(PharmaNewsWire.Com, May 05, 2017 ) According to the report Pancreatic Cancer Market, published by Market Data Forecast, the global market is projected to reach USD 2.99 billion by 2021, at a CAGR of 7.54% from 2016 to 2021.
Pancreatic cancer is caused by the uncontrolled growth of cells in the pancreas. This abnormal, unrestrained growth of cells results in the formation of lumps of tissue, widely referred to as tumors. The presence of tumors prevents the normal functioning of pancreas. The occurrence and mortality rate of pancreatic cancer is more in men than in women. SEER estimates that pancreatic cancer accounts for around seven percent of the total cancer deaths in the US annually. While total cancer incidence and death rates are decreasing, the incidence and death rates for pancreatic cancer are rapidly burgeoning. Pancreatic cancer is projected to overtake colorectal cancer to become the second top cause of cancer-related death in the United States around 2020. Also, pancreatic cancer is the only major cancer with a five-year relative survival rate in the single digits, which is about a lowly 8%.
Having less than five-year survival, the pancreatic cancer market has one of the highest unmet therapy needs in the oncology market across the globe. Clearly, this is also the most challenging aspect that this market needs to address. Given the nature of pancreatic cancer, treatments often return insufficient results. This challenge is yet another barrier to the growth of this market. Technologies are yet to develop fully for the timely diagnosis of this cancer type, which results in the diagnosis of majority of pancreatic cancer patients at an advanced stage of the disease. This explains the high mortality rates associated with pancreatic cancer. Estimates show that only a small percentage, that is about 12% to 15% of the patients is diagnosed early enough to be treated with surgical procedures, drugs, and chemotherapy.
Key players in the pancreatic cancer market include Eli Lilly, Amgen, Inc., Celgene Corp., F. Hoffmann-La Roche, Clovis Oncology Inc., Pfizer, Novartis AG, Threshold Pharmaceuticals Inc., Aduro BioTech Inc., Infinity Pharmaceuticals Inc. and NewLink Genetics Corp.
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