Global Prostate-specific Antigen (PSA) Testing Market: Overview
Prostate-specific antigen (PSA) is a type of protein exclusively secreted by epithelial prostatic cells and is a valuable tumor marker for prostate cancer. Though not a prostate-specific molecule, its elevated presence in blood serum is used to detect prostate cancer among men. Increased levels of PSA are associated with prostatitis, an inflammation of the prostate gland, or is indicative of benign form of prostatic hyperplasia. The PSA testing, in conjunction with a digital rectal exam (DRE), is used to test asymptomatic men for prostate cancer. The PSA screening has gained popularity amongst clinicians and healthcare providers to detect possible cases of prostate cancer and help them determine the nature of the problem.
The symptoms of prostate cancer may differ in each men and the PSA level in most healthy men lies below 4 ng/mL, and any value above this has been conventionally accepted as a predictive value for prostate cancer. However, a general consensus lacks on the normal PSA levels among clinicians. Increasing accuracy and specificity of diagnostic tools and markers is a key factor boosting the uptake of the PSA testing.
The report offers a comprehensive insight into the current market status, key drivers and restraints, regulatory landscape, advanced in diagnostic assays, adoption trends among major end users, and competitive landscape. The research study conducted with the help of valuable inputs from a wide spectrum of sources that include global healthcare providers, clinicians, industry experts, regulatory agencies. The analysis takes a closer look at the role of PSA testing in the general decline in the incidence of prostate cancer among demographics, which help the participants to understand the potential of the market.
Global Prostate-specific Antigen (PSA) Testing Market: Trends and Opportunities
The global prostate-specific antigen testing market is primarily propelled by the rising incidence prostate cancer among men, especially in older population with an age over 50 years. In addition, the PSA levels are required to be monitored periodically after the treatment of prostate cancer.
Furthermore, the adoption of serum-based biomarker for the diagnosis of prostate cancer has stimulated the demand for PSA testing. Used in combination with an array of advanced cancer-specific marker, PSA testing has enhanced the accuracy and specificity of the results, boosting the market.
However, overdiagnosis of clinically insignificant prostate cancer, coupled with overstatement of the results, is a major deterrent in the adoption of the prostate-specific antigen testing. Several reimbursement policies in various developed and developing regions cover annual PSA testing among men with age 50 or more. Moreover, PSA testing being included as a part of the annual wellness coverage in developed nations such as the U.S. is expected to create promising opportunities for market players.
Global Prostate-specific Antigen (PSA) Testing Market: Regional Outlook
North America is a prominent market for PSA testing. The substantial demand for PSA screening is driven by the increasing incidence of prostate cancer and the consequent high mortality rate in various developed nations of the region. 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. In addition, advancement in healthcare and increased focus of governments in detection of prostate cancer are anticipated to fuel the regional market.
The Asia Pacific market is anticipated to register an impressive CAGR over the forecast period. The regional growth is attributed to the growing awareness of prostate cancer and the preference of PSA testing as a first-line test for a repeat screening.
Global Prostate-specific Antigen (PSA) Testing Market: Competitive Landscape
In order to stay ahead of the curve, prominent players are launching advanced prostate cancer diagnostic tools and new generation of markers that increases the detection accuracy. Major companies operating in the PSA testing market include Abbott Laboratories, Inc., Boston Scientific Corporation, Bayer AG, Bristol-Myers Squibb Company, Beckman Coulter, Inc., GE Healthcare, Endocare, Inc., Merck & Co., Inc., Medtronic, Inc., and Sanofi-Aventis SA.
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.