Global Pancreatic Cancer Therapeutics & Diagnostics Market - Segmented by Therapeutics, Diagnostics, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Pancreatic cancer occurs when there is an uncontrollable growth of cells in the pancreas. Pancreatic cancer is categorized as exocrine and endocrine, based on the cells affected by cancer. Exocrine cells in pancreas create pancreatic enzymes. When cancer manifests in these cells, it is referred to as exocrine pancreatic cancer. Endocrine cells are a small cluster of cells and also called ‘islets of Langerhans’. These cells create hormones, such as insulin and glucagon, releasing them into the blood flow. Cancer in these cells is called endocrine pancreatic cancer. The global pancreatic cancer therapeutics & diagnostics market is expected to witness a CAGR 5.6% during the forecast period, 2018-2023.
Increasing Incidence and Prevalence of Pancreatic Cancer
Pancreatic cancer is the 12th-most common cancer in the world. The estimated five-year prevalence of people living with pancreatic cancer is 4.1 per 100,000, globally. This cancer is almost always fatal, and is the seventh most common cause of death from cancer. Pancreatic cancer is closely related to body fat and high BMI, thereby being more prevalent in developed countries. A report by the Centers for Disease Control and Prevention (CDC) estimated that pancreatic cancer resulted in the death of about 330,000 people in 2012 in the United States, which was around 4% of all deaths in the country. Estimates of the American Cancer Society suggested that in the United States alone, nearly 53,070 new cases of pancreatic cancer were recorded in 2016 and 41,780 deaths in the country were attributed to the same. In Europe, nearly 104,000 new cases of pancreatic cancer were estimated to be diagnosed in 2012. The extensive threat of pancreatic cancer is a major opportunity for companies to capitalize on the market through the expansion of product portfolios and market penetration. The high patient pool and increasing trends of the same are expected to propel the growth of the market.
Chronic nature of diseases leads to consistent demand for drugs, advancements in molecular biology, development of drugs and diagnostic technology, and emphasis on early diagnosis, which are driving the market growth.
Drug Toxicity or Drug Side Effects
Several drugs prescribed for the treatment of pancreatic cancer are associated with adverse effects, ranging from mild to severe. There are many lists of drugs, like Tarceva, a drug which is used to treat pancreatic cancer, can lead to pregnancy-related problems, harm the fetus, and can also cause complete failure of liver and kidney functioning. People who have used Afinitor as a treatment regimen for pancreatic cancer have reported loss of appetite, multiple infections, hypercholesterolemia, headache, pneumonitis, stomatitis, diarrhoea, asthenia, weight loss, etc. The possibility of multiple side effects, with a few that can even cause death, results in the reluctance in prescribing drugs to patients. The usage of drugs that cause side effects acts as a major restraint to the global pancreatic cancer drugs market.
Other factors restraining the market are drugs losing patent exclusivity, high costs associated with diagnosis and treatments, and stringent regulatory guidelines.
United States to have the Highest Market Share
In the United States, the average lifetime risk of pancreatic cancer for both men and women is about 1 in 65 (1.5%). Pancreatic cancer accounts for about 3% of all cancers in the United States and about 7% of cancer deaths. The Pancreatic Cancer Action Network predicts pancreatic cancer to become the second leading cause of cancer-related deaths in the United States, by 2020. With promising drugs in the pipeline, the US pancreatic cancer therapeutics & diagnostics market is expected to witness lucrative growth during the forecast period. The high healthcare spending and state-of-the-art healthcare facilities in the United States are expected to promote the growth of the market, indirectly. The country is also a hub for high-end R&D activities, which are anticipated to have a positive impact on novel product developments and clinical trials.
Key Developments in the Market