Rockville , April 05, 2023 (GLOBE NEWSWIRE) -- The global prostate cancer diagnostics market is projected to reach US$ 8 billion in 2031. It is anticipated to register growth at a CAGR of 10% from 2021 to 2031. The market was valued at US$ 3 billion in 2020.
Rising awareness of the importance of cancer detection has increased the demand for diagnostic tests. Technological advancements such as emergence of imaging methods and biomarkers are likewise contributing to development in the prostate cancer diagnostics market.
Subsequently, initiation of several awareness campaigns by governments and non-profit administrations are also projected to boost the market. For example, September has been designated as the World Prostate Cancer Awareness Month to raise awareness of the importance of early detection and diagnosis of prostate cancer. Survival rates for prostate cancer are good as numerous effective screening options are nowadays available worldwide.
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Growth in the prostate cancer diagnostics market is mainly driven by aspects such as mounting use of generic drugs. Increased awareness of treatment options and augmented research & development investments by pharmaceutical companies would also propel demand.
Technological advancements in cancer diagnostic tests are projected to further drive market development throughout the forecast period. Researchers are nowadays testing the use of artificial intelligence (AI) to diagnose prostate cancer.
Rendering to the National Cancer Institute, AI tools are used to identify suspicious areas seen during magnetic resonance imaging (MRI) scans. These require biopsies to settle the presence of malignant cells.
Increasing government initiatives to progress new technologies to improve diagnostics would have a positive impact on the market. For instance, the National Cancer Institute launched the Prostate Specialized Research Program (SPORE). It is a program aimed at translating scientific knowledge into clinical results.
The National Cancer Institute also encourages expansion of new technologies and research. It aims to improve a better understanding of surveillance, prevention, analysis, and treatment. Increasing number of new entrants is another crucial factor expected to drive development of the prostate cancer diagnostics market.
Key Takeaways:
- China prostate cancer diagnostics market is expected to contribute 40% of its revenue in the global market.
- Based on end users, the hospital segment is anticipated to surge at 8% CAGR from 2021 to 2031.
- The USA prostate cancer diagnostics market is anticipated to elevate at a CAGR of 9% by 2031.
- Based on test type, the CTC segment surged to US$ 141 million by the end of 2021 in the global prostate cancer diagnostics market.
- By test type, the PSA segment surpassed US$ 270 million by 2021 in the global prostate cancer diagnostics market.
Growth Drivers:
- Development of biomarker tests, liquid biopsy tests, and imaging techniques such as MRI and PET scans would drive demand.
- Initiatives by governments to provide access to screening and diagnostic tests is likely to aid growth.
Restraints:
- A few patients might choose alternative methods for screening and detection of prostate cancer such as herbal supplements or dietary changes, which might hamper demand.
- Diagnostic tests for prostate cancer are not always accurate, and there is a risk of false-positive results, which might cause unnecessary anxiety.
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Competitive Landscape:
Key players in the global market are spending heavily on research and development to expand their product lines. It would aid the prostate cancer diagnostics market to develop further.
Market participants would pursue several strategies to expand their global footprint. They are also engaging in key industry developments such as product launches, acquisitions, contractual agreements, mergers, increased investments, and cooperation with other organizations.
Competitors in the prostate cancer diagnostics industry must bid on cost effective products. They are aiming to expand and compete in a progressively competitive and flourishing market environment.
For instance,
- In March 2022, The Food and Drug Administration (FDA) provided approval to Pluvicto. It would enable Novartis to propose a treatment option for patients with castration resistant prostate cancer. It is a form of advanced prostate cancer.
- In June 2018, MDxHealth signed a pact with Philips for rights to commercialize and manufacture the Phosphodiesterase-4D7 as a diagnostic prognostic test.
- In February 2018, Genomic Health Inc. announced the launch of Oncotype, a nucleus sense liquid biopsy test in the USA.
Key Companies Profiled by Fact. MR
- Abbott Laboratories
- Biocept Inc.
- AstraZeneca Plc.
- Vyant Bio Inc.
- Danaher Corporation
- Bayer Aktiengesellschaft
- Becton Dickinson and Company
- Agilent Technologies
- Foundation Medicine Inc.
- Myriad Genetics Inc.
More Valuable Insights on Prostate Cancer Diagnostics Market
In its up to date research, Fact.MR reveals factors projected to boost the development of the prostate cancer diagnostics market over the forecast period (2021 to 2031). The study provides an in-depth study of the opportunities and drivers estimated to boost sales of the prostate cancer diagnostics market through segmentation as follows:
Test Type:
- PSA
- PCA3
- CTC
- Immunohistochemistry
End User:
- Hospital
- Independent Diagnostic Laboratories
- Cancer Research Institutes
- Others
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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Key Questions Covered in the Prostate Cancer Diagnostics Market Report
- What will be the demand outlook for the prostate cancer diagnostics market during the forecast period?
- What are the challenges faced in the prostate cancer diagnostics market?
- Which end user will lead the growth in the prostate cancer diagnostics market from 2021 to 2031?
- What is the projected market valuation of the prostate cancer diagnostics market in 2031?
- What are the factors driving the prostate cancer diagnostics market from 2021 to 2031?
- Which region will generate the maximum revenue in the prostate cancer diagnostics market?
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