The global prostate cancer diagnostics market is estimated at a value of US$ 4.18 billion in 2024. As per this recently published report by Fact.MR, worldwide revenue from prostate cancer diagnostics is projected to rise at a CAGR of 10% and reach US$ 10.84 billion by 2034.
Rising awareness about the significance of cancer detection has driven the demand for diagnostic tests, particularly in the prostate cancer diagnostics market. Technological advancements, such as the emergence of imaging methods and biomarkers, have significantly contributed to the market’s development.
Government and non-profit organizations have initiated several awareness campaigns, which are also expected to boost the market. For instance, September is recognized as World Prostate Cancer Awareness Month, highlighting the importance of early detection and diagnosis. With numerous effective screening options now available globally, survival rates for prostate cancer are promising.
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The growth of the prostate cancer diagnostics market is mainly driven by factors like the increasing use of generic drugs. Additionally, heightened awareness of treatment options and increased research and development (R&D) investments by pharmaceutical companies are expected to propel market demand.
Technological progress in cancer diagnostic tests, including AI-based solutions, is forecasted to further fuel market development throughout the coming years. For instance, AI tools are currently being tested to help identify suspicious areas during magnetic resonance imaging (MRI) scans, which then require biopsies to confirm the presence of malignant cells, according to the National Cancer Institute.
Furthermore, increasing government efforts to develop new technologies to improve diagnostics are anticipated to positively impact the market. The National Cancer Institute’s Prostate Specialized Research Program (SPORE) is one such initiative, focusing on translating scientific research into clinical applications. The program also promotes the development of new technologies, aiming to enhance the understanding of prostate cancer surveillance, prevention, diagnosis, and treatment.
The rise of new market entrants is another factor contributing to the growth of the prostate cancer diagnostics industry.
Key Takeaways:
- China’s prostate cancer diagnostics market is expected to contribute 40% of global market revenue.
- The hospital segment, based on end users, is projected to grow at an 8% CAGR from 2021 to 2031.
- The U.S. prostate cancer diagnostics market is anticipated to grow at a 9% CAGR by 2031.
- The circulating tumor cells (CTC) segment reached USD 141 million by the end of 2021 in the global prostate cancer diagnostics market.
- The prostate-specific antigen (PSA) segment surpassed USD 270 million by 2021 in the global prostate cancer diagnostics market.
Growth Drivers:
- The development of biomarker tests, liquid biopsy tests, and advanced imaging techniques such as MRI and PET scans is expected to drive demand.
- Government initiatives aimed at providing access to screening and diagnostic tests will likely support market growth.
Restraints:
- Some patients may opt for alternative screening methods, such as herbal supplements or dietary changes, which could dampen demand.
- Prostate cancer diagnostic tests are not always accurate, with the potential for false positives, leading to unnecessary anxiety.
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Competitive Landscape:
Key players in the global prostate cancer diagnostics market are investing heavily in research and development to expand their product portfolios. This investment is expected to support further market growth.
Companies are employing various strategies to increase their global presence, including product launches, acquisitions, contractual agreements, mergers, investments, and partnerships with other organizations.
In a highly competitive and growing market environment, industry participants are focusing on offering cost-effective products to expand and strengthen their market positions.
For example:
- In March 2022, the U.S. Food and Drug Administration (FDA) approved Pluvicto, enabling Novartis to provide a treatment option for patients with castration-resistant prostate cancer, an advanced form of the disease.
- In June 2018, MDxHealth entered into an agreement with Philips to commercialize and manufacture the Phosphodiesterase-4D7 diagnostic prognostic test.
- In February 2018, Genomic Health Inc. launched Oncotype, a liquid biopsy test, in the U.S.
Key Companies Profiled by Fact.MR:
- Abbott Laboratories
- Biocept Inc.
- AstraZeneca Plc.
- Vyant Bio Inc.
- Danaher Corporation
- Bayer Aktiengesellschaft
- Becton Dickinson and Company
- Agilent Technologies
- Foundation Medicine Inc.
- Myriad Genetics Inc.