Global Prostate Cancer Testing Market Research Report 2022: The Focus of Business Leaders is Establishing a Deep Understanding to Address the Unmet Needs in Clinical Research

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Feb 08, 2023, 11:30 ET

DUBLIN, Feb. 8, 2023 /PRNewswire/ -- The "Global Prostate Cancer Testing Market - A Regional and Country Analysis: Focus on Test Type, Application, End User, and Region - Analysis and Forecast, 2022-2032" report has been added to ResearchAndMarkets.com's offering.

In 2021, the global prostate cancer testing market was valued at $5,246.9 million, and it is expected to reach $21,306.9 million by 2032, growing at a CAGR of 13.68% during the forecast period 2022-2032.

The growth in the global prostate cancer testing market is expected to be driven by high investments in the field of cancer research and the rising prevalence of prostate cancer globally. In addition, the focus of business leaders is establishing a deep understanding to address the unmet needs in clinical research to understand the prostate cancer market.

Market Lifecycle Stage

The global prostate cancer testing market is in progressing phase. PSA screening or testing in a general population has increased the incidence of prostate cancer in recent decades.

In addition, prostate cancer testing is essential in precision medicine because it assures the safe and successful use of tailored therapies. The majority of the companies in the global prostate cancer testing market provide biomarker tests that are urine, blood, and tissue-based, as well as testing services. Furthermore, applications of prostate cancer testing are primarily clinical and research.

Impact

One of the main reasons for the expansion of the prostate cancer testing market in the upcoming years is the rise in prostate cancer cases.

Prostate cancer is the second most frequent disease diagnosed in men, and its frequency is rising across the globe. Prostate cancer is thought to be diagnosed in one million additional cases worldwide each year. Due to an aging population, growing urbanization, and accompanying lifestyle changes, the overall incidence of prostate cancer has increased over the past few decades.

Impact of COVID-19

During the coronavirus disease 2019 (COVID-19) pandemic, a number of disease models issued warnings about an excess of cancer fatalities brought on by missed cancer screenings as a result of the general population's quarantine and a lack of healthcare resources.

The COVID-19 pandemic has had a negative impact on early diagnosis in the specific case of prostate cancer, the second most common cancer in men, by reducing participation in screening programs and on time from diagnostic testing to surgery/radiotherapy, which may translate into a worse prostate-cancer-specific death rate in the coming years. Additionally, in other areas, including Florida, state governments disallowed non-essential healthcare services.

Significant reductions in cancer screenings were seen in the early stages of the COVID-19 pandemic. According to a research paper published in January 2022 by the University of Florida, screenings for prostate cancer were reduced by 74%. Due to these screening figures, there may have been thousands more cancer deaths in the U.S. than were registered.

For instance, prostate-specific antigen (PSA) testing rates and the identification of several urological malignancies, including prostate cancer, have been found to be declining in significantly afflicted populations. Several Australian urologists worry that men with possibly curable prostate cancer may have missed their chance for a cure due to low screening test uptake during the lockdowns of 2020.

According to a research paper published by BMC Urology in June 2022, a total of 4,048,099 PSA tests and 118,328 prostate biopsies were performed in Australia over the six years of data analysis. In the years 2019 and 2020, 68,429 prostate magnetic resonance imaging (MRI) were performed. Between 2015 and 2019, there were, on average, 19,573 prostate biopsies and 678,082 PSA testing performed per year.

Market Segmentation

Test Type

Based on test type, the pre-biopsy test in the global prostate cancer testing market is expected to be dominated by the test type segment. This is due to the increasing popularity of prostate cancer testing and rising awareness related to prostate cancer testing.

Application

Based on application, the global prostate cancer testing market is dominated by the clinical segment owing to the rising R&D activity focused on the development of prostate cancer testing. The diagnosis of prostate cancer has developed a new molecular-based diagnostics technology. To detect clinically relevant cancer upon diagnosis, several tools or therapeutic options are required to improve the patient's quality of life.

End User

Based on end user, the global prostate cancer testing market is dominated by the ambulatory surgical centers (ASCs) segment owing to their rise in number. They are dedicated to offering same-day surgical care, including testing and protective procedures. ASCs, which have a proven track record of providing high-quality treatment and successful patient outcomes, have altered the outpatient experience for millions of Americans by giving patients a more convenient option for hospital-based outpatient operations.

Region

North America generated the highest revenue of $2,702.9 million in 2021, which is attributed to the several established diagnostics manufacturers in this region who are focusing on expanding their portfolios in prostate cancer testing and are collaborating with service providers and pharmaceutical giants to co-market prostate cancer testing solutions with its complementary precision medicine solutions.

Moreover, the U.S. government is currently undertaking several initiatives to develop tests for cancer and provide funds to new start-ups in the cancer diagnostics field.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Some of the prominent names in this market are:

Abbott.
Abcam plc.
Agilent Technologies, Inc.
Bio-Techne. (ExoDx)
Cleveland Diagnostics, Inc.
Danaher. (Beckman Coulter, Inc.)
Exact Sciences Corporation
F. Hoffmann-La Roche Ltd (FOUNDATION MEDICINE, INC.)
H.U. Group Holdings, Inc. (Fujeribio)
mdxhealth.
Siemens Healthcare GmbH
Myriad Genetics, Inc.
NeoGenomics Laboratories.
OPKO Health, Inc. (GenPath)
Veracyte, Inc.

Key Topics Covered:

1 Markets
1.1 Product Definition
1.2 Market Scope
1.3 Research Methodology

2 Industry Analysis
2.1 Overview
2.2 Legal Requirements and Framework in the U.S.
2.2.1 National Comprehensive Cancer Network (NCCN) Guidelines
2.2.2 American Urological Association (AUA)
2.2.3 American Cancer Society (ACS)
2.2.4 U.S. Preventive Services Task Force (USPSTF)
2.3 Legal Requirements and Framework in Europe
2.4 Legal Requirements and Framework in Asia-Pacific
2.4.1 China
2.5 Patent Analysis
2.5.1 Patent Filing Trend
2.5.2 Patent Analysis (by Year)
2.5.3 Patent Analysis (by Region)
2.5.4 Patent Analysis (by Country)

3 Global Prostate Cancer Testing Market: Market Dynamics
3.1 Overview
3.1.1 Impact Analysis
3.2 Market Drivers
3.2.1 Rising Prevalence of Prostate Cancer Globally
3.2.1.1 Disease Trend
3.2.1.2 Increasing Number of Prostate Cancer Screening and Testing
3.2.1.3 Government Initiatives Related to Prostate Cancer
3.2.2 Market Restraints
3.2.2.1 Probability of False Positive Results of Prostate Cancer Testing
3.2.2.2 Clinical Gaps Related to Prostate Cancer Testing
3.2.3 Market Opportunities
3.2.3.1 New Treatment Therapy and Technique for Prostate Cancer

4 Global Prostate Cancer Testing Market: Competitive Landscape
4.1 Overview
4.2 Corporate Strategies
4.2.1 Mergers and Acquisitions
4.2.2 Synergistic Activities
4.2.3 Business Expansions and Funding
4.3 Business Strategies
4.3.1 Product Launches and Approvals
4.3.2 Publications
4.3.3 Licenses and Agreements
4.3.4 Other Activities
4.4 Market Share Analysis

5 Global Prostate Cancer Testing Market (by Test Type), Value ($million), 2021-2032
5.1 Overview
5.2 Pre-biopsy Test
5.2.1 Biomarker Test
5.2.1.1 Blood-Based
5.2.1.2 Urine-Based
5.2.2 Imaging Test
5.3 Biopsy
5.4 Post-Biopsy Test
5.4.1 Tissue-Based Biomarker Test

6 Global Prostate Cancer Testing Market (by Application), Value ($Million), 2021-2032
6.1 Overview
6.2 Clinical
6.3 Research

7 Global Prostate Cancer Testing Market (by End User), Value ($Million), 2021-2032
7.1 Overview
7.2 Cancer Research Institutes
7.3 Diagnostic Laboratories
7.4 Hospitals and Clinics
7.5 Ambulatory Surgical Centers (ASCs)
7.6 Others

8 Global Prostate Cancer Testing Market (by Region), Value ($Million), 2021-2032
8.1 Overview

9 Company Profiles
9.1 Company Overview
9.2 Role in the Global Prostate Cancer Testing Market
9.3 Key Competitors of the Company
9.4 Financials
9.5 Key Insights about the Financial Health of the Company
9.6 Analyst Perspective

For more information about this report visit https://www.researchandmarkets.com/r/mba7nl-prostate?w=5

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