Prostate Cancer Diagnostics Market Analysis
Global Prostate Cancer Diagnostics Market reached a value of US$ 4.17 Billion in 2023 and is expected to grow at a CAGR of 12.35% from 2024 to 2032, reaching an estimated US$ 11.89 Billion by 2032.
Prostate cancer is a type of cancer that develops in the prostate gland, which is part of the male reproductive system. It is one of the most common cancers among men. Symptoms may include difficulty urinating, blood in the urine or semen, erectile dysfunction, and pain in the hips, back, or chest. Early detection through regular screenings and treatment options like surgery, radiation therapy, and hormone therapy can improve outcomes. The increasing prevalence of prostate cancer is driving the market's growth. According to a publication by the American Society of Clinical Oncology (ASCO) in March 2023, prostate cancer is the most common cancer among males. It is estimated that 288,300 males will be diagnosed with prostate cancer in 2023.
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The increase in the global elderly population is expected to lead to a higher demand for prostate cancer diagnostics since men over 60 are at a higher risk of developing prostate cancer. According to a paper released in May 2023 by the American Society of Clinical Oncology, prostate cancer primarily affects older men, with the median age of diagnosis being 66 years. In fact, males over 65 account for 60% of patients, while those over 75 make up 20% of the patient population. Furthermore, a paper issued by the WHO in October 2023 predicts that by 2050, there will be 2.1 billion individuals over 60.
Growth Driver of the Prostate Cancer Market
Advancements in Imaging Technologies: Innovations in imaging modalities like MRI, PET-CT, and multiparametric MRI are transforming prostate cancer diagnostics by enhancing accuracy in detection and staging. MRI provides detailed images of the prostate gland, aiding in the identification of suspicious lesions and guiding biopsy procedures. PET-CT combines functional and anatomical information, enabling precise localization of cancerous tissues and assessment of metastatic spread. Multiparametric MRI integrates multiple imaging sequences to assess different aspects of prostate tissue, improving diagnostic specificity. These advancements allow clinicians to make more informed decisions regarding treatment planning and monitoring, driving adoption of advanced imaging technologies in clinical practice. As healthcare providers prioritize accurate diagnosis and personalized treatment approaches, the demand for innovative imaging modalities continues to fuel market growth in prostate cancer diagnostics.
The aging population is increasing: The increasing prevalence of an aging population has led to a significant rise in the demand for prostate cancer diagnostics. Prostate cancer predominantly impacts older men, and with the global senior population expanding, the number of individuals at risk for prostate cancer is also increasing. As a result, there is a growing need for prostate cancer diagnostics due to the regular screenings and examinations that are often conducted among the elderly population.
The frequency of prostate cancer cases is increasing rapidly: The rising incidence of prostate cancer can be attributed to a variety of factors, including lifestyle changes, environmental influences, and genetic susceptibilities. As awareness of the disease grows and the importance of early detection becomes more widely recognized, there has been a noticeable uptick in the number of individuals seeking out comprehensive diagnostic assessments. This heightened demand has underscored the need for state-of-the-art and precise diagnostic tools and equipment.
North America Prostate Cancer Diagnostics Market
North America is the leading global stakeholder in the market for prostate cancer diagnostics. Prostate cancer poses a significant health challenge in the region, driving the demand for advanced detection tools as the disease becomes more prevalent. Government initiatives in North America play a pivotal role in bolstering the market. The National Cancer Institute (NCI) in the United States has launched various projects to enhance research endeavors aimed at early detection and treatment of prostate cancer. Notably, the Biomarkers Research Groups under these initiatives support studies focused on identifying biomarkers that could aid in the detection and treatment of prostate cancer. These efforts are instrumental in identifying new biomarkers and enhancing their clinical significance in the identification and monitoring of the disease.
Prostate Cancer Diagnostics Company Overview
- Hoffman-La Roche AG, Bayer AG, Thermo Fisher Scientific Inc., Abbott Laboratories Inc., Siemens Healthineers AG, Becton Dickinson and Company, Agilent Technologies Inc., Hologic Inc., Qiagen N.V., OPKO Health Inc. are among the industry leaders in the Global Prostate Cancer Diagnostics Market.
Prostate Cancer Diagnostics Market News
MDxHealth SA partnered with the University of Oxford in September 2023. The partnership seeks to investigate the relationship between the Genomic Prostate Score (GPS) test and the advancement of prostate cancer following localized prostate cancer treatment.
The U.S. Food and Drug Administration (FDA) authorized FoundationOneCDx in August 2023 as a supplemental diagnostic for Janssen's AKEEGA (niraparib and abiraterone acetate Dual Action Tablet). Only patients with metastatic castration-resistant prostate cancer that is BRCA-positive are eligible for this approval.
Through its specialized pathology division, Quest Diagnostics created the AmeriPath test, a novel prostate cancer biomarker, in July 2023. The business worked with the Australian clinical diagnostics company Envision Sciences Pty Ltd.
In March 2023, Qritive, a Singapore-based provider of diagnostic tools, unveiled QAi Prostate, a state-of-the-art AI-powered prostate cancer diagnosis tool for pathologists. Among these are advanced machine learning algorithms that can identify the location of prostate cancer by analyzing whole slide images from prostate core needle biopsies. With this instrument, pathologists can diagnose patients more quickly and accurately.
Type – Market breakup in 4 viewpoints:
- Benign Prostatic Hyperplasia
- Prostatic Adenocarcinoma
- Small Cell Carcinoma
- Others
Test Type – Market breakup in 2 viewpoints:
- Preliminary Tests
- Confirmatory Tests
End User – Market breakup in 4 viewpoints:
- Hospitals
- Diagnostic Centers
- Research Institutes
- Others
Country – Market breakup in 25 viewpoints:
- North America
1.1 United States
1.2 Canada
- Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
- Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
- Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
- Middle East Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 South Africa
All the Key players have been covered from 4 Viewpoints:
- Overview
- Recent Development
- Product Portfolio Product Launch in Last 1 Year
- Revenue
Company Analysis:
- F. Hoffman-La Roche AG
- Bayer AG
- Thermo Fisher Scientific Inc.
- Abbott Laboratories Inc.
- Siemens Healthineers AG
- Becton Dickinson and Company
- Agilent Technologies Inc.
- Hologic Inc
- Qiagen N.V.
- OPKO Health Inc.
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