Prostate Cancer Diagnostics Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Prostate Cancer Diagnostics Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Global Prostate Cancer Diagnostics Market will be US$ 8.25 Billion by 2028 compared to US$ 3.66 Billion in 2022. Prostate cancer is the most frequent kind of cancer and one of the top causes of cancer mortality among people of all races and Hispanic origin. According to Globocan 2020, the global prevalence of prostate cancer was 1,414,259 cancer cases. According to the United Nations' World Population 2022 report, the proportion of the world population aged 65 and over is expected to climb from 10% in 2022 to 16% in 2050. Over the projected period, an increase in the senior population at risk of acquiring prostate cancer is likely to boost market growth.

Global Prostate Cancer Diagnostics Industry is expected to grow with a double-digit staggering CAGR of 14.50% during 2022-2028
Prostate cancer is the most common non-cutaneous cancer worldwide. The sedentary lifestyle of people in industrialized nations as well as the early start of urological problems, are driving the global prevalence of prostate cancer. Major advancements in prostate cancer diagnostics have occurred in the previous decade, with increased product approvals and innovations likely to contribute to the expansion of the investigated market. For example, in March 2022, the US Food and Drug Administration authorized Novartis' Pluvicto (lutetium Lu 177 vipivotide tetraxetan) for the treatment of adult patients with prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer. As a result, higher acceptance of prostate cancer medicines will drive the market growth.

Preliminary Test Segment is expected to hold the Largest Market Share over the Forecast Period

Due to an increase in the frequency of prostate cancer, preliminary tests accounted for a significant share of the market. The easy availability of PSA screening, according to the American Institute for Cancer Research, has aided early detection and treatment, enhancing survival rates. Furthermore, PSA testing discovers unidentified and tiny tumours that may or may not progress to an advanced cancer stage. These tests are suggested to most men over 50 and those at risk of acquiring the condition since they allow for identification before serious symptoms arise.

The rise in product approvals by the Food and Drug Administration (FDA) is expected to fuel market growth over the forecast period. For instance, the United States Food and Drug Administration (FDA) will approve Novartis' Lu-PSMA-617 in March 2022. It is a radiopharmaceutical treatment for prostate cancer.

Prostate Cancer Antigen 3 (PCA3) Test Market is anticipated to attain Substantial Growth by the end of the Forecast Period

Prostate Cancer is classified into three types of tests: PCA3 TEST, Transrectal Ultrasound, and Biopsy. The prostate cancer antigen 3 (PCA3) test market is expected to grow significantly in developing economies during the forecast period, owing to factors such as rising demand for early detection and a better diagnostic system, rising prevalence of prostate cancer, and an increase in the number of research activities, all of which will contribute to market growth.

The worldwide transrectal ultrasound market is expanding due to a rise in the prevalence and incidence rates of prostate cancer. Furthermore, the increased uses of imaging systems in healthcare facilities, as well as the introduction of new and technologically sophisticated systems into the market, are likely to drive demand for transrectal ultrasound systems throughout the forecast period. Furthermore, high diagnosis rates of benign prostatic hyperplasia, an increase in the frequency of urological illnesses, and an increase in demand for transrectal ultrasonography treatments in Europe are significant drivers driving transrectal ultrasound market expansion.

Growing Older Populations, as well as the shift from non-communicable to Communicable Illnesses, are Driving Growth in the Diagnostics Center Industry
End-users are classified as Hospitals & Clinics, Diagnostics Centers, Research Institutes, and Others. The Diagnostics Centers sector held the most market share. The rising number of patients visiting diagnostics centers, the increasing number of in-house diagnostics procedures conducted, and the growing awareness of the need of early diagnosis are the primary driving forces in this market.

The need for preventative and curative healthcare will increase by 2023. Innovative technology, such as robotic process automation, has arisen as a natural answer at high-end diagnostics centers, along with digitalization, to fill skill gaps in lab technicians and employees, as well as it increases precision and speed of results. To support these advancements, modern technology and tools have had a very beneficial influence on the diagnostics services industry.

North America will lead in Prostate Cancer Diagnostics Market in upcoming Years

Based on Region, the prostate cancer diagnostics market are segmented into Northern Europe, Western Europe, South Europe, Eastern Europe, Micronesia, Melanesia, 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, Australia and Caribbean. The increased prevalence of prostate cancer in the United States is predicted to fuel growth in the prostate cancer testing market in the United States. Furthermore, corporate leaders are focusing on developing a thorough grasp of the prostate cancer industry in order to fulfill unmet requirements in clinical research.

Asia-Pacific nations are predicted to expand at the fastest CAGR during the forecast period, as the demand for prostate cancer diagnostics products is growing rapidly due to urbanization. China is predicted to lead the Asia-Pacific prostate cancer diagnostics market due to its big population and hence greater total number of tests than other countries in the area.

Competitive Landscape

The major companies providing Asia-Pacific prostate cancer diagnostics market report 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.

RSIP Vision offered a new prostate MRI-to-ultrasound registration technology in May 2021, which allows MRI-to-ultrasound registration utilizing regular MRI scans and trans-rectal ultrasound pictures.

Paige got USFDA permission in September 2021 for the de novo sale of PaigeProsate, a clinical-grade AI system for prostate cancer diagnosis.
Myovant teamed with Pfizer in January 2021 to sell their prostate cancer medicine Orgovyx (relugolix), which was authorized in December 2020.

Renub Research latest report “Prostate Cancer Diagnostics Market Global Forecast by Diagnosis Type (preliminary test and confirmatory test), Test Type (PCA3, Trans-rectal Ultrasound, Biopsy), End Users (Hospitals & Clinics, Diagnostics Centers, Research Institute, Others), Regions (Northern Europe, Western Europe, South Europe, Eastern Europe, Micronesia, Melanesia, 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, Australia and Caribbean), Company Analysis (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.)"" provides a complete analysis of Prostate Cancer Diagnostics Industry.

Diagnosis Type – Market breakup from 2 viewpoints

1. Preliminary Screening Test
2. Confirmatory Test

Test Type – Market breakup from 3 viewpoints

1. PCA3
2. Trans-rectal Ultrasound
3. Biopsy

End-Users – Market breakup from 4 viewpoints

1. Hospitals& Clinics
2. Diagnostic Centers
3. Research institute
4. Others

Regions – Market breakup by 20 Countries

1. Northern Europe
2. Western Europe
3. South Europe
4. Eastern Europe
5. Micronesia
6. Melanesia
7. North America
8. South America
9. Central America
10. Middle Africa
11. Western Africa
12. Eastern Africa
13. North Africa
14. South Africa
15. South central Asia
16. Southeast Asia
17. Eastern Asia
18. Western Asia
19. Australia
20. Caribbean

All companies have been covered with 3 viewpoints

• Overviews
• Recent Developments
• Revenues

Company Analysis:-

1. Myriad Genetics, Inc.
2. Abbott Laboratories
3. F. Hoffman-La Roche AG
4. Siemens Healthiness AG
5. OPKO Health, Inc.
6. AstraZeneca
7. Bayer AG
8. Sanofi-Aventis
9. Thermo Fisher Scientific
10. Hologic, Inc