There are various tests being followed for the treatment of prostate cancer for the past several years. The treatment started with the prostate cancer screening that includes preliminary tests, i.e., prostate-specific antigen (PSA) test and digital rectal exam (DRE). If prostate cancer is suspected based on the results of screening tests or symptoms and an elevated PSA test, the patient is referred to a urologist. To determine whether cancer has spread beyond the prostate, few more testing is undertaken, i.e., pre-biopsy test (biomarker test which is blood-based and urine-based biomarker) and imaging (mp-MRI (Multi-parametric Magnetic Resonance Imaging)), prostate biopsy, and post-biopsy procedures such as tissue-based biopsy
In 2021, the 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 a 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.
Market Segmentation:
Segmentation 1: by Test Type
- Pre-Biopsy Test
- Biopsy
- Post-Biopsy Test
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.
Segmentation 2: by Application
- Clinical
- Research
Based on application, the global prostate cancer testing market is dominated by the clinical segment owing to the rising RD 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.
Segmentation 3: by End User
- Cancer Research Institutes
- Diagnostic Laboratories
- Hospitals and Clinics
- Ambulatory Surgical Center (ASCs)
- Others
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.
Segmentation 4: by Region
- North America - U.S., and Canada
- Europe - U.K., Germany, France, Italy, Spain, Netherlands and Rest-of-Europe
- Asia-Pacific - Japan, China, India, South Korea, Australia, and Rest-of-Asia-Pacific
- Latin America - Brazil, Mexico, and Rest-of-Latin America
- Rest-of-the-World
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.
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.
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How can this report add value to an organization?
Workflow/Innovation Strategy: The workflow segment helps the reader understand the two prostate cancer testing, i.e., pre-biopsy, biopsy, and post-biopsy, which further aid in diagnosis. Moreover, the study provides the reader with a detailed understanding of the different applications of prostate cancer testing in clinical and research applications.
Growth/Marketing Strategy: Prostate cancer testing is being used for both research and clinical application. Various companies are providing urine and blood, and tissue-based biomarkers that aid in the diagnosis, which is also the key strategy for market players to excel in the current prostate cancer testing market.
Competitive Strategy: Key players in the global prostate cancer testing market are analyzed and profiled in the study, including manufacturers who are involved in new product launches, acquisitions, expansions, and strategic collaborations. Moreover, a detailed competitive benchmarking of the players operating in the global prostate cancer testing market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Questions Answered in the Report
▪ How is the global prostate cancer testing market revolutionizing the prostate cancer industry?
▪ What are the major market drivers, challenges, and opportunities in the global prostate cancer testing market?
▪ What are the underlying structures resulting in the emerging trends within the global prostate cancer testing market?
▪ How did the COVID-19 pandemic impact the global prostate cancer testing market?
▪ What are the key development strategies that are being implemented by major players to sustain themselves in the market?
▪ What are the key regulatory implications globally pertaining to the use of products and services?
▪ What are the potential entry barriers that are expected to be faced by the companies willing to enter a particular region in the market? ▪ What will be the growth rate of the global prostate cancer testing market during the forecast period 2022-2032?
▪ How is each segment of the market expected to grow during the forecast period 2022-2032, and what revenue is anticipated to be generated by each of the segments? The following are the segments:
▪ Test Type (Pre-biopsy Test, Biopsy, and Post-biopsy Test)
▪ Application (Clinical and Research)
▪ End User (Cancer Research Institutes, Diagnostic Laboratories, Hospitals and Clinics, Ambulatory Surgical Centers (ASCs), and Others)
▪ Region (North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World)
▪ Who are the leading players with significant offerings in the global prostate cancer testing market?
▪ Which companies are anticipated to be highly disruptive in the future and why?
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