Dublin, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The "Prostate-Specific Antigen Testing Market, By Test, By Sample, By End User, and by Region - Global Forecast to 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The global prostate-specific antigen (PSA) testing market is witnessing significant growth and is expected to continue expanding at a CAGR of 11.52% during the forecast period from 2023 to 2033. In 2022, the market reached a size of USD 5.85 billion, and it is projected to reach USD 19.43 billion by 2033.
Key Factors Driving Market Growth:
- Increasing Prevalence of Prostate Cancer: The rising prevalence of prostate cancer is a primary driver of market growth. Prostate cancer is a common cancer among men, and the increasing incidence of this disease is spurring the demand for PSA testing.
- Technological Developments: Advances in prostate cancer diagnostics and therapy are contributing to market growth. New technologies and methods for detecting and treating prostate cancer are enhancing the effectiveness of PSA testing.
- Product Introductions: The introduction of new products in the market is also fueling growth. The development of innovative PSA testing solutions is improving the accuracy and reliability of prostate cancer diagnosis.
- FDA Approvals: Increasing approvals of PSA testing products by the Food and Drug Administration (FDA) are boosting market expansion. Regulatory approvals validate the safety and efficacy of these products.
Challenges to Market Growth:
- High Cost: The high cost of prostate cancer diagnosis can be a barrier to market growth. In various regions, including emerging markets, the cost of diagnosis and treatment can be prohibitive.
- Medical and Reimbursement Policies: The presence of complex medical and reimbursement policies for prostate cancer treatment in different regions can hinder market growth. Variations in policies and regulations can impact access to testing and treatment.
Market Segmentation:
The market is segmented based on various factors:
- Test Type: The immunoassay segment is expected to dominate the market due to the increased use of ELISA tests for cancer diagnosis. Point-of-Care Testing Kits are expected to witness the fastest growth.
- Sample Type: Whole blood is the dominant sample type, while the serum segment is expected to grow rapidly due to the approval of new product launches.
- End User: Hospitals currently account for the highest revenue share, while specialty clinics are expected to grow at the fastest rate.
- Region: North America is the largest market, with the U.S. leading the way. Asia Pacific is projected to grow at the fastest rate.
Competitive Landscape: Key players in the prostate-specific antigen testing market include Bayer AG, Bio-Rad Laboratories, Inc., Beckman Coulter, Inc., Accuquik Test Kits, Proteomedix, General Electric Company, Lomina AG, Hanzhou Testsea biotechnology Co. LTD, Laboratory Corporation of America Holdings, OPKO Health, Inc., Fujirebio (H.U. Group company), and Abcam PLC.
Recent Developments:
- Researchers at the University of East Anglia have developed a blood test called Prostate Screening Episwitch (PSE) that can identify prostate cancer more accurately than current techniques.
- In a Phase 3 TALAPRO-2 study, TALZENNA, an oral poly ADP-ribose polymerase (PARP) inhibitor, showed improvement in radiographic progression-free survival (rPFS) when combined with XTANDI for men with metastatic castration-resistant prostate cancer.
- The Milton and Carroll Petrie Department of Urology launched the Mount Sinai Robert F. Smith Mobile Prostate Cancer Screening Unit to advance prostate health in the Black community.
- Camcevi (leuprolide mesylate), a treatment for advanced prostate cancer, received FDA approval in an injectable 6-month subcutaneous depot formulation.
- TheraSphere yttrium-90 (Y-90) glass microspheres from Boston Scientific Corporation were tested on patients with metastatic colorectal cancer (mCRC) of the liver, achieving positive outcomes.
The global prostate-specific antigen testing market is expected to continue growing due to the increasing prevalence of prostate cancer and ongoing advancements in diagnostics and treatment. However, challenges related to cost and regulatory policies may impact market dynamics in various regions.
For more information about this report visit https://www.researchandmarkets.com/r/anb5j7
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
