Globally, the market for pancreatic cancer therapeutic and diagnostic was priced at US$ 3,689.6 million in the year 2021 and is predicted to the extent of US$ 6,039.3 million by the end of the year 2028 at a Compounded Annual Growth Rate of 7.4% from 2022 to 2028. The market for PCTD worldwide is witnessing robust development owing to the increase in occurrence of cancer in the pancreas and increase in the growth of new treatment. Furthermore, increasing elderly population worldwide and the increase in need for secure and real therapeutics is anticipated to fuel the market growth. Though, factors like strict rules and guidelines and high cost in relation to the diagnosis and the treatment are anticipated to hinder the market growth.
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Increasing problem of the cancer in the pancreas to support growth of the market
The main factor anticipated to increase the market of PCTD and its growth worldwide in the predicted period is the increase in the occurrence of the pancreatic cancer in the world. As per World Cancer Research Fund, cancer in the pancreas ranks as the 12th commonly occurred cancer in the world, being 12th and 11th common cancer among men and women respectively. More than 495,000 novel pancreatic cancer cases were identified in 2020, raising the need for efficient treatments and diagnostics.
Increasing elderly population worldwide is anticipated to provide substantial opportunities of growth for the companies in the market of PCTD. For example, the figure of pancreatic cancer patients among the elderly population has increased and therefore, there is immediate demand to create specific treatments and diagnostics for the geriatric patients. A per WHO (World Health Organization), by the end of the year 2030 1 in every 6 person worldwide will age 60 years and more, and by the end of the year 2050, the population of the people from age 60 years and much older will get doubled i.e. 2.1 Bn. This is anticipated to push the market growth.
Rise in need for safe and real therapeutics across the world is anticipated to provide substantial opportunities of growth for the companies in the market of PCTD. For example, companies in the market are emphasizing on expanding and introducing new treatments and diagnostics in the market. Novartis in July 2021 announced that USFDA has approved ODD (Orphan Drug Designation) for NIS793 in unison with the normal chemotherapy care for treating pancreatic cancer. NIS793 plays a vital role in mPDAC (metastatic pancreatic ductal carcinoma) and other kinds of solid tumor.
Rising investments in the healthcare sector is a new fashion
The rising figure of cancer cases also shows the stable increase in the elderly population, need for safe and real treatment is also rising. Therefore, companies in the market and the research institutes are funding increasingly for growth of efficient treatments and diagnostics. Garvan Institute of Medical Research and the University of New South Wales Sydney in February 2021 directed an advanced pancreatic cancer medical trial program, cheers to the grant of US$ 3.75 Mn from the Cancer Institute NW. This is anticipated to push the growth of the pancreatic cancer therapeutic and diagnostic market.
The main factor anticipated to hamper the market growth of PCTD worldwide is the strict rules and guidelines. For example, the United States FDA categorizes medical devices as per risk, like Class I, Class II and Class III as low, moderate and high risk respectively. Generally, cancer diagnosis tests fall into the Class III and the devices are the issues to all FDA General Controls and the Food and Drugs Administration Premarket Approval Process.
The other factor that is hindering the market growth of the PCTD worldwide is the high cost in relation to the cancer diagnosis and treatments. At present, many beset therapies and immunotherapies which are under medical trials for treating pancreatic cancer. But the high cost associated is a reason to worry. The diagnosis and the treatment cost is very expensive which makes it unaffordable for many patients, hindering the market growth.
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Zai Lab Limited in January 2022 pronounced the positive treatment of the first patient in Greater China in the PANOVA-3 trial. A phase III trial helps in assessing the effectiveness of the tumor in the treatment fields directed alongside with gemcitabine and nab-paclitaxel for treating people with unresectable, locally advanced pancreatic cancer.
Immunovia AB in September 2020 pronounced successful results from the study verified for the introduction of IMMray PanCan-d. IMMray PanCan-d is scheduled to be the maiden test based on blood used for initial stage pancreatic cancer diagnosis.
At the University of Sheffield in September 2020, scientists discovered a drug which can mend the life cycle and the standard of living of the patient with the type of pancreatic cancer that is difficult to get cured.
Scientists Beth Israel Deaconness Medical Center and the Weill Cornell Medicine in May 2020 announced the successful result from the COMBAT trial which studied the triple combination usage of a new drug named BL-8040 (motixafortide). It is used in treating metastatic pancreatic cancer.
AstraZeneca and Merck & Co. in June 2019 established and commercialized a drug. The drug was sold under LYNPARZA (Olaparib) brand name. The international trial at Phase III revealed that the drug Olaparib is substantially able to reduce the risk of the disease development.
The main companies operating in the market of PCTD includes 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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