Prostate Cancer Diagnostics Market Growth Will Driven by Rising Number of New Market Entrants

Prostate Cancer Diagnostics Industry Overview

The global prostate cancer diagnostics market size was valued at USD 2.83 billion in 2019 and is anticipated to expand at a CAGR of 13.2% during the forecast period. Increasing prevalence of prostate cancer is one of the major factors propelling the demand for diagnostic products. According to the National Cancer Institute, in the U.S., approximately 174,650 new cases were diagnosed in 2019.

Technological advancements in diagnostic tests are expected to further fuel market growth during the forecast period. According to the National Cancer Institute, researchers are currently testing the use of Artificial Intelligence (AI) to diagnose prostate cancer. AI tools are used for identifying suspicious areas seen during a Magnetic Resonance Imaging (MRI) scan that require biopsies to confirm the presence of malignant cells. Artificial intelligence tools are also being tested in order to improve biopsy sample analysis facilitated to provide more efficient and accurate results.

Gather more insights about the market drivers, restrains and growth of the Global Prostate Cancer Diagnostics Market

Rise in government initiatives to develop new technologies to enhance diagnosis is expected to impact the market positively. For instance, the National Cancer Institute initiated Prostate Specialized Programs of Research Excellence (SPORE)-a program designed to convert scientific findings into clinical settings based outcomes. The institute also facilitates the development of new technologies and studies to gain a better understanding of monitoring, prevention, diagnosis, and treatment.

The rising number of new market entrants is another factor anticipated to fuel the growth of the prostate cancer diagnostics market in near future. For instance, in July 2018, Gregor Diagnostics, invested USD 9,00,000 to support its efforts to develop a novel at-home screening test. This device is expected to facilitate highly sensitive test results in comparison to common PSA tests. Thus, increasing investment by new entrants is expected to drive the growth significantly. However, the high cost of the tests is anticipated to hinder growth.

Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.

• Biomarkers Market - The global biomarkers market size was valued at USD 51.18 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 14.2% from 2021 to 2028. The increasing prevalence of chronic diseases, advancements in the techniques used for the development of biomarker-based diagnostics, and the growing geriatric population are the key factors projected to boost the market growth over the forecast period.
  

• Biopsy Devices Market - The global biopsy devices market size was estimated at USD 1.0 billion in 2016. Growing prevalence of cancer worldwide and the presence of untapped opportunities in emerging economies, especially of Asia Pacific, along with improving healthcare infrastructure in these regions are among the key trends stoking market growth. Surging demand for effective diagnostic procedures for cancer is also expected to work in favor of the market.

Prostate Cancer Diagnostics Market Segmentation

Grand View Research has segmented the global prostate cancer diagnostics market based on test type and region:

• Prostate Cancer Diagnostics Test Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Preliminary Tests

  • Confirmatory Tests

    • PCA3 Tests

    • Trans-rectal Ultrasound

    • Biopsy

• Prostate Cancer Diagnostics Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa (MEA)

Market Share Insights

• June 2018: MDxHealth announced an agreement with Philips for the rights to manufacture and commercialize Philips’ prognostic biomarker phosphodiesterase-4D7 phosphodiesterase-4D7 as a prognostic test for the diagnosis. This agreement is intended to aid MDxHealth to prepare for the launch of InformMDx test commercially.
  

• February 2018: Genomic Health Inc. launched Oncotype DX AR-V7 Nucleus Detect liquid biopsy test in U.S.

Key Companies profiled:

Some prominent players in the global prostate cancer diagnostics market include

• MDx Health

• Myriad Genetics, Inc.

• Abbott Laboratories

• Hoffman-La Roche AG

• Siemens Healthineers AG

• OPKO Health, Inc

• Genomic Health

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