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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.