Prostate Cancer Diagnostics - Market Insights, Competitive Landscape, and Market Forecast - 2030

Prostate Cancer Diagnostics - Market Insights, Competitive Landscape, and Market Forecast - 2030

Prostate Cancer Diagnostics Market By Test Type (Imaging Tests, Biomarker Tests, Biopsy, Immunohistochemistry, And Others), End-User (Hospitals & Clinics, Diagnostic Centers, Research & Academics, And Others), And Geography (North America, Europe, Asia-Pacific, And Rest Of The World) is expected to grow at a steady CAGR forecast till 2030 owing to the rising incidence of prostate cancer and increasing awareness and screening programs

The prostate cancer diagnostics market is estimated to grow at a CAGR of 12.45% during the forecast period from 2024 to 2030. The demand for prostate cancer diagnostics is primarily being boosted by the increasing incidence of prostate cancer, increasing awareness and screening programs, and growing advancement in diagnostic technologies, during the forecast period from 2024 to 2030.

Prostate Cancer Diagnostics Market Dynamics:

According to the Global Cancer Observatory (GLOBOCAN) report published in 2024, prostate cancer was the second most commonly occurring cancer among men, with over 1.4 million new cases globally in 2022. Moreover, Prostate Cancer UK reported in 2023 that, on average, more than 52,000 men are diagnosed with prostate cancer annually in the United Kingdom, equating to 144 diagnoses per day. Additionally, nearly 44,000 men are diagnosed with prostate cancer each year in England.

As the prevalence of prostate cancer rises, there is a greater emphasis on early detection to improve patient outcomes. Screening and early diagnosis enable timely intervention and treatment, which can significantly improve survival rates and reduce morbidity associated with advanced disease, thereby driving demand for diagnostic tests.

On the other hand, the American Cancer Society emphasized in 2023 the link between aging and prostate cancer, noting that the risk increases significantly after age 50, with about 6 in 10 cases occurring in men over 65. This growing elderly male population is expected to boost demand for prostate cancer diagnostics.

So, prostate cancer incidence increases with age, and with populations in many parts of the world aging, there is a natural increase in the number of men at risk of developing prostate cancer. This demographic trend drives the need for more extensive screening efforts and diagnostic testing among older age groups.

Thus, due to the interplay of all the above-mentioned factors, the demand for prostate cancer diagnostics will increase, thus resulting in the overall growth of the Prostate Cancer Diagnostics market.

However, the risk associated with prostate cancer diagnostics and the high cost of diagnosis may act as factors that are expected to limit the growth of the prostate cancer diagnostics market.

Prostate Cancer Diagnostics Market Segment Analysis:

Prostate Cancer Diagnostics Market by Test Type (Imaging Tests, Biomarker Tests, Biopsy, Immunohistochemistry, and Others), End-User (Hospitals & Clinics, Diagnostic Centers, Research & Academics, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the test type segment of the prostate cancer diagnostics market, the imaging tests category is estimated to amass a significant revenue share in the prostate cancer diagnostics market in 2023. This is owing to the several advantages associated with imaging tests in the diagnosis of prostate cancer. Imaging tests comprise magnetic resonance imaging (MRI), computed tomography (CT) scan, or positron emission tomography (PET) scan.

Imaging tests, such as magnetic resonance imaging (MRI) and multiparametric MRI (mpMRI), offer high sensitivity and specificity for detecting prostate cancer lesions and accurately localizing tumors within the prostate gland. These tests provide detailed anatomical and functional information, allowing healthcare providers to visualize suspicious areas and guide subsequent biopsy procedures.

Moreover, compared to invasive procedures such as biopsies, imaging tests are relatively non-invasive and well-tolerated by patients. They do not involve the insertion of needles or the collection of tissue samples, reducing discomfort and potential complications associated with biopsy procedures. This makes imaging tests more appealing to patients and may lead to higher uptake rates.

Additionally, these imaging tests can be used at regular intervals to monitor the cancer's progression and assess the need for active intervention. This approach minimizes unnecessary treatments and their associated side effects.

Therefore, considering their wide advantages, the imaging tests category is poised to propel the overall growth of the prostate cancer diagnostics market during the forecast period.

North America Is Expected To Dominate The Overall Prostate Cancer Diagnostics Market:

North America is expected to account for the highest proportion of the Prostate Cancer Diagnostics market in 2023, out of all regions. This can be ascribed to the high prevalence of prostate cancer, the increasing burden of the geriatric population, and the highly developed diagnostic infrastructure are some of the key factors driving the growth of the prostate cancer diagnostics market in North America. Additionally, North America boasts advanced healthcare infrastructure with well-equipped hospitals, diagnostic centers, and research facilities. The availability of state-of-the-art imaging technologies, such as multiparametric MRI (mpMRI), and advanced laboratory testing facilities support accurate and timely diagnosis of prostate cancer.

According to the American Cancer Society, it is expected that about 299,010 new cases of prostate cancer in the United States will be diagnosed in 2024. Moreover, according to the same source, about 1 in 8 men will be diagnosed with prostate cancer during their lifetime. The average age of men when they are first diagnosed is about 67. So, the growing prevalence of the disease in this region creates a substantial demand for diagnostic services.

Moreover, public health initiatives, advocacy campaigns, and healthcare policies in North America promote prostate cancer awareness and encourage regular screening among at-risk populations. These efforts contribute to higher rates of early detection and diagnostic testing uptake in the region is going to positively impact the market for prostate cancer. For instance, the Canadian Cancer Society runs a program focused on prostate cancer Prostate Cancer Awareness Month, observed annually in September. During this month-long campaign, the CCS raises awareness about prostate cancer, promotes education and early detection, and supports individuals and families affected by the disease.

Thus, the rising prevalence of prostate cancer and availability of high-standard healthcare and diagnostic infrastructure in North America along with growing awareness by the government will eventually drive the overall market for prostate cancer diagnostics in North America during the forecast period.

Prostate Cancer Diagnostics Market Key Players:

Some of the key market players operating in the prostate cancer diagnostics market include F. Hoffmann-La Roche Ltd, Myriad Genetics, Inc., Abbott., MDx Health, Siemens Healthcare, OPKO Health, Inc., Genomic Health, Inc., Agilent Technologies, Inc., BD., BIOCEPT, INC., Proteomedix, A3P Biomedical AB, GE HealthCare., Soteria Medical BV, Bio-Techne., Indica Labs, Inc., miR Scientific, MINOMIC®, ACON Laboratories, Inc., Hologic, Inc., and others.

Recent Developmental Activities In The Prostate Cancer Diagnostics Market:

In September 2023, MDxHealth announced a research collaboration with the University of Oxford to investigate the correlation between the Genomic Prostate Score (GPS) test and prostate cancer progression following treatment for localized prostate cancer.

In July 2023, Quest Diagnostics launched the novel prostate cancer biomarker test through its subspecialty pathology business, AmeriPath, in collaboration with Envision Sciences. Envision Sciences Pty Ltd. is an Australian-based clinical diagnostics company developing a pipeline of biomarker-based cancer diagnostic and prognostic tests in tissue and blood.

Key Takeaways From The Prostate Cancer Diagnostics Market Report Study

Market size analysis for current Prostate Cancer Diagnostics Market size (2023), and market forecast for 6 years (2024 to 2030)

Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years

Key companies dominating the global Prostate Cancer Diagnostics market.

Various opportunities are available for the other competitors in the Prostate Cancer Diagnostics Market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current Prostate Cancer Diagnostics market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for Prostate Cancer Diagnostics market growth in the coming future?

Target Audience Who Can Be Benefited From This Prostate Cancer Diagnostics Market Report Study

Prostate Cancer Diagnostics product providers

Research organizations and consulting companies

Prostate Cancer Diagnostics-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in Prostate Cancer Diagnostics

Various end-users who want to know more about the Prostate Cancer Diagnostics Market and the latest technological developments in the Prostate Cancer Diagnostics Market.

Frequently Asked Questions For The Prostate Cancer Diagnostics Market:

1. What is Prostate Cancer Diagnostics?

Prostate cancer diagnostic refers to the process of identifying or confirming the presence of prostate cancer in an individual through various medical tests and procedures. The goal of prostate cancer diagnostics is to detect the disease at an early stage, determine its extent and aggressiveness, and guide treatment decisions.

2. What is the market for Prostate Cancer Diagnostics?

The prostate cancer diagnostics market is estimated to grow at a CAGR of 12.45% during the forecast period from 2024 to 2030.

3. What are the drivers for the global Prostate Cancer Diagnostics market?

The demand for Prostate Cancer Diagnostics is primarily being boosted by the increasing incidence of prostate cancer, increasing awareness and screening programs, and growing advancement in diagnostic technologies, during the forecast period from 2024 to 2030.

4. Who are the key players operating in the global Prostate Cancer Diagnostics market?

Some of the key market players operating in Prostate Cancer Diagnostics include F. Hoffmann-La Roche Ltd, Myriad Genetics, Inc., Abbott., MDx Health, Siemens Healthcare, OPKO Health, Inc., Genomic Health, Inc., Agilent Technologies, Inc., BD., BIOCEPT, INC., Proteomedix, A3P Biomedical AB, GE HealthCare., Soteria Medical BV, Bio-Techne., Indica Labs, Inc., miR Scientific, MINOMIC®, ACON Laboratories, Inc., Hologic, Inc., and others.

5. Which region has the highest share in the global Prostate Cancer Diagnostics market?

North America is expected to dominate the overall Prostate Cancer Diagnostics market during the forecast period from 2024 to 2030. This can be ascribed to the high prevalence of prostate cancer, the increasing burden of the geriatric population, and the highly developed diagnostic infrastructure are some of the key factors driving the growth of the prostate cancer diagnostics market in North America. Additionally, North America boasts advanced healthcare infrastructure with well-equipped hospitals, diagnostic centers, and research facilities. The availability of state-of-the-art imaging technologies, such as multiparametric MRI (mpMRI), and advanced laboratory testing facilities supports accurate and timely diagnosis of prostate cancer.