Prostate Cancer Diagnostics: Introduction
- Prostate cancer is the cancer of the prostate gland, which is a part of the male reproductive system. Prostate cancer is an abnormal and uncontrolled growth of cells in the prostate gland of a male. It is the second-most common cancer, after skin cancer, occurring in men.
- It is prevalent in geriatric men over the age of 50
- New product launches and acquisitions are current market strategies adopted by leading players in order to consolidate their position in the market
Key Drivers of Global Prostate Cancer Diagnostics Market
- Increased prevalence of prostate cancer, growing awareness among people, rising treatment demand, and availability of new treatments are key drivers boosting the prostate cancer diagnostics market
- Prostate cancer is more common in adults over the age of 50. Hence, an increase in the geriatric population fuels the market.
- Government initiatives, rise in awareness about prostate cancer & available treatments, and progressive healthcare services due to a surge in healthcare expenditure are projected to propel the global market
- However, cancer being an asymptomatic disease in the initial stage needs accurate diagnosis at an early stage. Inaccurate and unaffordable diagnosis is likely to hamper the global market.
Preliminary Test Segment to Dominate Global Market
- In terms of test type, the global prostate cancer diagnostics market can be divided into preliminary tests and confirmatory tests. The confirmatory tests segment can be further sub-segmented into PCA3 tests, trans-rectal ultrasound, and biopsy.
- The preliminary tests segment accounted for a prominent share of the market in 2019 owing to easy availably of preliminary tests that facilitate early diagnoses of prostate cancer
Hospitals to be Highly Lucrative Segment
- Based on end-user, the global prostate cancer diagnostics market can be categorized into hospitals, clinics, cancer centers, and others
- The hospitals segment is likely to account for a major share of the global prostate cancer diagnostics market by 2030 due to an increase in hospitalization for prostate cancer
North America to Offer Significant Opportunities in Prostate Cancer Diagnostics Market
- In terms of region, the global prostate cancer diagnostics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America accounted for a major share of the global market in 2019 owing to an increase in incidence of prostate cancer, innovative healthcare solutions, advanced healthcare infrastructure, and rise in concerns about prostate issues. According to the American Society of Clinical Oncology (ASCO), prostate cancer is the second-most prominent cause of death among men suffering from various cancer types in the U.S. Europe accounted for a notable share of the global market in 2019.
- The prostate cancer diagnostics market in Asia Pacific is projected to expand at a high CAGR during the forecast period. This is attributed to a rise in awareness about prostate disease and innovative diagnostic & treatment options. Major players find countries in Asia to be lucrative markets for prostate cancer diagnostics and hence, are making significant investments.
Key Players Operating in Global Prostate Cancer Diagnostics Market
The global prostate cancer diagnostics market is semi-consolidated, with the presence of international and local players. Key players operating in the global prostate cancer diagnostics market are:
- MDx Health
- Myriad Genetics, Inc.
- Abbott Laboratories
- F. Hoffman-La Roche AG
- Genomic Health
- Siemens Healthcare GmbH
- OPKO Health, Inc.
- Beckman Coulter, Inc.
- Biomérieux SA
- Diasorin S.P.A.
Global Prostate Cancer Diagnostics Market: Research Scope
Global Prostate Cancer Diagnostics Market, by Test Type
- Preliminary Tests
- Confirmatory Tests
- PCA3 Tests
- Trans-rectal Ultrasound
Global Prostate Cancer Diagnostics Market, by End-user
- Cancer Centers