Exocrine Pancreatic Insufficiency (EPI) therapeutics and diagnostics market is expected to register robust growth during 2017-2025. The market is expected to garner 7.2% CAGR during this period. It is projected to reach a valuation of US$6,414.4 mn by 2025. Its valuation in 2016 stood at US$3,397.5 mn.
So What’s Driving the Projected Growth?
Rising cases of diabetes are expected to fuel growth of the EPI therapeutics and diagnostics market. According to the latest report by the American Diabetes Association, the total population of diabetics around the world is expected to reach 366 mn by 2030. According to Global diabetes community in the UK, 25% to 50% of insulin dependent diabetics developed EPI at a later stage. Diabetes also shares a strong correlation with cystic fibrosis. The rise in technological advancements like big data are expected to propel diagnosis of cystic fibrosis. It is estimated that nearly 90% of the patients with cystic fibrosis develop EPI. The rising cases of diabetes, the increasingly sedentary lifestyle, and worsening environmental conditions are expected to drive growth of the EPI therapeutics and diagnostics market in the near future.
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Trends to Keep an Eye On
- The conventional diagnostic methods in the EPI therapeutics and diagnostics market include blood tests, MRI, and CT scanning. Among these, the CT scans continue to hold the dominant share of the market thanks to their widespread availability, and cost-effectiveness. However, the diagnostic method experiences sluggish growth across various regions due to technological innovation and more accurate diagnostics.
- On the other hand, MRI or Magnetic Resonance Imaging is expected to register the fastest growth in the EPI therapeutics and diagnostics market. These diagnostics methods are far more sensitive in diagnostics as compared to convention CT scans, and preferred choice for certain diseases. The diagnostics are concerned ideal for chronic pancreatitis, which is expected to be the main driver of growth in the EPI therapeutics and diagnostics market. Hence, the MRI diagnostics are expected to outpace all other forms of diagnostics in the near future.
- Weight loss and nutritional diets present a significant opportunity on the horizon in the EPI therapeutics and diagnostics market. EPI results in weight loss for patients as their body is unable to break down fats and protein required. Additionally, the rise of incidences of chronic diseases like HIV, cancer, and lifestyle choices such as smoking are likely to exacerbate the current crisis in preventive healthcare. Moreover, the widespread demand for weight loss treatments, and growing awareness about nutrition are expected to aid growth of the growth. Hence, the rising demand for healthy nutrition and its awareness are expected to be a major boon for the exocrine pancreatic insufficiency therapeutics and diagnostics market.
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A Region in Focus
- North America:
The growing focus on healthcare in North America is expected to increase awareness about lifestyle diseases like diabetes. It is estimated that each year over 1000 new cases of cystic fibrosis in the US. Based on current winds in the US, healthcare is likely to expand to a far larger population in the near future. This is expected to help growth of the EPI therapeutics and diagnostics market in the near future. Furthermore, in recent years the costs per patient for PERT prescriptions has risen significantly. The widespread consumption of unhealthy foods, sugary diets, and growing population of diabetics are expected to propel the EPI therapeutics and diagnostics market in the near future. The stiff regulations in regards sales and approvals of drugs and therapeutics are expected to remain major challenges in the region. This is likely to be a hindrance in North America as well as Europe in the near future. These regulations can slowdown the entry of new players in the EPI therapeutics and diagnostics market in the North America region.