Pancreatic Cancer Treatment Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1941
Pancreatic Cancer Treatment Market size is expected to generate substantial revenue during 2021 to 2027. Pancreatic cancer is increasingly becoming a major concern globally, constantly driving the need for treatment innovations and drug development efforts. The unmet needs related to the disease is attracting many multinational companies to invest in the industry. These factors combined with rising healthcare expenditure worldwide will augment the market growth.
Pancreatic cancer is considered one of the most aggressive forms of cancer that originates in the pancreatic tissues and can rapidly spread to the nearby organs. Unhealthy lifestyle choices such as smoking, alcohol and tobacco consumption as well as lifestyle associated diseases such as obesity and diabetes are among the key causes of pancreatic cancer. The American Cancer Society estimates that more than 60,000 Americans will be diagnosed with pancreatic cancer in 2021. Similar trends are being witnessed in many other parts of the world which will certainly bolster industry trends.
Chemotherapy, immunotherapy, targeted therapy, and hormone therapy, among others, are the different types of pancreatic cancer treatment options. Among these, the targeted therapy segment is likely to capture a fair share of the market by 2027. Targeted therapy targets the cancer’s specific proteins, genes, or the tissues which contribute to the growth of the cancer. The treatment blocks the growth and spread of cancer cells while limiting damage to the healthy ones. Targeted therapy will observe increased demand for pancreatic cancer treatment in the coming years.
The Europe pancreatic cancer treatment market is projected to record commendable gains by the end of 2027. According to the non-profit organization United European Gastroenterology (UEG), pancreatic cancer has the lowest survival rate in Europe. UEG forecasts that the number of pancreatic cancer cases and associated deaths could both rise by up to 40% by 2035. Also, public awareness about the disease and its symptoms, which are often hard to identify, is alarmingly low. Ongoing efforts by the regional governments to raise awareness about the disease and develop novel solutions for its treatment will drive the regional growth.
Pfizer, Amgen, Merck, Celgene (Bristol Myers Squibb), Eli Lilly and Company, Clovis Oncology, Novartis, Teva Pharmaceutical Industries, F. Hoffmann-La Roche, and PharmaCyte Biotech are some of the notable names in the market.
In October 2020, the Pancreatic Cancer Action Network (PanCAN), which includes market leaders such as Pfizer, AstraZeneca, AbbVie, and others, had launched a new first of its kind adaptive clinical trial platform called Precision Promise for patients with pancreatic cancer. The platform is built by a team of leading researchers, clinicians, and drug developers to test novel treatment options for pancreatic cancer patients faster and more affordably.
How has COVID-19 impacted pancreatic cancer treatment market trends?
COVID-19 continues to have a profound impact on healthcare systems, posing numerous challenges and bringing a large amount of uncertainty to oncologists as well as cancer patients. Globally, oncologists are focusing on staying up-to-date with the latest COVID-19 information and processing it in order to make informed and sensible decisions for patient treatment.
During the pandemic, many patients have faced changes or delays in their treatment with more and more physicians advised them to stay away from hospitals. In many regions, patients had also reported that their procedures and treatments, including clinical trials, were being delayed or cancelled until further notice.
Government and public health organizations are actively working on setting up support networks for physicians and patients in order to eliminate barriers and enable patients to get timely access to their treatments, which should positively impact the industry forecast over 2021-2027.
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