According to Renub Research latest report, “Prostate Cancer Diagnostics Market, Size, forecast 2023-2028, Industry Trends, Share, Growth, Company Analysis” Prostate Cancer Diagnostics Market is estimated to grow at a CAGR of 14.50% from 2022 to 2028. Prostate cancer emerges in the prostate gland, a section of the reproductive system in men. As per the data published by Globocan in 2020, prostate cancer is the second most prevalent cancer in the male population.
Furthermore, prostate cancer was responsible for 7.3% of all cancer cases worldwide. Male prostate cancer is common, but it is highly treatable in its early stages. There are often no symptoms in the early stages of prostate cancer, but screening can detect changes that may indicate cancer. Individuals with advanced prostate cancer, on the other hand, may show no symptoms. The possible indications are determined by the tumor’s size and location in the body.
As prostate cancer is more common in the elderly, the growing aging population drives market growth; for example, according to the United Nations’ World Population Prospects, the share of the global population aged 65 and up will rise from 10% in 2022 to 16% in 2050. Rising R&D initiatives in the prostate cancer diagnostics field, as well as recent regulatory approvals, are propelling the market forward. Furthermore, advancements in diagnostics tests and rising government initiatives for cancer awareness are assisting market growth. Furthermore, continuous advancements in prostate cancer diagnosis fuel the global market’s growth.
Availability of the Preliminary Test is a Significant Factor in its dominance in the Prostate Cancer Diagnosis Market
The preliminary test segment will hold the largest market share over the forecast period due to a rise in the prevalence of prostate cancer. According to the American Institute for Cancer Research, the easy availability of Prostate-Specific Antigen (PSA) screening has facilitated early diagnosis and treatment, increasing survival rates. In addition, PSA tests detect unrecognized and small tumors that may or may not develop into an advanced cancer stage. Therefore, these tests are recommended for most men over 50 and those at risk of developing the disease, as they facilitate detection before significant symptoms appear.
The Digital Rectal Exam (DRE) and biomarker tests are two more preliminary tests. DRE tests detect hard, lumpy, and abnormal growth of the prostate gland. However, because these tests are dependent on the technician’s skills and abilities, the results may be more accurate, and, in most cases, additional tests such as PSA and biopsy are required. Furthermore, biomarkers help distinguish between significant and insignificant cancers and identify aggressive cancers in men undergoing surgery. These statistics show that public awareness is increasing, allowing for earlier detection and treatment and propelling the market growth.
Prostate Cancer Antigen 3 (PCA3) Test will grow at a steady rate due to a surge in Healthcare Facilities
The prostate cancer antigen three genes (PCA3) test assists in determining prostate cancer risk. It does not provide a diagnosis of prostate cancer. Rising healthcare infrastructure and increased demand for positron emission tomography are key factors driving PCA3 test demand. Because it is more accurate than other diagnostic techniques, positron emission tomography is becoming more popular as a diagnostic tool. Diagnostic accuracy has a direct impact on decision-making and treatment monitoring processes. Furthermore, increased government initiatives for technological advancement to improve diagnosis, as well as an increase in the number of new entrants to the market, will drive market growth.
Diagnostic centers dominate the prostate cancer diagnostics market as they specialize in conducting various prostate cancer diagnostics. Moreover, diagnostic centers facilitate robust, on-time, cost-effective, and high-quality diagnostic care and services in a safe healthcare environment. They are convenient for consulting physician’s/healthcare institutions to outsource bulk diagnostics tests to diagnostic centers for better customer services.
Asia-Pacific will grow at the highest rate due to the presence of huge Untapped Market Potential
Due to rising knowledge of prostate cancer treatment and the adoption of prostate cancer treatment products, Asia-Pacific delivers an attractive potential for key players in the prostate cancer diagnostic market. The Asia prostate cancer diagnosis market is expected to grow due to various factors such as the high incidence of prostate cancer in the region, increasing awareness about cancer screening, advancements in medical technology, and government and healthcare organizations’ investments in cancer screening programs and facilities.
Japan, China, and South Korea are the largest markets for prostate cancer diagnosis in Asia, with India and Indonesia also expected to experience significant market growth due to improving healthcare infrastructure and increasing awareness. Overall, the market is expected to grow in the coming years due to increasing demand for cancer screening, growing healthcare investments, and advancements in medical technology.
Key players competing in the Prostate Cancer Diagnosis Market are Myriad Genetics, Inc., Abbott Laboratories, F. Hoffman-La Roche AG, Siemens Healthiness AG, OPKO Health, Inc., AstraZeneca, Bayer AG, Sanofi-Aventis, Thermo Fisher Scientific, Hologic, Inc. among other domestic players.
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Diagnosis Type – Report covers Prostate Cancer Diagnosis Market by diagnosis type from 2 viewpoints
- Preliminary Test
- Confirmatory Test
Test type – Prostate Cancer Diagnosis Market break up into three viewpoints
- Trans-rectal Ultrasound
End-Use – Renub Research covers Prostate Cancer Diagnosis Market report from three viewpoints
- Hospitals & Clinics
- Diagnostics Centers
- Research Institutes
Region – Prostate Cancer Diagnosis Market by region breakup into 20 viewpoints
- Northern Europe
- Western Europe
- South Europe
- Eastern Europe
- North America
- South America
- Central America
- Middle Africa
- Western Africa
- Eastern Africa
- North Africa
- South Africa
- South Central Asia
- Southeast Asia
- Eastern Asia
- Western Asia
Key Players – All the major players of Prostate Cancer Diagnosis Market have been covered from 3 Viewpoints (Overview, Recent Developments, and Revenue)
- Myriad Genetics, Inc.
- Abbott Laboratories
- Hoffman-La Roche AG
- Siemens Healthiness AG
- OPKO Health, Inc.
- Bayer AG
- Thermo Fisher Scientific
- Hologic, Inc.
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