Major players in the pancreatic cancer drugs market are Eli Lilly and Company, F. Hoffman LA Rouch, Clovis Oncology, Pfizer, and Novartis AG. The global pancreatic cancer drugs market is expected to grow from $0.
New York, May 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pancreatic Cancer Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067907/?utm_source=GNW
6 billion in 2020 to $0.61 billion in 2021 at a compound annual growth rate (CAGR) of 1.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $0.71 billion in 2025 at a CAGR of 3.9%.
The pancreatic cancer drugs market consists of sales of drugs used to treat pancreatic cancer.Pancreatic cancer is a disease caused by the unrestrained growth of cells in the pancreas, thus disrupting the production of digestive juices and hormones responsible to regulate the blood sugar level in the body.
This abnormal growth of cells leads to tissue lumps referred as tumors. The presence of tumors hinders the normal pancreas functioning.
In February 2019, Eli Lilly and Company, a US-based company that develops, manufactures, and markets pharmaceutical products worldwide, acquired Loxo Oncology, Inc. for $8 billion. With this acquisition, Eli Lilly will be able to expand its portfolio into the market for precision medicines which will be able to target pancreatic cancer caused by specific gene abnormalities. Loxo Oncology, Inc., a US-based company focuses on building small molecule cancer drugs for genetically defined patient subsets.
The increasing prevalence of pancreatic cancer is expected to drive the growth of the pancreatic cancer drugs market.With the rise in number of pancreatic cancer cases, the demand for drugs is expected to increase as well, which will drive the growth of the market.
The number of cancer cases have increased mainly due to ageing population and increase in number of people suffering from obesity.For instance, in April 2018, 75% of new cases of pancreatic cancer patients’ age is between 55-84 years old.
Also, in 2018, it has been observed that, in the US the incidence of pancreatic cancer has increased by 0.5% year on year for more than a decade.
As per the regulations laid down by the Food and Drug Administration (FDA), any pancreatic drug which seeks approval by FDA has to clear three phases of clinical trial process.The drug should be proved to be safe and promising at each phase before moving on to the next one, in order to become eligible for approval from the Food and Drug Administration (FDA).
The European Medicine Association has laid down guidelines for clinical development of pancreatic drugs including setting of standards for patient’s diet with respect to the drug, and establishing criteria for primary efficacy of the drug during the development stage in the clinical trial process, thereby ensuring that effectiveness of the drugs on cancer cells is established while the drug is still in the development stage in clinic.
One of the major restraints of the pancreatic cancer drugs market is the inadequacy of results given by the drugs at the time of treatment.The inadequacy in the result is due to aggressive nature of the pancreatic cancer as the cancer cells break away from main tumor and enters into blood stream, spreading the cancer cells throughout the body in a short period of time therefore this cancer is usually discovered late.
The late discovery of pancreatic cancer affects the efficacy of the drugs because the drugs can work effectively only if cancer is detected timely in an early stage itself (In the stage 1 or stage 2 where cancer cells are limited to where the tumor is present).Therefore, the mortality rate for pancreatic cancer is very high.
For instance, in April 2019, in Japan out of the total number of people diagnosed for pancreatic cancer, only 5-10% survived.
The concept of combination therapy over monotherapy is one of the latest ongoing trend in the pancreatic cancer drugs market.Major players in the market understand that the combination of two or more drugs is a suitable way to increase the efficacy of the drugs and thus increasing the rate of survival of patients being diagnosed with pancreatic cancer.
Some of the companies investing in the combination therapy are Rafael Pharmaceuticals announced initiation of Pivotal Phase 3 Trial (AVENGER 500) of CPI-613 (devimistat) in combination with Modified FOLFIRINOX as first line treatment for patients with Metastatic Pancreatic Cancer in December 2018 and Apexigen, Inc., a clinical-stage biopharmaceutical company, announced the presentation of new clinical data on APX005M in combination therapy in patients with metastatic pancreatic cancer in March 2019.
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