Prostate Cancer Diagnostics Market Forecast, Trend Analysis & Competition Tracking: Global Market insights 2017 to 2022

Published on : Jul-2017 | List of Tables : 160 | List of Figures : 54 | No. of Pages : 170 | Report Code : FACT58MR |

Uncontrollable growth of cells in prostate gland leads to the development of prostate cancer. Several men develop low-grade prostatic intraepithelial neoplasia (PIN), however they don’t necessarily develop prostate cancer. No sure way has been found to prevent prostate cancer, however the chances can be lowered by being physically active and maintaining a healthy weight.

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 though the government as well as private providers. As per the WHO Health Spending Observatory, the spending on health may rise to US$ 18.2 trillion by the year 2040 with annual growth rates of 3.4% in upper middle income countries and 2.7% in high-income ones. The global prostate cancer diagnostics market is projected to grow to nearly US$ 1.1 billion in 2022.

Market Taxonomy

Test Type

End User

PSA Tests

Hospital Associated Labs

CTC Tests

Independent Diagnostic Laboratories

Immunohistochemistry

Cancer Research Institutes

PCA3 test

Others

Others

 

(Additional information, including cross-sectional data and country-wise analysis & forecast is available in the report)

PCA3 and PSA Test Segment Vital in the Prostate Cancer Diagnostics Market

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 be worth just over US$ 270 million in 2017 and it should grow at a healthy CAGR during the period 2017-2022. On the other hand, the PCA3 segment is poised to grow to nearly US$ 284 million by the end of the forecast period.

North America is the largest region for both segments and accounts for nearly 2/5th of the prostate cancer diagnostics market. The region’s large geriatric population and high prevalence of cancer mean that demand for prostate cancer diagnostics will continue to remain strong during the forecast period.

Smaller Share of CTC

The CTC segment holds revenue share in the global prostate cancer diagnostics market. This segment is projected to reach US$ 141 million by the end of 2022.

The immunohistochemistry segment is projected to witness a CAGR of 4.5% for the five-year study period. While North America may be the largest regional contributor, key stakeholders could also focus on Europe as it holds a revenue share of more than 30% throughout the period.

Focus on Hospital Labs and Research Institutes

The hospital associated labs segment is assessed to grow significantly during the forecast period. It would make sense for companies to focus on cancer research institutes as collaboration can help in the development of innovative solutions. In this case, companies could think of targeting the APEJ region as it has the highest CAGR during the forecast period. The region spends much less on healthcare as a percentage of GDP than the developed world but strong economic growth will all but ensure that it becomes ever-more important to regional governments in future.

Competition Tracking

Key players in the global market for prostate cancer diagnostics include Abbott Laboratories, Biocept, Inc., AstraZeneca plc., Cancer Genetics, Inc., Danaher Corporation, Bayer Aktiengesellschaft, Becton, Dickinson and Company, Agilent Technologies, Foundation Medicine, Inc., and Myriad Genetics Inc.

Note: The insights mentioned here are of the respective analysts, and do not reflect the position of Fact.MR

Medical organizations as well as leaders in the global pharmaceuticals industry are stepping up their efforts towards development of profound diagnosis for prostate cancer. Rising number of deaths caused by prostate cancer is taking a toll on governments as people are demanding precision diagnosis and a cure-all for this terminal disease. In a bid to adapt to the urban rat race, millions of consumers have adopted lifestyles that are stemming the occurrence of prostate cancer. For public administration authorities, compelling people to avoid such lifestyles is like challenging the status quo. The burden of controlling the incidence of prostate cancer gets passed on to hospitals & medical research organizations as they strive to develop novel diagnostic and therapeutic procedures.

The report on the global prostate cancer diagnostics market discusses such key factors that govern the economics of prostate cancer diagnostics across the globe. Some of the key influences for the growth of global prostate cancer diagnostics market include:

  • rising presence of carcinogenic elements in common consumables
  • surging exposure to toxic substances in factories & industrial settings
  • lack of awareness related to causes, symptoms, and preventive measures for prostate cancer
  • high healthcare costs, deterring prostate cancer patients from seeking optimum diagnosis

With growing incidence of prostate cancer, the future generations will witness a more accessible, affordable, and diagnosis-associated treatment for prostate cancer. 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.

Need for Premeditated Prostate Cancer Patient Compliance 

Prostate cancer patients are often riddled with confusing options for diagnosis. Choosing the right screening test can become a dilemma for the patient and his/her family. Companies manufacturing medical instruments and devices for diagnosis of prostate cancer are expected to mitigate such difficulties by facilitating a well-laid patient compliance regime.

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 diagnosis alternatives is decisive in changing future undertakings. Prominent diagnostic tools are likely to be replaced with their upgraded variants. The report has highlighted the influence of government undertakings in offering a better compliance for diagnosis of prostate cancer patients.

Key players in the global prostate cancer diagnostics market are collaborating with regional health ministries and medical administrators for gauging the impact of therapeutic diagnosis on prostate cancer patients. Such cooperative efforts are of paramount importance in the global prostate cancer diagnostics market, where overlooking the plausible aftereffects of diagnostic procedures can cost lives.

Prostate Cancer diagnostics market – Regional Overview & Competitive Backdrop

A comprehensive section on the regional analysis of global prostate cancer diagnostics market is included in the report. North America, Europe, Japan, Asia-Pacific excluding Japan (APEJ), Latin America, and Middle East & Africa are key regions into which the expansion of global prostate cancer diagnostics market is studied. Developed markets with robust healthcare infrastructures are deemed lucrative for patients seeking diagnosis for prostate cancer. On the other hand, higher resource availability, cheap wages, and lenient manufacturing regulations in developing regions attract the attention of manufacturers of prostate cancer diagnosis instruments.

In the report, there is an elaborate section on the competitive landscape of global prostate cancer diagnostics market. This part profiles key players in the global market, which includes leading manufacturers of diagnostic devices and related medical apparatus. The scalability employed in profiling these players includes criteria such as the company’s contribution to global prostate cancer diagnostics market revenues, recent mergers & acquisitions involving the company, and new product launches. Through this report, companies can also understand the investment standpoint in the global prostate cancer diagnostics market, which can be further inferred while taking insightful actions.

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Prostate Cancer Diagnostics Market Forecast, Trend Analysis & Competition Tracking: Global Market insights 2017 to 2022