The prostate cancer diagnostics market study by Fact.MR offers insights into key growth drivers and restraints impacting growth through 2031.
Prostate Cancer Diagnostics Demand to Increase by 10% Annually, through 2031
The prostate cancer diagnostics market study by Fact.MR offers insights into key growth drivers and restraints impacting growth through 2031. The survey offers cancer prostate diagnostics demand outlook and studies opportunities existing in key segments, including type and end user. It also highlights key strategies adopted by market players to increase prostate cancer diagnostics sales.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per Fact.MR, the global market for prostate cancer diagnostics is estimated to surpass US$ 8 Bn by the end of 2031 in comparison to the valuation of US$ 3 Bn registered in 2020.
Driven by increasing focus on regular healthcare check-ups and prompt treatments, the market is likely to exhibit growth at a CAGR of 10% over the forecast period 2021-2031.
Rising incidence of prostate cancer coupled with growing geriatric population are major factors pushing the demand for timely prostate cancer diagnostics. Sales will continue increasing due consumers grow conscious about importance of healthy lifestyle and regular body screening.
Besides these factors, improving access to advanced diagnostic tools and technology will help the prostate cancer diagnostic market strengthen footprint globally. A slew of screening, detecting and testing methods for diagnosing cancer have been introduced in the last couple of years, creating conducive environment for the overall expansion of the market.
Among various tests, prostate cancer antigen 3 (PCA3) and prostate-specific antigen (PSA) test are gaining massive popularity among leading. As per Fact.MR, the PSA segment is likely to surpass US$ 270 Mn by 2021, meanwhile, PCA3 segment is anticipated to exceed US$ 284 Mn by the end of 2031.
In the coming years, government initiatives undertaken towards encouraging research and investment aimed at innovation of effective diagnosis technologies will fortify growth prospects. Against this backdrop, Fact.MR has projected the demand in cancer research institutes to rise at a CAGR of 7% over the assessment period.
According to the study, the U.S. is expected to emerge as a highly lucrative market in North America. Demand outlook for the U.S. remains positive, driven by increasing research spending to facilitate early diagnosis of prostate cancer.
“Artificial intelligence (AI) integration in prostate cancer is aimed at offering accurate diagnosis, thus improving overall quality of patient care. These developments will bolster growth opportunities for the market and expand the scope for new product launches,” says a Fact.MR analyst.
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Key Takeaways from Prostate Cancer Diagnostics Market Survey
- The U.S. is expected to emerge as a lucrative market and is poised to expand a CAGR of around 9% over the forecast period.
- China is likely to register the fastest growth, accounting for over 40% of the East Asia market.
- Based on test type, the PSA test segment is estimated to surpass a valuation of US$ 270 Mn by the end of 2021.
- Hospitals will continue to dominate in terms of end use segment and is estimated to register a CAGR of nearly 8% over the forecast period.
Key Drivers
- Growing inclination towards regular check-ups and early treatments has spurred the sales of prostate cancer diagnostics.
- Increasing government initiatives to improve diagnosis technology are bolstering the future growth prospects.
Key Restraints
- High cost of diagnostic tests is expected to restrict the growth of the market.
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Competitive Landscape
Key manufacturers operating in the market are focusing on new product launches to keep pace with the changing preferences of consumers. Several other players are focusing on acquisitions and collaborations to gain a competitive edge in the market.
For instance, in 2020, Astra Zeneca announced the acquisition of global biopharmaceutical company, Alexion Pharmaceuticals. This new acquisition of Alexion will further contribute towards developing new treatments in immunology areas along with addressing unmet medical needs.
Seimens Healthcare GmbH is increasingly focusing on manufacturing scanners for identifying cancer carrying tissues. The demand for scanners has upsurged from end use segment, which, in turn is forcing market players to diversify their portfolio to address their needs. Hence, the company’s Vision Quadra Extended Axial scanner is gaining immense popularity and considered the most well suited product across clinical applications.
Some of the leading players operating in the prostate cancer diagnostics market profiled by Fact.MR are:
- Abbott Laboratories
- Biocept Inc.
- AstraZeneca Plc.
- Vyant Bio Inc.
- Danaher Corporation
- Bayer Aktiengesellschaft
- Becton Dickinson and Company
- Agilent Technologies
- Foundation Medicine Inc.
- Myriad Genetics Inc.
More Valuable Insights on Prostate Cancer Diagnostics Market
Fact.MR, in its new report, offers an unbiased analysis of the global prostate cancer diagnostics market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on prostate cancer diagnostics market with detailed segmentation:
- Test Type
- prostate cancer diagnostics 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
Key Questions Covered in the Prostate Cancer Diagnostics Market Report
- The market survey also highlights projected sales growth for prostate cancer diagnostics market between 2021 and 2031
- The report offers insight into prostate cancer diagnostics demand outlook for forecast period 2021-2031
- Prostate cancer diagnostics market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Prostate cancer diagnostics market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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