Global Exocrine Pancreatic Insufficiency Market Rising from a Valuation of US$2.85 bn by 2023
Some of the leading companies operating in the global exocrine pancreatic insufficiency market are Nordmark Arzneimittel GmbH & Co. KG, Janssen Pharmaceuticals, Inc., AbbVie, Inc., Digestive Care, Inc., and Allergan plc. Transparency Market Research states that the exocrine pancreatic insufficiency market will exhibit a CAGR of 8.3% from 2015 to 2023, rising from a valuation of US$707.0 mn in 2014 to US$2.85 bn by 2023.
More Sensitive Diagnostic Tools to Challenge Market Dominance of CT Scanning On the basis of diagnostic tests, the market for exocrine pancreatic insufficiency features techniques such as blood tests, magnetic resonance imaging (MRI), endoscopic ultra-sonography (EUS), and CT scanning. Of these, the segment of computerized tomography (CT) scan is presently the most preferred technique and accounted for a dominant share in the revenue of the global market in 2014. Although the segment is expected to retain its dominance over the forecast period in terms of revenue contribution to the global market, it is expected to witness sluggish growth owing to the easy availability of advanced and more sensitive diagnostics techniques such as magnetic resonance imaging (MRI).
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From a geographical standpoint, the market in North America dominated in terms of revenue contribution to the global exocrine pancreatic insufficiency market in 2014 owing to the large pool of patients. The region is also expected to retain its top spot throughout the forecast period, chiefly owing to the rising prevalence of causative diseases such as cystic fibrosis and chronic pancreatitis.
Rising Rate of Incidence of Causative Conditions to Drive Market The rising rate of incidence of diseases such as chronic pancreatitis, cystic fibrosis, and diabetes are contributing to the rising demand for effective treatment and diagnostic tools for exocrine pancreatic insufficiency globally. According to the Cystic Fibrosis Foundation, nearly 70,000 people are living with cystic fibrosis across the globe, of which nearly 30,000 are in the U.S. alone. In the U.S., nearly 1,000 new cases of the condition are diagnosed every year, heightening the risk of exocrine pancreatic insufficiency.
The prevalence of exocrine pancreatic insufficiency is also rising owing to the rising number of diabetics across the globe. Diabetics are at a risk of developing normal inflammations and damage to the pancreatic tissue, signifying a potentially massive risk of emergence of a massive number of new cases of exocrine pancreatic insufficiency in the next few years as diabetes has become highly prevalent globally. The rising population of diabetics worldwide could emerge as one of the key driving factors of the global exocrine pancreatic insufficiency market in the next few years. The factor could be of more prominence in developing economies, especially across Asia Pacific, which presently have the world’s largest pool of diabetics and the numbers are constantly rising.
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Stringent Approval Regulations Hinder Growth Prospects While stringent approval regulations of bodies such as the U.S. FDA could hamper the overall growth of the global exocrine pancreatic insufficiency to a certain extent, companies could manage to gather sustainable returns by exploiting the vast untapped growth opportunities in regions such as Asia Pacific and Latin America. Focus on the development of effective drug delivery mechanisms could also benefit companies in the exocrine pancreatic insufficiency market as the area of enteral drug delivery still remains untraversed owing to non-approval of any pancreatic enzyme replacement therapy (PERT) using enteral feeding tubes (EFT) by the FDA.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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