Prostate Cancer Diagnostics Market Assessment, By Diagnostic Technique [Imaging Tests, Biopsy, Biomarker Tests, Immunohistochemistry, Others], By Cancer Type [Squamous Cell Carcinoma, Small Cell Prostate Cancer, Adenocarcinoma, Transitional Cell Carcinoma

Prostate Cancer Diagnostics Market Assessment, By Diagnostic Technique [Imaging Tests, Biopsy, Biomarker Tests, Immunohistochemistry, Others], By Cancer Type [Squamous Cell Carcinoma, Small Cell Prostate Cancer, Adenocarcinoma, Transitional Cell Carcinoma, Others], By End-user [Hospitals, Cancer Research Institutes, Diagnostic Centers, Others], By Region, Opportunities and Forecast, 2017-2031F

Global prostate cancer diagnostics market is projected to witness a CAGR of 7.26% during the forecast period 2024-2031, growing from USD 6.31 billion in 2023 to USD 11.05 billion in 2031. The global prostate cancer diagnostics market is shaped by various factors. These include advancing technologies such as AI, an increase in investments, advantages of biomarker test offerings, tools for diagnosis of adenocarcinoma, and a rise in awareness of prostate cancer.

These factors are crucial for the growth and development of the market. Advancements in cutting-edge technologies, especially artificial intelligence (AI), play an important role in influencing the global prostate cancer diagnostics market. AI is responsible for the increasing speed and accuracy of diagnosis by analyzing large amounts of complex data for patterns that indicate prostate cancer.

Both public and private firms are heavily investing in the global prostate cancer diagnostics market. These investments are used for research and development purposes, which help in developing advanced solutions for the market. Often, public and private firms work together utilizing each other’s strengths to spur innovation in the global prostate cancer diagnostics market. Hence, public private partnerships are often a successful model in the healthcare industry.

Another important aspect influencing the global prostate cancer diagnostics market is biomarker testing. By detecting a chemical in blood or tissue, biomarker testing provides important information that helps clinicians to make a diagnosis. Thus, due to the accuracy and reliability provided by biomarkers, they are considered important devices for early detection and monitoring of prostate cancer.

Significant developments have been made in the improvement of specialized instruments meant for the diagnosis of adenocarcinoma, the most common form of prostate cancer. By using these instruments, malignant cells in the prostate may be exactly identified and defined, taking into consideration extra-centered and successful remedy plans. It is a significant factor influencing the growth of global prostate cancer diagnostics market.

Consequently, there has been a tremendous impact from the increased expertise in prostate cancer. Higher screening quotes, early detection, and better remedy outcomes have resulted from elevated widespread public expertise and comprehension of the disorder. For instance, Astellas, a Japanese multinational pharmaceutical company, provided financing support for the Prostate Health Awareness and Screening Campaign (PHASC) in June 2023 with the support of MAP International. It is a multifaceted strategy aimed at increasing public knowledge of a malignancy that has been historically underrepresented in the Dominican Republic through the media.

Technological Advancements

The expansion of global prostate cancer diagnostics market is being significantly affected by advancing technologies specifically AI. The use of AI in diagnostic methods improves prostate cancer detection efficiency and accuracy. AI algorithms can detect certain signs of prostate cancer that may go unnoticed by the human eye by examining big datasets. It permits AI algorithms to diagnose cancer more quickly and appropriately than traditional strategies. The capability is crucial for early prognosis since it makes timely interventions that might save lives. As a result, using AI is causing a revolution inside the field of prostate cancer diagnostics, improving affected person outcomes and accelerating enterprise expansion.

Researchers at the UCLA Health Jonsson Comprehensive Cancer Center were awarded a three-year, USD 3 million grant by the National Cancer Institute in December 2023 to help prevent needless treatments and their unfavorable side effects. The goal of this grant is to identify novel cancer biomarkers and develop AI that can detect and predict aggressive prostate cancer.

Increase in Investments

The global prostate cancer diagnostics market receives funding from businesses and organizations to encourage the creation of new ideas. Access to funding is necessary to enable the development of new strategies for the detection of prostate cancer and technologies to enhance research and development efforts. Investments are being made to help develop new methods and improve upon existing methods, such as AI-powered diagnostic platforms and sophisticated biomarker tests which play an important role in driving the industry forward. Increased investments spur innovation and help in getting rid of the age-old technologies for diagnosing prostate cancer.

On 13th February, Macmillan Cancer Support announced their investment of GBP 350,100 in Pi, Lucida Medical’s new AI platform, to improve the accuracy and efficiency of prostate cancer tests.

Advantages that the Biomarker Test Offers

Prostate cancer diagnosis is increasing exponentially mainly due to the growing demand for biomarker testing. Biomarker tests are the most commonly used methods and are becoming increasingly popular due to their numerous advantages. As these tests are highly sensitive and specific, they can identify the proteins or genes associated with prostate cancer. It allows for an immediate response that allows for early detection of the condition, even before symptoms appear. In addition, biomarker testing may enable the development of tailored treatment strategies by providing important information about cancer aggressiveness and responsiveness to treatment. Increasing demand is due to the efficiency and accuracy of biomarker testing for the detection and treatment of prostate cancer, emphasizing its importance in the global prostate cancer diagnostics market.

In July 2023, Quest Diagnostics announced the introduction of AmeriPath, a new prostate cancer biomarker test in association with Envision Sciences, which is its subspecialty pathology division. Envision Sciences Pty Ltd. is creating a pipeline of blood and tissue biomarker-based cancer diagnostic and predictive assays.

Tools for Diagnosis of Adenocarcinoma

The global prostate cancer diagnostics market is experiencing a surge, driven by the introduction of innovative instruments designed to detect its diverse forms, particularly the prevalent adenocarcinoma. These instruments leverage cutting-edge technologies like molecular diagnostics and advanced imaging, offering precise identification and characterization of adenocarcinomas. It translates to a significant clinical advantage. Armed with detailed information on tumor location, size, and extent, physicians can formulate highly targeted treatment plans, optimizing patient outcomes. These specialized diagnostic tools address a critical need for early and accurate detection, considered as a cornerstone of successful prostate cancer management.

Consequently, the launch of these instruments represents a strategic market mover, catering to the burgeoning demand for sophisticated diagnostic solutions. The development benefits patients through improved clinical outcomes and propels the industry forward by addressing a crucial unmet need. The advancements signify a positive trajectory for the prostate cancer diagnostics market, paving the way for enhanced patient care and industry growth.

Prostate cancer may be diagnosed by pathologists using QAi Prostate, a sophisticated artificial intelligence (AI) technology that was unveiled in March 2023 by Singapore-based healthtech startup Qritive. QAi Prostate uses sophisticated machine learning (ML) algorithms to reliably identify regions of prostatic adenocarcinoma and classify benign and malignant tumor locations in biopsy tissue samples.

North America to Dominate the Market

North America stands as the leader in the global prostate cancer diagnostics market. The region is expected to dominate due to its advanced healthcare system and the concerning rates of disease in specific populations. The region boasts a sophisticated healthcare infrastructure that fosters exhilarating innovation. It translates to intensified research, development, and adoption of cutting-edge diagnostic technologies, propelling the market forward at a rapid pace. Powerful tools like molecular diagnostics and advanced imaging empower early detection and more precise diagnosis. Also, the need for these advancements resonates deeply in communities disproportionately affected by the disease. Native American and Black men face alarmingly high prostate cancer rates, highlighting the urgent need for effective diagnostic methods. In North Carolina, prostate cancer sits as the second-highest cause of male cancer deaths, further underlining the criticality of early identification.

An interactive web application was introduced in December 2023 by Carolina Demography and The UNC Men's Health Programme to eliminate prostate cancer inequities in North Carolina and increase public awareness of the disease.

Future Market Scenario

Introduction of new biomarkers such as 4Kscore, TMPRSS2-ERG fusion, and PCA3 to diagnose prostate cancer correctly and with improved efficiency to spur the global prostate cancer diagnostics market in the future.

The increasing number of cases of adenocarcinoma will drive the growth of the global prostate cancer diagnostics market.

Patients preferring more cost-effective and personalized treatment options in the global prostate cancer diagnostics market will force the healthcare industry to adapt to more faster and convenient methods of diagnosis.

With new startups entering the global prostate cancer diagnostics market, there will be an outburst of new technological interventions to diagnose prostate cancer.

Key Players Landscape and Outlook

The global prostate cancer diagnostics market is witnessing a significant shift towards strategic partnerships between startups and small businesses. The collaborative approach allows these entities to surmount financial and technological hurdles that might otherwise impede their independent progress. By pooling resources, knowledge, and cutting-edge technologies, these alliances can significantly accelerate research and development activities, leading to the emergence of innovative diagnostic tools and techniques. Such partnerships create a dynamic and competitive market environment, fostering a culture of continuous innovation. The diversity of ideas and expertise brought together by these partnerships results in a broader spectrum of diagnostic solutions.

Leading AI-powered biopharmaceutical company BPGbio, Inc. has partnered with Grupo Terralpe, Inc. in July 2023. The businesses will collaborate to market BPGbio's prostate cancer diagnostic test, pstateDx, in Mexico.