Pancrelipase Market to Reach USD 2.7 Billion, Globally, by 2031 at 4.3% CAGR: Allied Market Research
Increase in the incidence of chronic pancreatitis, cystic fibrosis, and pancreatic cancer drives the growth of the global pancrelipase market.
PORTLAND, Ore., Dec. 4, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Pancrelipase Market by Application (Chronic Pancreatitis, Cystic Fibrosis, Others), by Age (Children, Adults and Geriatrics), by Distribution Channel (Hospital Pharmacies, Drug Store and Retail Pharmacies, Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global pancrelipase industry was estimated at $1.8 billion in 2021, and is anticipated to hit $2.7 billion by 2031, registering a CAGR of 4.3% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.
Determinants of growth-
Increase in the incidence of chronic pancreatitis, cystic fibrosis, and pancreatic cancer drives the growth of the global pancrelipase market. On the other hand, employment of expensive and specialized equipment, technologies, and numerous clinical trials that all contribute to production costs impedes the growth to some extent. However, surge in awareness about chronic pancreatitis and rise in use of pancrelipase for the treatment of digestive disorders are expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- The social distancing measures imposed by government bodies made the majority of patients manage their chronic pancreatis and cystic fibrosis diseases by self-medication or non-medically approved strategies, which impacted the pancrelipase market negatively.
- However, as the global situation started getting back to normalcy, the pancrelipase market also restored at a slow & steady pace.
The adults and geriatrics segment garnered the highest share-
By age, the adults and geriatrics segment held the major share in 2021, accounting for around four-fifths of the global pancrelipase market revenue. The same segment is also projected to cite the fastest CAGR of 4.5% from 2022 to 2031. High incidence of pancreatic cancer and digestive disorders among adults and the geriatric population propels the segment growth.
The chronic pancreatitis segment to dominate by 2031-
By application, the chronic pancreatitis segment accounted for the highest share in 2021, holding more than half of the global pancrelipase market revenue. The same segment would also portray the fastest CAGR of 4.6% during the forecast period. Upsurge in alcohol consumption and high prevalence of chronic pancreatitis among individuals drive the segment growth.
The drug store and retail pharmacies segment garnered the major share in 2021-
By distribution channel, the drug store and retail pharmacies segment held the highest share in 2021, accounting for more than three-fifths of the global pancrelipase market revenue, owing to increase in sell of prescription drugs from drug stores. The online pharmacies segment, at the same time, would cite the fastest CAGR of 6.0% from 2022 to 2031, due to high convenience and the cheaper costs of purchasing prescription drugs electronically.
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North America grabbed the lion's share-
By region, North America contributed to nearly three-fourths of the global pancrelipase market revenue, holding the major share in 2021. This is attributed to surge in the prevalence of chronic pancreatitis, increase in awareness about the usage of pancrelipase, and the presence of key players and robust hospital infrastructure across the province. Asia-Pacific, however, would showcase the fastest CAGR of 6.1% during the forecast period. This is due to rise in the incidence of pancreatic cancer, development of healthcare infrastructure, and increase in investment projects across the region.
Key players in the industry-
- Digestive Care, Inc.
- Organon Canada Inc.
- Abbvie Inc.
- Viatris Inc.
- Vivus Llc.
- Nestlé S.A.
The report analyzes these key players in the global pancrelipase market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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