The global prostate cancer diagnostics market size is expected to reach USD 7.65 billion by 2027, registering a CAGR of 13.2% during the forecast period, according to a new report by Grand View Research, Inc. Major drivers include increasing government initiatives, high prevalence of prostate cancer, and technological advancements in confirmatory diagnostic tests.
High
prevalence of the disease across the world is anticipated to be one of the
major factors propelling the growth. According to the American Cancer Society,
approximately one in nine men will be diagnosed with prostate cancer during the
lifetime. It also states that the disease is the second most common form of
cancer in U.S. after skin melanoma with over 174,650 new cases diagnosed in
2019.
Rise
in government initiatives to enhance research associated with effective
diagnosis and treatment is expected to boost growth of the market during the forecast
period. For instance, the National Cancer Institute (NCI) initiated the study
Research on Prostate Cancer in Men of African Ancestry: Defining the Roles of
Genetics, Tumor Markers, and Social Stress (RESPOND). It is the largest
collaboration to study the non-biological and biological factors associated
with the disease among African American men. The initiative was launched by the
NCI, National Institute on Minority Health, and Health Disparities in
collaboration with Prostate Cancer Foundation; with a funding of USD 26
million.
Researchers
from the University of Norfolk and East Anglia have developed a non-invasive
urine test-the PUR test-for the diagnosis of aggressive prostate cancer. This
test is performed on samples collected at home thereby preventing uncomfortable
rectal examination. Additionally, researchers at Karolinska and KTH Institute
concluded that the use of Artificial Intelligence (AI) in spatial
transcriptomics can aid in the early detection, thereby, improving clinical
diagnosis and treatment. Thus, such advancements are anticipated to positively
impact the market growth in near future.
Approval
of new diagnostic tests are expected to further boost market growth. For
instance, in 2019, Bio Techne announced the approval from the New York State
Department of Health for a liquid biopsy based test named ExoDx Prostate
IntelliScore. The test assists clinicians to determine the need for biopsy with
ambiguous PSA test result. Thus, rising disease prevalence coupled with
technological advancements are the factors anticipated to fuel the market
growth during the forecast period.
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Prostate Cancer
Diagnostics Market Report Highlights
- PSA test is
increasingly being used to detect prostate cancer among men that showcase
no typical symptoms of the disease thereby facilitating the segment growth
- Biomarker
tests include Prostate Health Index (PHI) and 4Kscore, predict the
probability of a patient developing prostate cancer and are anticipated to
garner significant market share over the forecast period
- Technological
advancements in the healthcare sector and increasing prevalence of the
disease contributed significantly toward growth of the North America
market
- Some of the
major players in the prostate cancer diagnostics market include MDxHealth;
3D Signatures; Genomic Health; Abbott; OPKO Health, Inc.; Siemens
Healthineers; bioMérieux SA; and F. Hoffman La Roche Ltd
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Prostate Cancer
Diagnostics Market Segmentation
Grand View Research has
segmented the global prostate cancer diagnostics market report on the basis of
test type and region:
Prostate Cancer
Diagnostics Test Type Outlook (Revenue, USD Million, 2016 - 2027)
- Preliminary Tests
- Confirmatory Tests
- PCA3 Test
- Trans-rectal Ultrasound
- Biopsy
Prostate Cancer
Diagnostics Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Singapore
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- Saudi Arabia
- UAE
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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