Why is pangolin so expensive?

Could you elaborate on the reasons behind the skyrocketing prices of pangolin, a unique and endangered species? Given their scarcity and the strict regulations surrounding their trade, it seems perplexing that their market value continues to soar. Are there specific factors such as their medicinal value, cultural significance, or demand from the illegal wildlife trade that are driving this increase? Furthermore, what impact does this have on the conservation efforts and the long-term survival of the pangolin species? Understanding the reasons behind this phenomenon is crucial in our efforts to protect this vulnerable creature.