Surging Treatment and Diagnostic Advancements are Estimated to Boost the Growth for Prostate Cancer Diagnostics Market

According to CDC Morbidity and Mortality Weekly Report, the percentage of patients diagnosed with Metastatic Prostate cancer increase from 4% to 8% in the U.S. between 2003-2017. The high incidence rate of prostate cancer has lifted the adoption of prostate cancer diagnostics. Therefore, the global prostate cancer diagnostics market is estimated to increase rapidly in the near future.

Data Bridge Market Research analyses that the Prostate Cancer Diagnostics Market is expected to grow at a CAGR of 6.3% in the forecast period of 2021 to 2028 and is expected to reach USD 15,191.03 million by 2028. The surge in research and development activities of prostate cancer diagnosis is increasing with various institutes making advancements in the diagnostic product by modifying instruments or making new products. This increase in the research and development will expected to boost the market and act as driver for the global prostate cancer diagnostics products.

Key Findings of the Study

• The prostate cancer diagnostics market is anticipated to reach a value of USD 8,255.27 million by 2028, with a CAGR of around 13.2% during the forecast period from 2021 to 2028.
• North America dominated the prostate cancer diagnostics market in 2021 due to the high awareness towards health and availability of state-of-the-art facilities for diagnosis.
• The preliminary screening tests segment is expected to dominate the market with 76.4% market share. The number of preliminary screening tests conducted annually surpasses other tests by significant numbers, which is expected to boost the prostate cancer diagnostics market growth.
• The prostate cancer diagnostics market was negatively affected by COVID-19 outbreak. The lockdown restriction by government to curb the COVID-19, led to the emergence of various challenges such as the halt of various operations, postponement of non-essential surgeries, and others.
• Asia-Pacific is expected to register lucrative growth over the forecast period of owing to the large geriatric population and expanding healthcare infrastructure and also due to the rising investments.

Increasing Geriatric Population Will Drive the Market's Growth Rate over the Forecasted Period

The development of prostate cancer in closely linked with the age, with the increasing geriatric population there is a significant increase in the incidence cases for prostate cancer. This will increase the demand for the diagnostics product to detect the disease and is expected to act as a driver for the market.

Report Scope and Market Segmentation

Segment Analysis:

The prostate cancer diagnostics market is segmented on the basis of product type, diagnostics type, age group, type, stage, sample type, end users and distribution channel.

• On the basis of product type, the prostate cancer diagnostics market is segmented into instruments, reagents and consumables and accessories. The reagents and consumables segment is expected to dominate the market with 75.5% market share as prostate-specific antigen (PSA) is the primary test recommended for preliminary testing. PSA measures protein made by cells in the prostate gland. High PSA levels in blood may be an indicator of prostate cancer with availability of PSA screening and ease of transportation and storage of samples.

• On the basis of diagnostics type, the prostate cancer diagnostics market is segmented into preliminary screening tests and confirmatory tests. In 2021, preliminary screening tests segment is expected to dominate the market with 76.4% market share. The large share of this segment can be attributed primarily due to the number of preliminary screening tests conducted annually surpasses other tests by significant numbers.
• On the basis of age group, the prostate cancer diagnostics market is segmented into adult, pediatric and geriatrics. In 2021, geriatrics segment is expected to dominate the market with 84.4% market share as around 60% of cases are diagnosed in men over 65 year of age. The average age of prostate cancer diagnostics is 66 years. The disease rarely occurs in those younger than 40. The number of new cases diagnosed in black men is 60% higher than to the number of new cases diagnosed in white men.
• On the basis of type, the prostate cancer diagnostics market is segmented into prostatic adenocarcinoma, small cell carcinoma and others.

In 2021, Prostatic Adenocarcinoma Segment is expected to Dominate the Market with 94.5% Market share

In 2021, prostatic adenocarcinoma segment is expected to dominate the market with 94.5% market share because more than 95% of prostate cancers are adenocarcinomas which develop in the gland cells and line of the prostate gland. Nearly, all the men with prostate cancer have this type. It is the second leading cause of cancer-related death in men. Once the cancer reaches a certain stage, the abnormal cells spread to other parts of the body, causing metastasis, leading to dominating the market segment. 

• On the basis of stage, the prostate cancer diagnostics market is segmented into localized prostate cancer, recurrent/advanced prostate cancer and castration-resistant prostate cancer (metastatic and non-metastatic). In 2021, localized prostate cancer segment is expected to dominate the market with 76.5% market share. The large share of this segment can be attributed primarily because approximately 80- 85 percent of all prostate cancers are detected in the local or regional stages which represent stages I, II and III. Most of the men diagnosed and treated at the local or regional stages will be disease-free after five years.
• On the basis of sample type, the prostate cancer diagnostics market is segmented into blood, tissue, urine and others. In 2021, blood segment is expected to dominate the market with 78.7% market share easy availability of blood, less complex procedure of blood sample collection doesn't take much time which is expected to dominate the prostate cancer diagnostics market.
• On the basis of end users, the prostate cancer diagnostics market is segmented into independent diagnostic laboratories, hospitals, cancer research institutes, clinics, ambulatory surgical centers and others.

In 2021, Independent Diagnostic Laboratories Segment is expected to Dominate the Market with 67.6% market share

In 2021, the independent diagnostic laboratories segment is expected to dominate the market with 67.6% market share as this segment is specialized in conducting various prostate cancer diagnostics. Moreover, the independent diagnostic laboratories enable the facilitation of robust, on-time, cost-effective and high quality diagnostic care and services in safe healthcare environment and are convenient for consulting physician/healthcare institution to outsource bulk diagnostics tests to independent diagnostic laboratories for better customer services.  

• On the basis of distribution type, the prostate cancer diagnostics market is segmented into direct tender and retail sales. The direct tender segment is expected to dominate the market with 79.2% market share as they are the primary source of procurement of reagents, consumables, devices and accessories by healthcare organizations and diagnostic labs. With the increasing cost of healthcare, healthcare service providers are focusing on better services for customers along with reducing the overall cost. The procurement of products through direct tender is highly cost effective for healthcare providers.  

Major Players

Data Bridge Market Research recognizes the following companies as the major prostate cancer diagnostics market players in prostate cancer diagnostics market are F. Hoffmann-La Roche Ltd (Switzerland) ACON Laboratories, Inc. (U.S.), Genomic Health, Inc. (U.S.), bioMérieux (France), Metamark Genetics, Inc. (U.S.), Prostatype Genomics (Sweden), Fujirebio (Japan), Proteomedix (Switzerland) and Eurolyser Diagnostica GmbH (Austria)

Market Development

• In March 2020, Siemens and the Marienhaus Hospital Group declared 10 years of cooperation. This relationship would benefit the diagnostics business in the long run. This deal would upgrade the company's financials as well.
• On February, 2021, Johnson & Johnson announced the results from the final analysis of the Phase 3 TITAN study. When compared to placebo plus ADT, the results showed that adding ERLEADA® (apalutamide) to androgen deprivation therapy (ADT) resulted in a statistically significant improvement in overall survival (O.S.) in patients with metastatic castration-sensitive prostate cancer (mCSPC). The findings will be presented orally at the Genitourinary (ASCO GU) Cancers Symposium of the American Society of Clinical Oncology.
• On June 13, 2019, The New York State Department of Health has granted Bio-Techne a clinical laboratory permission to deliver its ExoDx Prostate IntelliScore (EPI) test in New York, giving a crucial tool to help Urologists rule out unnecessary prostate biopsies. In 2017, the EPI test was introduced in the United States. Exosome Diagnostics' CLIA-accredited laboratory has processed over 25,000 tests since then. In individuals with an ambiguous PSA test result, the EPI test aids clinicians in deciding the need for a prostate biopsy. Thanks to this permission, the EPI test is now available to Urologists in New York State. A substantial percentage of diagnostic test specimens in the United States come from New York.
• In January 2021, FUJIFILM Corporation opened NURA, a medical screening centre specialising in cancer screening In Bangalore, India. FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty's Healthcare run this medical screening centre (DKH). FUJIFILM DKH LLP (FUJIFILM DKH) is a joint venture between FUJIFILM and Dr. Kutty's Healthcare (DKH), which owns and operates hospitals and screening facilities in India and the Middle East.
• In August 2021, RiskScore is a cancer assessment tool developed by Myriad Genetics Inc. to enhance patient outcomes and eliminate healthcare inequities. A combination of genetic markers, patient history, biochemical and clinical factors, and ancestry-specific data yielded the results.

Regional Analysis

Geographically, the countries covered in the prostate cancer diagnostics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the Dominant Region in Prostate Cancer Diagnostics Market During the Forecast Period 2021 - 2028

In 2021, North America dominated the prostate cancer diagnostics market owing to the due to the rising investments in prostate cancer diagnosis during the forecast period. Additionally, the U.S. is dominating the North America market due to high awareness towards health and availability of state-of-the-art facilities for diagnosis are expected to further enhance the market's growth rate in this region. 

Asia-Pacific is Estimated to be the Fastest Growing Region in Prostate Cancer Diagnostics Market the forecast period 2021 - 2028

Asia-Pacific is expected to grow during the forecast period due to a large population and expanding healthcare infrastructure and also due to the rising investments in this region. China is dominating in the region with a large population and developing healthcare infrastructure and also due to the increasing investments.

COVID-19 Impact Analysis

However, the prostate cancer diagnostics market was negatively affected by the outbreak of COVID-19.  The imposition of the lockdown and social distancing restrictions by the government to curb the COVID-19 pandemic outbreak led to the emergence of various challenges such as the halt of various operations, stifling business growth, suspensions of new developments and even postponement of non-essential treatment and diagnosis procedures (cancer diagnoses to be delayed for a more extended period of time), which negatively impacted the market. It has also influenced the logistics and supply of cancer diagnosis test kits and other items, resulting in minor market disruption.

Several hospitals and clinics have seen a decrease in patient visits as a result of COVID-19, resulting in reduced client engagement. Moreover, with the increased admission of COVID-19 patients in hospitals, there were reserved hospital beds and patient care staff to COVID-19 patient care, as the COVID patients are diagnosed and treated on priority. Furthermore, the COVID-19 situation has caused numerous cancer tests to be delayed. There is a scarcity of medical care for disorders other than COVID-19 around the world, which has had a negative impact on the cancer diagnostics business. Thus, the prostate cancer diagnostics market will negatively impact COVID-19.

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