Analysis of Prostate Cancer Diagnostics market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global market for prostate cancer diagnostics market was valued at around US$ 3 Billion in 2020 and is projected to expand at a staggering CAGR of over 10% through 2031. The market is expected to surpass a staggering value of US$ 8 Bn by 2031.
Awareness regarding regular check-ups and early treatments is driving the market for prostate cancer diagnostics. Additionally, absence of a one-test-fits-all approach to prostate cancer has pushed people to focus on timely detection, nudging growth.
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As per Fact.MR, a market research and competitive intelligence provider, the global prostate cancer diagnostics market was valued at US$ 3 Billion as of 2020.
An increasing geriatric population across the developed world along with access to top-quality healthcare is expected to benefit the prostate cancer diagnostics market. Healthcare spending is growing by leaps and bounds both through the government as well as private providers.
The aforementioned factors will lead to the increase in sales of prostate cancer diagnostics market. Thus, the market is expected to surpass an impressive CAGR exceeding 10%, surpassing a valuation of US$ 8 Billion by 2031.
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According to Annals of Global Health, prostate cancer is the sixth most common cancer in the world. Especially men from Europe, North America and parts of Africa are vulnerable to prostate cancer.
Additionally, sedentary lifestyles have induced unhealthy eating habits and inactivity, which has led to the increase in number of people having prostate cancer. Awareness regarding overall health, regular body screening and inclination towards taking early treatment has propelled the demand for diagnosis of prostate cancer.
The global market for prostate cancer diagnostics is anticipated to witness significant impact from diagnosis-associated patient compliance trials. Positive attitudes of patients towards certain diagnostic alternatives is decisive in changing future undertakings.
Prominent diagnostic tools are likely to be replaced with their upgraded variants. Key players are collaborating with regional health ministries and medical administrators for gauging the impact of therapeutic diagnosis on prostate cancer patients.
Such collaborative efforts are of paramount importance in the global prostate cancer diagnostics market, where overlooking the plausible aftereffects of diagnostic procedures can cost lives.
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With growing incidence of prostate cancer, the future generations will witness more accessible, affordable, and diagnosis-associated treatment approaches.
As prostate cancer research organizations & societies struggle to develop effective medications in tight-budgeted capitals, governments are deploying initiatives that boost the awareness of prostate cancer.
According to Fact.MR, demand for prostate cancer diagnostics in the U.S will experience positive growth, registering a CAGR of around 9% until 2031. According to the American Cancer Society, prostate cancer is the second prominent reason for death across the country. Around 250,000 new cases are expected to register in 2021.
In addition, prostate cancer is more likely to be detected in the geriatric population and non-Hispanic men. This is expected to upsurge the demand for diagnostics of prostate cancer.
Increasing awareness of timely detection has prompted patients to seek early diagnosis, prompting investment in research and development by the government, heightening growth prospects for the industry.
China’s humongous population has increased the number of men being detected with prostate cancer. It is expected that the country will account for greater than 40% of overall prostate cancer diagnostics demand across the East Asian region.
Moreover, the presence of different testing, screening and detecting methods of diagnosing cancer has upsurged the demand for prostate cancer diagnostics in the region.
The PCA3 and PSA test segments can be considered the most important in the prostate cancer diagnostics market as they both represent the highest potential in terms of market opportunity.
The PSA segment is anticipated to exceed US$ 270 Miilion by 2021, likely to grow at a healthy CAGR during the period 2021-2031. On the other hand, the PCA3 segment is expected to surpass US$ 284 Million by the end of the forecast period.
The CTC prostate cancer diagnostics segment is projected to surpass US$ 141 Million by the end of 2021. Key stakeholders are increasingly focusing on Europe, which is likely to yield over 30% revenue in this segment.
CTC tests are gaining traction as it is capable of detecting changes in prognosis at any given time period. Additionally, these tests are federally approved across several countries as the sole detection approach.
Prostate cancer diagnostics across hospitals are expected to remain most prominent, expanding at nearly 8% CAGR until 2031. Easy availability of adequate testing equipment is attributed as one of the primary reasons for patients opting for the same.
Simultaneously, cancer research institutes are contributing a significant share, growing at around 7% CAGR. Medical organizations as well as leaders in the global pharmaceuticals industry are stepping up their efforts towards development of profound diagnosis for prostate cancer.
Major players in the prostate cancer diagnostics market are focusing on integrating the latest technological advancements such as artificial intelligence for studying the tissue and determining the accuracy of the same.
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The prostate cancer diagnostics industry is expected to surpass a CAGR of 10% through 2031
The prostate cancer diagnostics landscape is expected to surpass a staggering value of US$ 8 Bn by 2031.
Prominence of prostate cancer, unhealthy lifestyles and demand for early treatment are the key trends driving the sales of prostate cancer diagnostics.
According to Fact.MR, prostate cancer diagnostics is poised to expand at nearly 9% CAGR until 2031
China is expected to yield around 40% of total prostate cancer diagnostics revenue across East Asia
Abbott Laboratories, Biocept Inc., AstraZeneca Plc., and Becton, Dickinson and Company are some most prominent players operating in the global market for prostate cancer diagnostics
North America and China are the top two countries for prostate cancer diagnostics.
The PSA and PCA3 are the most important test types for prostate cancer diagnostics, the former expected to reach US$ 270 Mn by 2021 end.
The global prostate cancer diagnostics market was valued at US$ 3 Bn from 2016-2020.
The CTC segment is expected to surpass revenue share of US$ 141 Mn by 2021.
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