Global Pancreatic Cancer Market – Overview
Pancreatic Cancer is an enlarged tumor caused by malignant cells in the tissues of the pancreas. The pancreas are organ situated behind the stomach. Pancreatic cancer can be caused by smoking, drinking alcohol, radiotherapy in the past, genetic factors, age, inflammation of the pancreas, obesity, and diabetes mellitus. According to Cancer Research UK, 7 out of 10 cases of chronic pancreatitis are due to heavy drinking habits.
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Rising rates in tobacco consumption, increasing cigarette smokers are likely to enhance the growth of pancreatic cancer market. Additionally, rising prevalence of cancer, increase in intake of alcohol, growing obesity rates, and growing awareness pertaining to various treatment options available are propelling the market growth at a global level.
However high costs, and the side effects related to the treatment of pancreatic cancer are likely to hamper the growth of pancreatic cancer market.
KEY MARKET PLAYERS
There are various market players operating in the global pancreatic cancer market. PharmaCyte Biotech, Inc.; Clovis Oncology; Teva Pharmaceutical Industries Ltd.; Merck & Co., Inc.; and Pfizer, Inc.
Founded in 1980, and headquartered at US, Celgene Corporation is a biopharmaceutical company aimed in the detection and development of treatments for various cancers and inflammatory diseases. Celgene Corporation has its presence all over the world. The firm has focused on various inorganic and organic growth strategies to enhance its services and increase its patient base. For instance in the year 2015, Celgene Corporation received approval from European Commission (EC) for ABRAXANE, a nanotechnology therapy for the treatment of metastatic pancreatic cancer.
The firm has been focusing on improving lives of patients with pancreatic cancer. For instance in 2015, Celgene Corporation invested 30% of its revenue on research and development to produce advanced technologies to support patients with pancreatic cancer. By this approval and high research and development expenditure, the firm aims to focus on patient needs and increase its customer base.
Founded in 1895, and headquartered in Switzerland, Novartis AG is engaged in the manufacture and development of a wide range of healthcare products. In 2016, Novartis and Pfizer collaborated to form a study on tumors driven by mutations in a gene called KRAS that causes cancer. Additionally, in 2017 Novartis and Perthera partnered to support clinical trials for lung cancer patients. This collaboration and partnership enables the firm to widen its foothold in various geographies.
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Geographically, the pancreatic cancer market is segmented into four key regions: the Americas, Europe, Asia Pacific, and Middle East & Africa.The Americas is further segmented into North America and South America. And North America is segmented into the U.S. and Canada. Globally, the U.S. is the largest market for pancreatic cancer owing to rising prevalence of cancer, increasing consumption of alcohol, increase in per capita R&D spending, along with rise in demand for new and advanced products and techniques.
Asia pacific region is expected to be fastest growing region in pancreatic cancer market owing to its growing population and eventually growing patient population. Additionally, increasing healthcare expenditure and growing demand for newer and advanced technologies to treat the growing demand for increasing prevalence of cancer. For instance, US Census Bureau has estimated that by 2050, two third of the world’s older population will reside in Asia.
Similarly increasing healthcare spending is likely to grow the demand for pancreatic cancer market. Similarly, according to CMS (Centres for Medicare and Medicaid Services) U.S. health care spending increased 4.3 percent to reach USD 3.3 trillion per person in 2016.For instance, according to National cancer institute, in 2016, around 1,685,210 new cases of cancer were diagnosed in the U.S. Similarly, in 2016, U.S. spent over USD 125 billion for cancer care and is expected to spend over USD 156 billion by 2020. According to CDC, around one third of the population is affected with obesity.
Europe accounts for the second largest market due to rising incidence of cancer, growth in research and development to produce advanced technologies, increasing funds, government support and increasing healthcare expenditure. For instance according to Eurostat, Germany spend over EUR 321 billion in the year 2014. Similarly, according to cancer research UK, there were around 9, 921 cases of cancer diagnosed in 2015. This high incidence of cancer is likely to enhance the growth of pancreatic cancer market.
On the other hand, the Middle East & Africa is expected to witness limited growth due to limited access to the healthcare resources and rising healthcare cost. In the Middle East, the growth of the market is driven by increasing research and development for newer technologies and rising healthcare infrastructure.
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