ALBANY, New York, February 9, 2018 /PRNewswire/ --
According to the report, the global market for exocrine pancreaticinsufficiency (EPI) therapeutics and diagnostics was valued at US$3,397.5 mn in 2016 and is estimated to reach US$6,414.4 mn by 2025, registering a CAGR of 7.2% from 2017 to 2025.
Rise in Prevalence of Diabetes and Cystic Fibrosis Raises Potential Rate of Prevalence of EPI
One of the key factors contributing to the positive growth prospects of the global exocrine pancreatic insufficiency (EPI) therapeutics and diagnostics market presently is the astronomical rise in the number of people suffering from diabetes. Diabetes is known to be the key factor leading to an increased tendency of patients contracting cystic fibrosis and chronic pancreatitis, the two key factors that lead to EPI. According to the American Diabetes Association, the world will have nearly 366 mn diabetics by 2030.
Furthermore, studies show that nearly 90% of the people with cystic fibrosis end up having EPI. A high number of people suffering from chronic pancreatitis also develop EPI. According the Cystic Fibrosis Foundation, nearly 30,000 people in the U.S. alone and around 70,000 across the globe have cystic fibrosis. Nearly 1,000 new cases of the condition are diagnosed each year in the U.S. Owing to the alarming increase in the prevalence of cystic fibrosis, the risk of EPI also increases substantially.
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North America to Remain Dominant Regional Market
Of the key diagnostics tests used for diagnosing EPI, including computerized tomography (CT) scanning, magnetic resonance imaging (MRI), endoscopic ultra-sonography (EUS), and blood tests, the segment of CT scanning presently accounts for the dominant share in terms of revenue contribution to the global market. The segment is likely to remain the most in-demand modality for EPI diagnosis in the years to come, albeit lose some grounds owing to the easy availability of other more sensitive techniques such as MRI.
Geographically, the North America market accounts for a significant share in the overall market owing to the large patient pool and a rising prevalence of cystic fibrosis and diabetes. The region is likely to remain the top contributor to the global market in terms of diagnostics technologies, new drugs, and revenue.
Stringent Approval Regulations could Negatively Impact Treatment Providers
The stringent approval and sales regulations pertaining to drugs and therapeutics across regions such as North America and Europe could severely affect the overall growth prospects of the global EPI therapeutics and diagnostics market to a certain extent. These regulations stifle the market by making it difficult for several players to penetrate into the market. Nevertheless, the vast set of growth opportunities offered by the rising pool of diabetics across emerging economies. Countries especially from Asia Pacific have a great scope of adoption of a variety of EPI therapeutics and diagnostic products owing to the rising expenditure on healthcare, high-paced development of the healthcare infrastructure, and the rising patient pool of EPI.
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The presence of a handful of companies in the global market for exocrine pancreatic insufficiency (EPI) therapeutics and diagnostics has rendered the vendor landscape largely consolidated and mildly competitive, observes Transparency Market Research in a new report. Companies contributing to the global EPI therapeutics and diagnostics market are mostly concentrated in Europe and North America.
Some of the leading companies in the market are Nordmark Arzneimittel GmbH & Co. KG, AbbVie, Inc., Cilian AG, Digestive Care, Inc., Janssen Pharmaceuticals, Inc., Anthera Pharmaceuticals, Inc., Allergan plc, and AzurRx BioPharma, Inc.
This analysis of the global exocrine pancreatic insufficiency (EPI) market is based on a recent market research report by Transparency Market Research, titled "Exocrine Pancreatic Insufficiency (EPI) Therapeutics and Diagnostics Market (Therapeutics and Diagnostics (Blood Tests, Endoscopic Ultra-sonography, Magnetic Resonance Imaging (MRI), and CT Scanning) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025"
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For the study, the market has been segmented as follows:
Global Exocrine Pancreatic Insufficiency (EPI) Therapeutics & Diagnostics Market, by Type
Global Exocrine Pancreatic Insufficiency (EPI) Therapeutics & Diagnostics Market, by Geography
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