Pancreatic Cancer Market: America to Command the Largest Share
Pancreatic cancer can be defined as an enlarged tumor, which is generally caused by malignant cells present in the tissues of the pancreas. This type of cancer is generally caused due to drinking alcohol, smoking, genetic factors, radiotherapy in the past, obesity, inflammation of the pancreas, and diabetes mellitus. It is a type of cancer that starts in the pancreas and is a highly lethal disease. The global Pancreatic Cancer Market Share, as per a report by Market Research Future (MRFR) is touted to register 8.1% CAGR during the forecast period (2017-2023).
The dearth of therapeutic approaches for early-stage detection has resulted in increased incidences of pancreatic cancer. Soaring prevalence of pancreatic cancer has resulted in germline mutations, thereby causing the defective genes to pass down to the children from their parents, thus making early detection of pancreatic cancer important. This has led to the growth of the market across the globe. Surging demand for targeted therapy is considered another propelling factor for the pancreatic cancer therapy market. Targeted therapy aims specific receptors present in the cancerous cells and does not harm the healthy peripheral cells compared to conventional methods such as chemotherapy.
With changing lifestyle, the consumption of tobacco has increased. Also, there has been a surging rate of cigarette smoking, which is likely to enhance the pancreatic cancer market. Moreover, rising intake of alcohol, surging rates of obesity, and rising awareness about several treatment options available in the market are likely to encourage the market growth in the foreseeable future.
On the contrary, costly treatment, coupled with the side effects associated with the treatment of such diseases, are predicted to restrict the market growth.
· OncoGenex Pharmaceuticals Inc
· Pharmacyte Biotech Inc
· Diffusion Pharmaceuticals
· Oncolytics Biotech
· Sun BioPharma, Inc
· Polaris Pharmaceuticals
· Clovis Oncology
· Eli Lilly and Company
· Midatech Pharma PLC
· F. Hoffmann-La Roche AG
· Celgene Corporation
· Novartis International AG
Global Pancreatic Cancer Market: Segmental Analysis:
· The pancreatic cancer market has been segmented on the basis of treatment, types, and end user.
· By type, the pancreatic cancer market is segmented into exocrine pancreas cancer, endocrine pancreas cancer, and others.
· The treatment segment includes surgery & radiation therapy, chemotherapy, biologic therapy, targeted therapy, hormone therapy, and others. Of these, the targeted therapy segment is estimated to gain prominence due to the surging demand for this treatment method.
· The end users segment comprises research institute, hospitals & clinics, and others. Of these, the hospitals & clinics segment is predicted to register a significant share due to the availability of advanced treatment facilities and favorable reimbursement policies.
Geographically, the pancreatic cancer market spans across Europe, America, Asia Pacific, and the Middle East & Africa.
The pancreatic cancer market is likely to be dominated by America, mainly due to the presence of well-developed technology, increased healthcare spending, rising prevalence of cancer patients, and soaring support from the government for research and development activities. The presence of industry bigshots in the region has further propelled the market growth.
Europe acquires the second position globally and is likely to retain its growth in the coming years due to increased support from the government for research and development activities. The high availability of funds for research will further contribute to the market growth in the region. Countries like France and Germany are highly investing in the healthcare segment, which has created new growth opportunities for the market.
The Asia Pacific will register the fastest growth rate due to the existence of rapidly evolving healthcare technology, increased expenditure on healthcare, and surging patient population. Soaring demand for latest treatment methods in countries like South Korea and India will influence the regional market’s growth.
On August 2019, a team of scientists at the Huntsman Cancer Institute made discoveries in the treatment of pancreatic cancer. The researchers discovered that the growth of cancer could be blocked by turning on a protein used by pancreas cells.