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Pancreatic Cancer Diagnostic Market Size, Industry Analysis And Forecast, Report 2024 To 2033
Pancreatic Cancer Diagnostic Market
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According to The Business Research Company's, The pancreatic cancer diagnostic market size has grown strongly in recent years. It will grow from $3.92 billion in 2023 to $4.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to growing genomic and molecular profiling, chemotherapy developments, radiation therapy refinements, research on pancreatic cancer genetics, awareness campaigns and early detection efforts.
The pancreatic cancer diagnostic market size is expected to see strong growth in the next few years. It will grow to $5.74 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to liquid biopsy advancements, targeted therapies, artificial intelligence in diagnostics, personalized medicine approaches, early detection biomarkers, neoadjuvant therapies. Major trends in the forecast period include immunotherapy research, advancements in imaging technologies, surgical innovations, global collaborative research initiatives, integration of big data analytics.
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Market Drivers and Trends:
The rise in the prevalence of pancreatic cancer is expected to propel the growth of the pancreatic cancer diagnostic market going forward. Pancreatic cancer refers to a condition in which the tissues of the pancreas develop malignant (cancer) cells. The rise in pancreatic cancer is mostly driven by smoking, diabetes, chronic pancreatitis, a family history of pancreatic cancer, inflammation of the pancreas, and some genetic disorders. Diagnosis in pancreatic cancer is crucial for guiding treatment decisions, determining the stage of cancer, identifying the specific characteristics of the tumor, and tailoring treatment approaches to improve outcomes and optimize patient care. For instance, in 2023, according to the American Society of Clinical Oncology, a US-based professional organization, in the United States, 64,050 individuals (33,130 men and 30,920 women) are anticipated to be diagnosed with pancreatic cancer in 2023. It is the eighth most frequent cancer in women and the tenth most frequent in men. The frequency of new instances of pancreatic cancer has increased by about 1% per year in both men and women. Therefore, the rise in the prevalence of pancreatic cancer is driving the growth of the pancreatic cancer diagnostic market.
Product innovations are a key trend gaining popularity in the pancreatic cancer diagnostic market. Companies operating in the pancreatic cancer diagnostic market are adopting innovative solutions to sustain their position in the market. For instance, in March 2023, Prestige Biopharma Limited, a Singapore-based biopharmaceutical company, launched the first-in-class PAUF-detecting diagnostic kit, a powerful instrument for the early detection of pancreatic cancer. PAUF (Pancreatic Adenocarcinoma Upregulated Factor) is a unique tumor-specific biomarker associated with early metastasis and overexpression in about 80% of pancreatic cancer cases. The innovative diagnostic technique has high sensitivity and specificity for identifying PAUF. Preliminary studies showed that the expression level of PAUF in the blood plasma of pancreatic cancer patients is almost 1.9 times higher than that of healthy individuals, according to Prestige Biopharma's IDC (Innovative Discovery Center).
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Major Key Players of the Market:
Pfizer Inc., Hitachi Medical Corporation, F. Hoffmann-La Roche AG, Novartis AG, Bristol-Myers Squibb Company, Thermo Fisher Scientific Inc., AstraZeneca plc, Abbott Laboratories Inc., Danaher Corporation, Siemens Healthcare GmbH, FUJIFILM Corporation, Becton Dickinson and Company, Koninklijke Philips N.V., GE Healthcare Bio Sciences AB, Laboratory Corporation of America Holdings, Agilent Technologies Inc., Illumina Inc., Qiagen Inc., Myriad Genetics Inc., Canon Medical Systems Corporation, Biological Dynamics Inc., Berg LLC, Abcodia Ltd., Acobiom, Amplified Sciences LLC, Avant Diagnostics Inc., Axim Biotechnologies Inc., Alaunus Biosciences Inc., Advanced Marker Discovery SL, Anixa Diagnostics Corporation
Pancreatic Cancer Diagnostic Market 2024 Key Insights:
• The pancreatic cancer diagnostic market size is expected to see strong growth in the next few years. It will grow to $5.74 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Pancreatic Cancer Diagnostic Market Surges In Response To Escalating Prevalence Of Pancreatic Cancer
• Prestige Biopharma Launches Groundbreaking Pauf-Detecting Diagnostic Kit For Early Detection Of Pancreatic Cancer
• North America was the largest region in the pancreatic cancer diagnostic market in 2023
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