According to Fact.MR, the global market for prostate cancer diagnostics was valued at around US$ 3 Bn in 2020 and is projected to expand at a staggering CAGR of over 10% through 2031. The market is expected to surpass a staggering value of US$ 8 Bn by 2031.
Awareness regarding regular check-ups and early treatments is driving the market for prostate cancer diagnostics. Additionally, absence of a one-test-fits-all approach to prostate cancer has pushed people to focus on timely detection, nudging growth.
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Key Segments Covered
- PSA Prostate Cancer Diagnostic Tests
- PCA3 Prostate Cancer Diagnostic Test
- CTC Prostate Cancer Diagnostic Tests
- Immunohistochemistry Prostate Cancer Diagnostic Test
By End User
- Prostate Cancer Diagnostics in Hospitals
- Prostate Cancer Diagnostics in Independent Diagnostic Laboratories
- Prostate Cancer Diagnostics in Cancer Research Institutes
- Prostate Cancer Diagnostics in Other Settings
Major players in the prostate cancer diagnostics market are focusing on integrating the latest technological advancements such as artificial intelligence for studying the tissue and determining the accuracy of the same.
- For instance, Siemens Healthcare GmbH is focusing on developing scanners for detecting cancer carrying tissues. The end users demand for scanners that would study tissues at an early stage has increased. Thus, the company’s Vision Quadra Extended Axial scanner is extremely sensitive and can be used for clinical purposes.
- Likewise, Becton Dickinson and Company (BD) offers an entire portfolio dedicated to prostate health. Under this umbrella, the company offers brachytherapy, prostate biopsy and radiofrequency ablation techniques respectively.
- In July 2021, AstraZeneca Plc. acquired Alexion Pharmaceuticals Inc. This venture marks an entry of the former into the rare disease sector, including cancer diagnostics and treatment. Both companies will collaborate on developing medicines to manage rare diseases, including prostate cancer.