Increasing prevalence of pancreatic cancer will push the treatment market from its current level of $1.9 billion to an impressive $2.9 billion by 2021, says GBI Research.
The company states that this rise will occur across the eight major countries of the US, the UK, France, Germany, Italy, Spain, Japan and Canada, despite developments in diagnostics and a pipeline of effective new drugs.
Adam Bradbury, Analyst with the company, says that there are six pancreatic cancer drugs expected to gain approval within the forecast period, all of which have showed promising results in the treatment of pancreatic cancer.
The analyst adds that the present pancreatic cancer treatment market is dominated by the generic drug gemcitabine, which is widely used for its cost-effectiveness and efficacy.
"Even if priced similarly to gemcitabine, the very poor efficacies of the pipeline drugs in comparison to existing therapies would not offer strong cost-to-benefit ratios. For this reason, most of the drugs likely to be approved during the forecast period will be administered as combination therapies, which will prevent companies charging premium prices and limit their market share," Bradbury said.