Increasing Prevalence of Adenocarcinoma Drives Developments in Prostate Cancer Diagnostics Market: Fact.MR
Increasing demand for localized cancer diagnostics is driving research into blood-based sample applications, owing to ease of use.
Fact.MR, Rockville MD: Market research firm Fact.MR has published a report on the prostate cancer diagnostics market which has forecast a steady growth in demand for the market during 2021, as elective medical services are given the green light to restart following the decelerating coronavirus cases. The prostate cancer diagnostics market is expected to recover steadily, through the coming year, supported by the high prevalence of prostate cancer, among men. Research into technologies for higher diagnostic accuracy along with collaborations with research and academic bodies is generating major opportunities for growth in the years to come.
According to the American Cancer Society, prostate cancer is one of the most common forms of cancer. The United States alone accounts for more than 248,000 cases and 34,000 deaths in 2021. One in 8 men are expected to be diagnosed with the condition. Prostate cancer is common among older men. The vast number of geriatrics around the world is a key factor contributing to long-term growth in the industry.
“Tech advancements in diagnostics are fueling market growth, with researchers increasingly investing in the integration of artificial intelligence for accuracy in test outcomes. Combined with MRI scans, the use of biopsies is key to confirming malignant cells. Continued investments into AI tools will positively influence long-term developments,” says the Fact.MR analyst.
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Key Takeaways from Fact.MR’s Prostate Cancer Diagnostics Study
- PSA tests continue to hold major market share owing easy availability and relatively lower costs.
- Biomarker testing applications are displaying faster growth owing to the capability to differentiate between small and large cancers.
- United States will hold the lead, supported by government efforts towards encouraging early diagnosis.
- France and Poland are high potential markets owing to investments into awareness programs by public organizations.
Prostate Cancer Diagnostics Market- Prominent Drivers
- The high global prevalence of prostate cancer is the primary factor driving investments into diagnostics.
- Tech advancements involving artificial intelligence to improve on test accuracy will generate growth opportunities.
- Government initiatives and incentives towards cancer research will contribute to market growth.
Prostate Cancer Diagnostics Market- Key Restraints
- Lack of awareness about prostate cancer in developing countries is a major factor hindering adoption.
- High costs associated with prostate cancer testing will remain a hinderance to market growth in the near future.
Discover more about the prostate cancer diagnostics market with figures, data tables and the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/58/prostate-cancer-diagnostics-market
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. are some of the leading players operating in the global prostate cancer diagnostics market.
Major players in the prostate cancer diagnostics market are focused on product development strategies, integrating new technologies and functionalities to their offerings, with an emphasis on industry collaborations for technology and knowledge sharing objectives.
In April 2021, Ibex Medical Analytics joined hands with Royal Philips to promote AI solutions and digital pathology solutions to healthcare and research facilities worldwide including prostate cancer diagnostics.
Also, GoPath Laboratories has announced a collaboration with the NorthShore University HealthSystem to launch a new genetics-based test to assess the risk of a person contracting prostate cancer by studying pathogenic mutations, family history, and genetic risk score.
In March 2021, Ibex Medical Analytics entered into a partnership with Proscia to develop computationally-enabled workflows with artificial intelligence for the detection of prostate cancer.
More Insights on the Prostate Cancer Diagnostics Market
In its latest report, Fact.MR offers unbiased analysis of the global prostate cancer diagnostics market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of test type (PSA test, CTC test, immunohistochemistry, PCA3 test and others), and end user (hospital associated labs, independent diagnostic laboratories, cancer research institutes, and others) across six regions (North America, Latin America, Europe, Japan, APEJ, and Middle East & Africa)
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