitals, clinics, diagnostic laboratories, research institutes, research laboratories & others. In 2021, the hospital segment accounted for the largest share of the market, with 47% and a market revenue of 1.61 billion.
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Regional Segment Analysis of the Pancreatic Cancer market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global pancreatic cancer market, with a market share of around 38.50% and 1.32 billion of the market revenue in 2021. The North American region is expected to be the most significant market forecast period. The pancreatic cancer market in North America has been expanding rapidly. The United States of America dominates the pancreatic cancer market in North America. According to the National Survey by the American Cancer Society, around 3% of cancers in the U.S. will be pancreatic in 2021. Furthermore, Pancreatic cancers are responsible for 9% of the deaths by cancer. The increasing incidence of pancreatic cancer patients is accompanied by high capital spending on healthcare infrastructure. The streamlining of approval processes has led to the safe and quick approval of clinical drugs and treatments in the USA, contributing to the increasing demand for pancreatic cancer treatment options. The government's favorable reimbursement policies are also an impetus for developing the pancreatic cancer market in North America.
Key players operating in the global pancreatic cancer market are:
• Pfizer Inc.
• Novartis AG
• Eli Lilly and Company
• Bristol Myers Squibb Company
• Zydus Cadila
• AstraZeneca PLC
• Myriad Genetics Inc.
• F Hoffmann-La Roche Ltd.
• PharmaCyte Biotech Inc.
• Teva Pharmaceutical Industries Ltd.
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global pancreatic cancer market based on the below-mentioned segments:
Global Pancreatic Cancer Market by Treatment Type:
• Chemotherapy
• Immunotherapy
• Hormone Therapy
• Surgery
• Radiation Therapy
• Targeted Drug Therapy
• Others
Global Pancreatic Cancer Market by Cancer Type:
• Endocrine Pancreatic Cancer
• Exocrine Pancreatic Cancer
Global Pancreatic Cancer Market by End User:
• Hospitals
• Clinics
• Diagnostic Laboratories
• Research Institutes
• Research Laboratories
• Others
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About the report:
The global pancreatic cancer market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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