Prostate Cancer Diagnostics Market

Prostate Cancer Diagnostics Market Outlook

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.

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 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.

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.

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.

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 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.

What are the Prospects for CTC Prostate Cancer Diagnostics?

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.

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.

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

Report Attributes	Details
Forecast Period	2021-2031
Historical Data Available for	2016-2020
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.

Key Segments Covered

• By Test Type

  • PSA 
  • PCA3
  • CTC
  • Immunohistochemistry

• By End User

  • Hospitals
  • Independent Diagnostic Laboratories
  • Cancer Research Institutes
  • Others

• By Regions 

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