Global Pancreatic Cancer Therapeutics and Diagnostics Market Size Grows Steadily at a CAGR of 7.23%

Introduction

Therapeutics and diagnostics for pancreatic cancer are medical procedures utilized to diagnose and treat pancreatic cancer. These therapeutics and diagnostics include ultrasonography, magnetic resonance imaging (MRI), positron emission tomography (PET) scans, and computed tomography (CT). Endoscopic ultrasound (EUS) generates images of the pancreas within the abdomen. Due to uncontrolled cell growth in the pancreas, they help determine the tumor's location.

Market Dynamics

Increasing Incidence and Prevalence of Pancreatic Cancer Drives the Global Market

The rising prevalence and incidence of pancreatic cancer in different regions over the forecast period is anticipated to be the primary aspect driving the market for pancreatic cancer therapeutics and diagnostics. As per the International Agency for Research on Cancer (Globocan) 2020 statistics, 495,773 new cases of pancreatic cancer were diagnosed worldwide in 2020.

According to GLOBOCAN 2020 data, the incidence of new cases of pancreatic cancer was 275,036 in countries with an extremely high HDI (Human Development Index), followed by 187,205 in countries with a high HDI (Human Development Index). There were 24,705 and 8,586 cases in countries with medium and low HDI, respectively.

Advancements in Molecular Biology, Development of Drugs, and Diagnostic Technology Create Tremendous Opportunities

Current studies focusing on developing and discovering new diagnostic and treatment methods will contribute to advancing research and development in the field. The pancreatic cancer diagnostic and therapy industry has undergone a massive transformation in recent years with the invention of cutting-edge technologies and interventional procedures. Technology advancements may increase the effectiveness and safety of diagnostic procedures. This is anticipated to generate opportunities for market expansion.

Numerous companies are engaged in research and development in this field, which is anticipated to create enormous opportunities for market expansion by developing and introducing new diagnostic tools and therapies. Immunovia AB, a diagnostic company that creates highly precise blood tests for the early detection of autoimmune diseases and cancer, announced positive results from its verification study in September 2020 in preparation for the launch of IMMray PanCan-d. These blood tests can improve patient survival and outcome rates for pancreatic cancer and significantly impact market expansion.

Regional Analysis

Europe is the most significant global pancreatic cancer therapeutics and diagnostics market shareholder and is estimated to exhibit a CAGR of 7.38% during the forecast period. European dominance can be attributed to improved healthcare infrastructure, a large target population, and widespread adoption of pancreatic treatment techniques. Moreover, the rising prevalence of pancreatic cancer aggressively drives the demand for treatment options. According to estimates from the Global Cancer Observatory (GLOBOCAN) for the year 2020, there were approximately 11,720 new cases of pancreatic cancer in the United Kingdom. Approximately 10,222 deaths were attributed to pancreatic cancer at the same time.

In addition, the rising number of clinical trials and pending product approvals will likely contribute to the expansion of the French market. For instance, in 2021, In France, ERYTECH Pharma announced the first patient enrolment in the rESPECT Phase 1 investigator-sponsored study (IST) of its principal medication, eryaspase, for the initial-line therapy of pancreatic cancer. This trial may assess the safety of the combination of eryaspase and Folfinox as a first-line treatment for pancreatic cancer.

Asia-Pacific is estimated to exhibit a CAGR of 7.68% over the forecast period. Several key aspects drive the demand for pancreatic cancer therapeutics and diagnostics, including the rising incidence of pancreatic cancer, constant technological advancements in diagnostics, a large target population, the introduction of new drugs, and the burgeoning demand for effective screening tests. The rising level of public awareness also bolsters the market. For example, in November 2020, a new initiative was launched in China to combat pancreatic cancer. In 2020, the Journal of Pancreatology and Servier China launched a joint online World Pancreatic Cancer Day public awareness campaign and a WISH project, China's first pancreatic cancer patients' survival situation project. The program aims to increase disease awareness, promote early diagnosis and treatment, and increase patient benefits. The leading market players' product approvals for diagnosing and treating pancreatic cancer and other strategic initiatives will also contribute to the market's lucrative growth.

Key Highlights

• The global pancreatic cancer therapeutics and diagnostics market size was valued at USD96 billion in 2022. It is estimated to reach USD 7.42 billion by 2031, growing at a CAGR of 7.23% during the forecast period (2023–2031).
• Based on type, the global pancreatic cancer therapeutics and diagnostics market is bifurcated into treatment and diagnostics. The treatment segment dominates the market and is projected to exhibit a CAGR of 7.38% over the forecast period.
• Europe is the most significant global pancreatic cancer therapeutics and diagnostics market shareholder and is estimated to exhibit a CAGR of 7.38% during the forecast period.

Competitive Players

Competitive Players

The key global pancreatic cancer therapeutics and diagnostics market players are Bristol-Myers Squibb, AstraZeneca PLC, Boston Scientific Corporation, FUJIFILM Holdings Corporation, Canon Medical Systems Corporation, Novartis AG, Rafael Holdings Inc. (Rafael Pharmaceuticals), Pfizer Inc.., and others.

Recent Developments

Market News

• In July 2023, the National Cancer Institute (NCI) awarded Amplified Sciences, a clinical-stage life sciences diagnostic firm that licenses Purdue University innovations, a Phase I Small Business Innovation Research (SBIR) grant of approximately $400,000 to develop the pancreatic cancer test.
• In May 2023, GeneCentric Therapeutics, a company that enhances precision medicine through RNA-based diagnostics, announced that its PurISTSM test is now commercially available for clinical use through Tempus.

Segmentation

Global Pancreatic Cancer Therapeutics and Diagnostics Market: Segmentation

By Type

• Treatment

1. Targeted therapies
2. Chemotherapy
3. Surgery
4. Other treatments

• Diagnostics

1. Imaging
2. Biopsy
3. Endoscopic ultrasound
4. Other diagnostics

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa