Pune India, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the prostate cancer diagnostics market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the prostate cancer diagnostics market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the test type, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global prostate cancer diagnostics market are MDXHEALTH, F. Hoffmann-La Roche Ltd, Genomic Health, Inc., Siemens Healthcare GmbH, Abbott, Metamark Genetics, Inc., HUMASIS, FUJIREBIO, OPKO Health, Inc., bioMérieux, Inc., Siemens Healthcare GmbH, Diasorin S.P.A. among others. To achieve a substantial market share in the worldwide prostate cancer diagnostics market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Cancer in the prostate occurs only in males. It begins in the glands of the prostate. In the early stages, most men do not notice any changes, but as cancer grows, signs of prostate cancer usually appear later. A few signs of prostate cancer include difficulty peeing, blood in the urine, difficulty getting an erection, or pain in the spine, hips, ribs, or other bones. In addition to helping men with no typical symptoms of prostate cancer detect the disease, PSA tests are becoming increasingly popular, which leads to the growth of this segment. The market is expected to grow over the forecast period due to government initiatives to enhance research related to effective diagnosis and treatment. Age is the most significant factor in prostate cancer, and it is uncommon under 40 years old, and it increases with age. Therefore, the factors that are fueling the growth of this market are the ageing population and the high prevalence of prostate cancer. Clinical trials are not successful and drugs are expensive, making these market challenges. There are some factors which are hampering the growth of markets such as high treatment costs, lack of trained professionals, clinical trial failures and low penetration in less developed economies. Moreover, as a result of high levels of competition, there are several large companies that produce drugs and equipment in the global market for prostate cancer diagnostics and therapy, which boosts the market's growth.
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Scope of Prostate Cancer Diagnostics Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Test Type, End-User, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | MDXHEALTH, F. Hoffmann-La Roche Ltd, Genomic Health, Inc., Siemens Healthcare GmbH, Abbott, Metamark Genetics, Inc., HUMASIS, FUJIREBIO, OPKO Health, Inc., bioMérieux, Inc., Siemens Healthcare GmbH, Diasorin S.P.A. among others. |
Segmentation Analysis
Preliminary is expected to be the fastest-growing segment in 2022.
The test type segment includes confirmatory and preliminary. The preliminary segment is expected to witness the highest growth rate during the forecast period. As prostate cancer is on the rise over the forecast period in the region, it is boosting the demand for the preliminary test segment. The American Institute for Cancer Research has noted that PSA screening has helped diagnose and treat early cancers, leading to an increase in survival rates. PSA tests detect small, unrecognized tumours which may or may not progress to advanced stages.
Hospital-associated laboratories are expected to be the fastest-growing segment in 2022.
The end-user segment includes cancer research institutes, hospital-associated laboratories and independent diagnostics laboratories. The hospital-associated laboratories segment is expected to witness the highest growth rate during the forecast period. In the global prostate cancer diagnostics market, hospital associated laboratories are expected to take the majority share during the forecast period because of an increase in prostate cancer cases. In the forecast period, the market growth will be driven by rising disease prevalence and technological advancements.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the biomarkers market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. It is expected that North America will dominate the market due to factors such as increased prostate cancer prevalence, increased awareness, and the increasing number of research and development companies in this region. Prostate cancer cases are rising, creating huge opportunities for market players, and many are developing new and effective treatments.
Country Analysis
- Germany
Germany's prostate cancer diagnostics market size was valued at USD 0.83 billion in 2022 and is expected to reach USD 0.85 billion by 2030, at a CAGR of 13.5% from 2023 to 2030.
Innovative products, growing awareness and government initiatives are all contributing to the growth of the prostate cancer diagnostics market.
- China
China’s prostate cancer diagnostics market size was valued at USD 0.33 billion in 2022 and is expected to reach USD 0.92 billion by 2030, at a CAGR of 13.7% from 2023 to 2030.
As China has a large population and therefore has more tests per capita than any other country in the region, China is expected to dominate the Asia-Pacific prostate cancer diagnostics market.
- India
India's prostate cancer diagnostics market size was valued at USD 0.25 billion in 2022 and is expected to reach USD 0.69 billion by 2030, at a CAGR of 13.6% from 2023 to 2030.
The availability of a wide range of products, adjustments in consumption patterns, improved lifestyles, and an increase in personal care spending are anticipated to contribute to the growth of the nail industry in the future. The popularity of nail polish and nail art has increased in the country due to a growing party culture as well as a variety of festivals and functions.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increase due of the rising cases of cancer and cardiovascular diseases, propelling the growth of the market across the countries.
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