Prostate Cancer Diagnostics Market Size, Share & Trends 2031

Report Description

Prostate Cancer Diagnostics Market Outlook 2031

The Prostate Cancer Diagnostics Market size was USD 8.10 Billion in 2022 and is likely to reach USD 13.95 Billion by 2031, expanding at a CAGR of 6.23% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing prevalence of prostate cancer.

Prostate cancer diagnostics play a significant role in the early detection and efficient management of the disease. It uses instruments, reagents & consumables, and accessories. The preliminary diagnosis of prostate cancer with PSA testing does not necessarily require confirmatory tests for cancer detection. The diagnostics has various benefits such as early detection of prostate cancer at minimum stages and thereby helps people to achieve efficient health management.

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This type of diagnostics is gaining significant traction across the globe, especially in emerging markets having high standards of the healthcare system. If the preliminary test for prostate cancer tests positive, the confirmatory tests consist of PCA3 tests and biopsy amongst others.

During the biopsy session, the doctors has to examine the prostate cancer with imaging tests such as transrectal ultrasound (TRUS) or MRI, or by combining both the imaging techniques. According to the National Cancer Institute, in 2019, in the US alone, approximately 174,650 new cases were diagnosed with prostate cancer.

According to the National Cancer Institute (NCI), researchers are currently focusing on the use of artificial intelligence (AI) to diagnose prostate cancer. AI tools are utilized in the identification of suspicious areas during a Magnetic Resonance Imaging (MRI) scans, requires biopsies to confirm the presence of malignant cells. These tools are being tested in order to enhance the biopsy sample analysis facilitated to offer more efficient and accurate results.

The NCI initiated a program called Prostate Specialized Programs of Research Excellence (SPORE), which was designed for conversion of scientific findings into clinical settings-based outcomes. Additionally, the organization facilitates the development of advanced technologies and studies to have a better understanding of monitoring, prevention, diagnosis, and treatment.

Prostate Cancer Diagnostics Market Drivers, Restraints, Trends, and Opportunities

• Recent technological advancements in the diagnostic test and devices are projected to drive the market growth during the forecast period.
• Growing consumer awareness regarding early detection and the presence of advanced methodologies in cancer diagnostics are fueling the market growth during the forecast period.
• Rising government initiatives to develop new technologies for enhanced diagnosis is projected to positively impact the market growth.
• Growing number of new entrants and their increasing investment in the market present key factors estimated to spur the prostate cancer diagnostics market during the forecast period.
• High cost of the cancer test and lack of advanced healthcare facilities especially in developing countries are projected to hamper the market growth.
• The outbreak of COVID-19 pandemic has adversely impacted the cancer diagnosis and treatment care owing to the obstacles in diagnostic procedures and surgical procedures. However, as per several studies, cancer patients developing the condition of prostate cancer are more susceptible to coronavirus than people without cancer, as they are in an immunosuppressive state owing to the malignancy and anticancer treatment.

Scope of The Prostate Cancer Diagnostics Market Report

The report on the global prostate cancer diagnostics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Prostate Cancer Diagnostics Market Segment Insights

Preliminary test segment projected to constitute a considerable market share

On the basis of test types, the market is bifurcated into preliminary and confirmatory. The confirmatory segment is further divided into PCA3, trans-rectal ultrasound, and biopsy. The preliminary test segment is projected to constitute a considerable market share during the forecast period owing to the increase in prevalence of prostate cancer worldwide.

According to the American Institute for Cancer Research, availability of prostate-specific antigen (PSA) screening has resulted in the early diagnosis and treatment; thereby, increasing the survival rates. Additionally, PSA tests detect small tumors that may or may not develop into the stage of cancer. The PSA tests facilitate detection before the appearance of major symptoms; therefore, they are recommended to most of the male population over the age of 50 and to those who are at a risk of developing the disease.

Some of the other preliminary test include the Digital Rectal Exam (DRE) and biomarker tests. The DRE test detects hard, lumpy, and abnormal growth of the prostate gland. However, the results obtained are not accurate as the tests depend on the skills and abilities of the technician.

Thus, it requires further tests such as PSA and biopsy. Biomarkers help to distinguish between significant and insignificant cancers as well as help to identify the aggressive cancers in men who undergo surgery. These facts indicate the growing awareness of people, and facilitates the early detection and treatment, boosting the market growth.

Meanwhile, the confirmatory test segment is anticipated to register a substantial CAGR during the forecast period due to wide adoption of the test type. If the results of the preliminary test are abnormal, further diagnosis requires the patient to undergo confirmatory tests. Failure of the preliminary test is leading to significant increase in the use of confirmatory tests, which is projected to further boost the segment growth.

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North America anticipated to represent a significant market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to represent a significant market share during the forecast period owing to the increasing prevalence of the disease and the rise in government initiatives to ensure early diagnosis in the region. For instance, the NCI has introduced several initiatives to enhance research efforts for early detection and treatment. Some of their program reports include Cancer Biomarkers Research Group, which promotes reports on biomarkers.

Moreover the increase in product approvals by the US Food and Drug Administration (FDA) is projected to fuel the market growth during the forecast period. For instance, in October 2019, Cleveland Diagnostics Inc. received FDA Breakthrough Device Designation for its product IsoPSA Assay. It is a novel non-invasive blood based diagnostic assay for the detection of the disease.

Furthermore, rising disease prevalence in the region is another key factor projected to spur the demand during the forecast period. According to the American Institute for Cancer Research states, prostate cancer remained the second most commonly occurring cancer among men in the U.S. as nearly 1.3 million prostate cancer cases were diagnosed in the year 2018 in the US. Thus, the growing incidence of prostate cancer is estimated to spur the market growth during the forecast period.

The market in Europe, however, is expected to expand at a healthy CAGR during the forecast period. The European Association of Urology initiated an awareness program in 2019 called, European Prostate Cancer Awareness program to raise awareness about early detection and prevention from acute cancer. The awareness program covered several topics including over-diagnosis, over-treatment, and consequences of late detection.

Additionally, the growing prevalence of cancer diseases in Europe is projected to boost the demand. As per a data by the European Association of Urology states, over 2 million men in Europe were diagnosed with prostate cancer in 2018 with nearly 92,000 deaths each year. The yearly costs for the treatment of the disease accounts to USD 10.6 billion.

Meanwhile, the market in Asia Pacific is anticipated to expand at a high CAGR during the forecast period owing to the rising awareness regarding the benefits of diagnostics and growing number of cancer patients. As per the data from the International Agency for Cancer Research states, over 297,215 individuals were diagnosed with prostate cancer in Asia in 2018.

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