What Has Been the Growth of the Prostate Cancer Diagnostics Market So Far?
The prostate cancer diagnostics market has seen considerable growth due to a variety of factors.
•In recent times, the market size for prostate cancer diagnoses has seen a swift expansion. It's predicted to rise from a value of $4.43 billion recorded in 2024 to a projected $5.03 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 13.6%.
Factors contributing to the growth during the historic period include the rise in the elderly population, enhancements in medical imaging technology, increased awareness and screening initiatives, public health strategies, and advancements in biopsy methods.
What Are the Future Growth Projections for the Prostate Cancer Diagnostics Market?
The prostate cancer diagnostics market is expected to maintain its strong growth trajectory in upcoming years.
• The market for prostate cancer diagnostics is set to experience expedited expansion in the upcoming years, with predictions estimating a value of $8.17 billion by 2029, growing at a compound annual growth rate (CAGR) of 12.9%.
The factors contributing to this surge during the predicted period include the implementation of artificial intelligence (AI), the rise of telemedicine in cancer detection, improvements in genomic profiling, focus on patient-specific approaches, and the use of multiparametric MRI in diagnosis. Key trends forecasted for this period encompass technologies for liquid biopsy, advancements in detecting biomarkers, activities in clinical research and development, integration of digital pathology, and the introduction of multiplex biomarker assays.
What Are The Core Factors Supporting Growth In The Prostate Cancer Diagnostics Market?
The spike in prostate cancer cases is anticipated to bolster the expansion of the prostate cancer diagnostics market. This type of cancer develops in the prostate gland, an organ found in both male and female reproductive systems. The detection of prostate cancer is simplified with the assistance of specialized diagnostics, including tests for prostate-specific antigen (PSA), and the utilization of advanced imaging tools. To illustrate, in January 2023, data from the American Cancer Society (ACS)—a US-based, non-profit entity devoted to eradicating cancer—reported roughly 288,300 fresh instances of prostate cancer and approximately 34,700 deaths caused by the disease in 2023. Thus, the escalating commonness of prostate cancer is projected to drive the expansion of the prostate cancer diagnostics market.
What Are The Major Segments Within The Global Prostate Cancer Diagnostics Market?
The prostate cancer diagnostics market covered in this report is segmented –
1) By Products: Instruments, Reagents And Consumables, Accessories
2) By Test Type: Preliminary Tests, Confirmatory Tests
3) By Prostate Cancer: Squamous Cell Cancer, Small Cell Carcinoma, Transitional Cell Cancer, Prostatic Adenocarcinoma, Ductal Adenocarcinoma, Small Cell Prostate Cancer, Acinar Adenocarcinoma
4) By Peer Groups: Adult, Pediatric, Geriatrics
5) By End User: Hospitals, Independent Diagnostic Laboratories, Cancer Research Institutes, Other End-Users
Subsegments:
1) By Instruments: Biopsy Instruments, Imaging Devices, Digital Rectal Examination Tools
2) By Reagents And Consumables: Diagnostic Assay Kits, Staining Reagents, Sample Collection Materials
3) By Accessories: Biopsy Guides, Specimen Handling Accessories, Calibration And Maintenance Tools
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Which Trends Are Expected To Transform The Prostate Cancer Diagnostics Market?
Technological advancements are emerging as a significant trend in the prostate cancer diagnostics market. To maintain their market presence, leading companies in this sector are developing innovative AI-based prostate cancer detection tools. For example, in March 2023, Qritive, a diagnostics tools manufacturer based in Singapore, introduced QAi Prostate. This is a sophisticated AI-assisted tool designed to diagnose prostate cancer for pathologists. It incorporates superior machine learning algorithms that pinpoint the prostatic adenocarcinoma area and examine whole slide images from prostate core needle biopsies. This tool assists pathologists with speedy and precise diagnoses, thereby decreasing the treatment duration.
Who Are the Key Players in the Prostate Cancer Diagnostics Market?
Major companies operating in the prostate cancer diagnostics market include:
• F. Hoffman-La Roche AG
• Bayer AG
• Thermo Fisher Scientific Inc.
• Abbott Laboratories Inc.
• Siemens Healthineers AG
• Becton Dickinson and Company
• Agilent Technologies Inc.
• Hologic Inc
• Biomerieux SA
• Beckman Coulter Inc.
• Qiagen N.V.
• EXACT Sciences Corporation
• Diasorin S.P.A.
• OPKO Health Inc.
• Myriad Genetics Inc.
• Cepheid Inc
• NeoGenomics Laboratories Inc.
• Guardant Health Inc
• GRAIL Inc
• Fujirebio Diagnostics Inc.
• Ambry Genetics Corporation
• MDxHealth SA
• Biocept Inc.
• Blue Earth Therapeutics Ltd
• Exosome Diagnostics Inc.
• Dana-Farber Cancer Institute
• Cellanyx Diagnostics Inc.
• A3P Biomedical AB
What Is The Most Dominant Region In The Prostate Cancer Diagnostics Market?
North America was the largest region in the prostate cancer diagnostics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prostate cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
