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Prostate Cancer Diagnostics Market

Prostate Cancer Diagnostics Market

Prostate Cancer Diagnostics Market Forecast, Trend Analysis & Competition Tracking: Global Market insights 2021 to 2031

Prostate Cancer Diagnostics Market
FACT58MR
  • Jul-2021
  • List of Tables : 160
  • List of Figures : 54
  • 170 Pages
  • Healthcare

Market Snapshot

According to Fact.MR, the global market for prostate cancer diagnostics was valued at around US$ 3 Bn 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.

Key Points Covered in Prostate Cancer Diagnostics Market

  • Market estimates and forecast 2016-2030
  • Key drivers and restraints impacting market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Prostate Cancer Diagnostics Market and How to Navigate
  • Recommendation on Key Winning Strategies

Know More Details About the Report

Prostate Cancer Diagnostics Market Historical Trends 2016-2020 Vs Future Outlook 2021-2031

As per Fact.MR, a market research and competitive intelligence provider, the global prostate cancer diagnostics market was valued at US$ 3 Bn 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 Bn by 2031.

High Prostate Cancer Prominence to Propel Demand for Diagnostics?

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.

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Need for Premeditated Prostate Cancer Patient Compliance?

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.

Future of Prostate Cancer Diagnostics

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.

An Adaptive Approach to Modern-day Research Needs

Country-wise Analysis

Why is the U.S likely to emerge as a Lucrative Market?

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.

How is China Yielding Revenue Pools for Prostate Cancer Diagnostics?

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.

Category-wise Insights

Why are PCA3 and PSA Tests Vital in the Prostate Cancer Diagnostics?

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 Mn 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 Mn by the end of the forecast period.

What are the Prospects for CTC Prostate Cancer Diagnostics?

The CTC prostate cancer diagnostics segment is projected to surpass US$ 141 Mn 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.

Why are Hospital and Cancer Research Institutes Primary End Users?

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.

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Competitive Landscape

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.

  • For instance, Siemens Healthcare GmbH is focusing on developing scanners for detecting cancer carrying tissues. The end users demand for scanners that would study tissues at an early stage has increased. Thus, the company’s Vision Quadra Extended Axial scanner is extremely sensitive and can be used for clinical purposes.
  • Likewise, Becton Dickinson and Company (BD) offers an entire portfolio dedicated to prostate health. Under this umbrella, the company offers brachytherapy, prostate biopsy and radiofrequency ablation techniques respectively.
  • In July 2021, AstraZeneca Plc. acquired Alexion Pharmaceuticals Inc. This venture marks an entry of the former into the rare disease sector, including cancer diagnostics and treatment. Both companies will collaborate on developing medicines to manage rare diseases, including prostate cancer.

Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Mexico
  • Brazil
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • Russia
  • BENELUX
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Australia & New Zealand
  • GCC
  • Turkey
  • South Africa

Key Market Segments Covered

  • Test Type
  • End User
  • Region

Key Companies Profiled

  • 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.
Customization & Pricing

Available upon Request

Key Segments Covered

  • Test Type

    • PSA Prostate Cancer Diagnostic Tests
    • PCA3 Prostate Cancer Diagnostic Test
    • CTC  Prostate Cancer Diagnostic Tests
    • Immunohistochemistry Prostate Cancer Diagnostic Test
  • By End User

    • Prostate Cancer Diagnostics in Hospitals
    • Prostate Cancer Diagnostics in Independent Diagnostic Laboratories
    • Prostate Cancer Diagnostics in Cancer Research Institutes
    • Prostate Cancer Diagnostics in Other Settings

Prostate Cancer Diagnostics Market- Scope of Report

A recent study by Fact.MR on the prostate cancer diagnostics market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering prostate cancer diagnostics.

The study also provides the dynamics responsible for influencing the future status of the prostate cancer diagnostics market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies operating in the prostate cancer diagnostics market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of prostate cancer diagnostics products across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of prostate cancer diagnostics products during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

  • Which are the most lucrative prostate cancer diagnostics markets?
  • Which factors will impact the growth of prostate cancer diagnostics?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the prostate cancer diagnostics industry?
  • What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).

Estimates at global and regional levels for prostate cancer diagnostics are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global prostate cancer diagnostics market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of prostate cancer diagnostics during the forecast period.

Country-specific valuation on demand for prostate cancer diagnostics has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading providers of prostate cancer diagnostics, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering prostate cancer diagnostics has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the prostate cancer diagnostics domain. Prominent companies operating in this space include Abbott Laboratories, Biocept Inc., AstraZeneca Plc., Vyant Bio Inc., Danaher Corporation, Bayer Aktiengesellschaft, Becton, Dickinson and Company, Agilent Technologies, Foundation Medicine Inc. and Myriad Genetics Inc.

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the prostate cancer diagnostics industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.

- FAQs -

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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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.