Bile Duct Cancer Market Research Report, By Type (Intrahepatic, Extrahepatic), Diagnosis (Blood Tests, Abdominal Imaging, Surgery), By Treatment (Chemotherapy, Radiotherapy), By End User (Hospital& Clinics, Academic Institutes) - Global Forecast till 2027
Global Bile Duct Cancer Market - Overview
Bile duct cancer or cholangiocarcinoma is a rare form of cancer occurring due to uncontrolled growth of abnormal cells within the bile ducts, which can affect surrounding healthy tissues and organs like pancreas and can eventually spread to other areas in the body. Bile duct cancer can be diagnosed by imaging tests, blood test, abdominal ultrasound, biopsy of the affected tissue and other methods.
According to the American cancer society, 30,200 estimated deaths have occurred in U.S in 2017 and 42,220 new cases of intrahepatic bile duct cancer are expected to occur in U.S. in 2018 .The growing prevalence of bile duct cancer is likely to boost the market in forecast period.
The market is going to observe a steady growth due to increasing prevalence of the disease, investment in R&D by key market players like Pfizer Inc., Bristol-Myers Squibb Company. Whereas, the risk factors that may restrain the market growth are high treatment cost, treatment related side effects, lack of awareness in the developing markets and treatment related side effects.
The global bile duct cancer market accounted to USD 154.5 million in 2017 and is forecasted to demonstrate a radial growth by 2018, global Bile Duct market is expected to grow at a CAGR of 9.1% during forecasted period 2018-2023.
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Global Bile Duct Cancer Market - Competitive Landscape
The global bile duct cancer market appears to be highly fragmented and highly competitive due to new product launches and increasing clinical research. The key player have developed strategic approaches to increase their foothold in this market. The major key players are located in North America region like Pfizer Inc., Bristol-Myers Squibb Company increasing the market revenue in the region.
Pfizer Inc. is an American global research based pharmaceutical company with its headquarter in New York City. Pfizer is engaged in developing, producing and manufacturing healthcare products. The major sector includes immunology, oncology, cardiology, endocrinology, and neurology. Pfizer Inc. has two business segments, Pfizer Innovative Health and Pfizer Essential Health. The company has its market in over 125 countries.
Recently in January 2018, Pfizer announced its partnership with Foundation Medicine, a world leading molecular insights company engaged in developing proprietary methods in analyzing specimen for different forms of cancer. This collaboration aims in development, regulatory support and commercialization of companion diagnostics will help Pfizer Inc. to expand its oncology portfolio. It provided Pfizer access of Foundation Medicine data analytics to improvise its clinical studies in oncology area.
Pfizer announced completion of its license agreement with Basilea Pharmaceutica AG in July 2017,which help the company in obtaining commercialization rights to CRESEMBA in Europe (with exception from Nordic countries).Further, Pfizer gained commercialization rights of CRESEMBA in Italy, Germany, Austria, France and United kingdom.Pfizer successfully launched CRESEMBA in Spain. More launches are expected of the product in emerging markets in 2018.
Eli Lilly and Company is a leading global pharmaceutical corporation headquartered in Indiana, U.S. with its product sold in over 120 countries and manufacturing plants located in 17 countries. The company operates in two segments human pharmaceutical and animal healthcare. The human pharmaceutical segment includes immunology products, endocrinology products, neuroscience products, oncology products, and cardiovascular products. The Company's major oncology products include Altima, Cyramza, Gemzar, and Portrazza.
In March 2018, Eli Lilly and Company announced successful completion of its primary phase 3 REACH-2 trial study in trial biomarker selected population for CYRAMZA (ramucirumab), a single agent in the second-line treatment of people with hepatocellular carcinoma (HCC).The trial met its primary and secondary endpoint. This study proves beneficial for the company as CYRAMZA has demonstrated survival benefits in four regressive tumor type and as single agent in hepatocellular carcinoma.
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The American region consisting of North America and South America dominates the global bile duct cancer market. As per the reports published by cholangiocarcinoma foundation in 2017, every year about 6,000 people suffer from bile duct cancer in the United States. The presence of well-established healthcare sector, increasing number of patients have stimulated the growth of the market in the Americas.
Europe is the second largest bile duct cancer market owing increasing incidence of bile duct cancer, advanced in cancer related discoveries and ongoing innovations for treating cancer in early stages.
Asia Pacific is the rapidly growing region for the bile duct cancer market due to the presence of a huge patient population, continuously developing economies like India and China, and presence of huge growth prospectus in the market.
The Middle East & Africa has the least share in the global bile duct cancer market due to the presence of poor economy and lack of awareness mainly in Africa region. Majority of the market of this region is held by the Middle East due presence of developed economies like Saudi Arabia, Kuwait and Qatar region. Apart from this, well-developed healthcare sector and huge healthcare expenditure boost the market growth in this region.
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