The global exocrine pancreatic insufficiency therapeutics market to reach USD 2.55 billion by 2026, exhibiting a CAGR of 6.5% during the forecast period. Increasing prevalence of diabetes worldwide is touted to be one of the core factors fueling the growth of this market. According to the International Diabetes Federation (IDF), in 2019, approximately 463 million adults were suffering from diabetes and by 2045, this figure will rise to 700 million. In the same year, the disease caused deaths of 4.2 million people and around 374 million people are at an increased risk of developing type 2 diabetes. Diabetes cause micro vascular damage which reduce pancreatic volume, inducing pancreatic fibrosis. According to the National Institutes of Health, those afflicted by type 1 diabetes have a 30 to 50% chance of developing exocrine pancreatic insufficiency, while those with type 2 have a 20 to 30% chance of developing the disorder. Thus, the exocrine pancreatic insufficiency therapeutics market stands to gain as a result.
According the new Fortune Business Insights report, titled “Exocrine Pancreatic Insufficiency Therapeutics Market Size, Share & Industry Analysis, By Therapy (Pancreatic Enzyme Replacement Therapy (PERT), Nutritional Therapy), By Distribution Channel (Hospital Pharmacies ,Retail Pharmacies & Drug Stores, Others) and Regional Forecast, 2019-2026”, the value of the market stood at USD 1.49 billion in 2018. The report also provides an elaborative overview of the general industry trends that will impact the development of the market in the forecast period. Additionally, the report also contains an in-depth analysis of the various factors and dynamics through a thorough research that will aid businesses to formulate strategies to gain traction in this promising market.
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Steady Rise in the Incidence of Disorders Associated with EPI to Aid Growth
There are many conditions associated with exocrine pancreatic insufficiency such as celiac disease, cystic fibrosis, inflammatory bowel diseases, and pancreatic cancer. The prevalence of these associated disorders is on the rise, which is expected to ramp up the demand for exocrine pancreatic insufficiencytreatment. This increasing demand has led to innovation in EPI medications and therapeutics that have enhanced the potential of this market. One of the most popular development in the market is the creation of the Pancreatic Enzyme Replacement Therapy (PERT) which is furthering the exocrine pancreatic insufficiencytherapeutics market trends.
Increasing Incidence of Gastrointestinal Disorders to Drive the Market in North America
Among regions, North America is slated to dominate the exocrine pancreatic insufficiency therapeutics market share in the forecast period, having generated USD 1.18 billion in 2018 in revenue. The main reasons for this is the increasing prevalence and awareness regarding gastrointestinal diseases in the region along with a high adoption rate of advanced treatment methods for EPI. Rising disposable incomes that have increased the uptake of EPI therapeutics would aid Asia-Pacific register the highest growth rate in this market. Awareness about associated disorders is growing speedily in countries such as Japan and India which will feed the market in the region. In Europe, the market is anticipated to be driven by the increasing penetration of exocrine pancreatic insufficiency medications.
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