Pancreatic Cancer Treatment Market Exhibits 15.7% CAGR to Hit USD 6.85 Billion by 2029

 The global pancreatic cancer treatment market size was worth USD 2.15 billion in 2021 and is slated to rise from USD 2.48 billion in 2022 to USD 6.85 billion by 2029, at 15.7% CAGR during forecast period.

One of the top causes of cancer-related deaths worldwide is pancreatic cancer. One of the factors boosting the demand for the pharmaceuticals used in the treatment is the rising incidence of this malignancy in the U.S. and other parts of the world. For instance, 56,654 new cases of pancreatic cancer were reported in the U.S. in 2020, according to a GLOBOCAN article. In addition, cancer contributed to 47,683 fatalities in the U.S.

Fortune Business Insights™ presents this information in a report titled, “Pancreatic Cancer Treatment Market, 2022-2029."

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Key Industry Development:

June 2022 – Panavance Therapeutics Inc. bagged the orphan drug designation from the U.S. FDA for the GP-2250, a drug used for pancreatic cancer treatment.

Drivers and Restraints

Rising Burden of Pancreatic Cancer Drives the Market Forward

The adoption of numerous treatment approaches has increased as a result of the huge prevalence of pancreatic cancer over the past few years. For instance, 21,859 new cases of pancreatic cancer were reported in Germany in 2021, according to an NCBI article. Some of the reasons contributing to the growth in instances of this cancer include the rise in tobacco use and cigarette smoking.

GlOBOCAN estimates that France saw 14,461 new cases of pancreatic cancer in 2020. In France, there were 7.9 new instances of this cancer for every 100,000 men and 4.6 new cases for every 100,000 women.

COVID-19 Impact:

Fewer Patients and Reduced Staff Capacity Impacted Market Dynamics

Due to the shortage of people performing these procedures during the pandemic, fewer patients visited for cancer screenings. Additionally, the governments of various nations passed new laws, which reduced the need for surgical and diagnostic procedures to stop the spread of COVID-19. In addition, a number of patients postponed chemotherapy and radiation therapy visits due to the possibility of infection. The appointment was canceled, which resulted in a decrease in demand for medications. As a result, fewer medications used to treat pancreatic cancer were being sold.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:

https://www.fortunebusinessinsights.com/pancreatic-cancer-treatment-market-101989

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