According to the latest report by Fact.MR, the global prostate cancer diagnostics market is anticipated to exhibit a steady expansion at 5.3% CAGR during the forecast period 2017 to 2024. In terms of revenues, the market is projected to reach US$ 823.5 Mn in 2017; by 2024 this number is projected to surpass US$ 1,000 Mn.
Diagnosis of prostate cancer is becoming a critical undertaking for medical organizations. Newer treatments on prostate cancer are being developed by considering the scope of diagnostic approach. This emergence of diagnosis-associated treatments on prostate cancer is expected to render higher medical efficiency, providing effective outputs at minimal healthcare spending.
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Through and through, medical organizations are scanning key criteria associated with diagnosis of prostate cancer, tracking parameters such as age of the patient, ethnicity, family medical history, and diet. Considering the sensitivity of organs in the prostate area, patients are also adopting non-invasive diagnosis tests, which is ultimately impacting the products sold in the global market for prostate cancer diagnostics.
Advancements in technology for finding newer techniques for treatment & diagnostics of prostate cancer, changing lifestyles of people across the globe, and the rise in funding from both private as well as public sector in the development of drugs are some factors influencing growth of the global prostate cancer diagnostics market. Serum-based market testing is being widely adopted for prostate cancer diagnostics. In order to enhance the test’s sensitivity, it is being evaluated with several other cancer-specific markers.
However, risks related to overtreatment and over-diagnosis of PSA screening is expected to incur challenges to growth of the global prostate cancer diagnostics market. However factors such as, high cost of treatment, surgical-associated risks such as blood clots, strokes, and heart attacks, and surgical side effects such as urinary incontinence & impotence are expected to curb growth of the market over the forecast period.
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5 Estimations from Fact.MR’s Report on the Global Prostate Cancer Diagnostics Market
- North America will continue to be the most lucrative region in the global prostate cancer diagnostics market, in terms of revenues. The prostate cancer diagnostics market in North America and Europe are expected to exhibit similar CAGRs through 2024.
- The market in Asia-Pacific excluding Japan (APEJ) is expected to register the fastest expansion through 2024. In contrast, prostate cancer diagnostics market in Middle East & Africa will continue to register a sluggish expansion during the forecast period.
- PSA tests will continue to be the largest adopted tests for diagnosis of prostate cancer across the globe. PSA test segment is projected to register the highest CAGR in the market through 2024.
- Hospital-associated labs are expected to remain the largest end-users of prostate cancer diagnostics in the global market, however revenues from prostate cancer diagnostics in hospital-associated labs will register the lowest CAGR in the market through 2024.
- In terms of revenues, cancer research institutes are expected to register the highest CAGR in the market through 2024. Independent diagnostics labs will remain the second largest end users of the prostate cancer diagnostics during the forecast period.
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The report has also profiled key players in the global market for prostate cancer diagnostics, which include Abbott Laboratories, AstraZeneca plc., Bayer Aktiengesellschaft, Danaher Corporation, Becton, Dickinson and Company, Foundation Medicine, Inc., Cancer Genetics, Inc., Myriad Genetics Inc., Agilent Technologies, and Biocept, Inc.
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