The pancreatic cancer therapeutics and diagnostic market is estimated to be valued at US$ 4255.87 Mn 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:

The pancreatic cancer therapeutics and diagnostic market consists of drugs such as chemotherapy, immunotherapy, and targeted therapy, as well as diagnostic imaging techniques used to diagnose, stage, and monitor pancreatic cancer. Pancreatic cancer therapeutics aim to stop or slow down the growth and spread of cancer cells, while pancreatic cancer diagnostics help detect the presence and location of cancer in the body.

Market key trends:

One of the major trends fueling the growth of pancreatic cancer therapeutics and diagnostic market is the increasing approval of novel targeted therapies. The emergence of targeted drugs which interfere with specific molecules involved in cancer growth and progression demonstrate improved survival outcomes compared to chemotherapy. For instance, in 2022, the FDA approved pexidartinib HCl (Turalio) for treatment of symptomatic tenosynovial giant cell tumor (TGCT). Pexidartinib is a novel targeted drug, and the approval marked the first targeted therapy for TGCT patients. Such innovations in targeted drug development are boosting the pancreatic cancer therapeutics market growth.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low as developing new drugs and diagnostic equipment requires huge investment. Also, existing players have strong brand recognition and distribution channels.

Bargaining power of buyers: The bargaining power of buyers is moderate as the diagnostic services and drugs are essential but buyers have limited options.

Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials used are commoditized but suppliers need to meet strict quality standards.

Threat of new substitutes: Currently, there are no effective substitutes for diagnostic services and targeted drugs to treat pancreatic cancer.

Competitive rivalry: Strong as major players compete on innovation, marketing, and distribution.

SWOT Analysis

Strength: Strong R&D capabilities and strong product pipelines. Weakness: High costs associated with development and marketing of new drugs and diagnostics.

Opportunity: Growing geriatric population leading to high disease incidence. Opportunity: Increasing awareness about early detection driving demand for diagnostics.

Threat: Stringent regulatory landscape. Threats: Expiry of patents forcing pricing pressure.

Key Takeaways

The 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 cases globally. The United States dominates the market currently due to strong reimbursement policies and awareness.

Regional analysis North America is expected to remain the dominant regional market over the forecast period due to rising prevalence of pancreatic cancer, availability of advanced diagnostic techniques, and expanding reimbursement coverage in the region. Asia Pacific is expected to grow at a higher pace during the forecast years owing to the expansion of healthcare infrastructure and growing demand for advanced treatment options in developing countries like China and India.

Key players operating in the Pancreatic Cancer Therapeutics And Diagnostic Market incorporate 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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