Prostate Cancer Diagnostics Market To Hit Value .65 Billion By 2027Posted by Mrudula Anil Karmarkar on April 28th, 2021 The global prostate cancer diagnostics market size is expected to reach USD 7.65 billion by 2027, registering a CAGR of 13.2% during the forecast period, according to a new report by Grand View Research, Inc. Major drivers include increasing government initiatives, high prevalence of prostate cancer, and technological advancements in confirmatory diagnostic tests. The most common concern for the governments of all Covid-19 hit nations is the excruciating need to screen for and test large numbers of patients for possible Sars-Cov-2 infection. As a result, most of them are facing major shortages in the supply for diagnostic kits to test for the virus. Diagnostics virology entities are under immense pressure to provide reliable testing kits, and there is a surge in demand for in-vitro or point-of-care testing capacities by labs across a large number of countries. The report will account for Covid19 as a key market contributor. High prevalence of the disease across the world is anticipated to be one of the major factors propelling the growth. According to the American Cancer Society, approximately one in nine men will be diagnosed with prostate cancer during the lifetime. It also states that the disease is the second most common form of cancer in U.S. after skin melanoma with over 174,650 new cases diagnosed in 2020. Rise in government initiatives to enhance research associated with effective diagnosis and treatment is expected to boost growth of the market during the forecast period. For instance, the National Cancer Institute (NCI) initiated the study Research on Prostate Cancer in Men of African Ancestry: Defining the Roles of Genetics, Tumor Markers, and Social Stress (RESPOND). It is the largest collaboration to study the non-biological and biological factors associated with the disease among African American men. The initiative was launched by the NCI, National Institute on Minority Health, and Health Disparities in collaboration with Prostate Cancer Foundation; with a funding of USD 26 million. Researchers from the University of Norfolk and East Anglia have developed a non-invasive urine test-the PUR test-for the diagnosis of aggressive prostate cancer. This test is performed on samples collected at home thereby preventing uncomfortable rectal examination. Additionally, researchers at Karolinska and KTH Institute concluded that the use of Artificial Intelligence (AI) in spatial transcriptomics can aid in the early detection, thereby, improving clinical diagnosis and treatment. Thus, such advancements are anticipated to positively impact the market growth in near future. Prostate Cancer Diagnostics Market Report Highlights
Approval of new diagnostic tests are expected to further boost market growth. For instance, in 2020, Bio Techne announced the approval from the New York State Department of Health for a liquid biopsy based test named ExoDx Prostate IntelliScore. The test assists clinicians to determine the need for biopsy with ambiguous PSA test result. Thus, rising disease prevalence coupled with technological advancements are the factors anticipated to fuel the market growth during the forecast period. Technological advancements in diagnostic tests are expected to further fuel market growth during the forecast period. According to the National Cancer Institute, researchers are currently testing the use of Artificial Intelligence (AI) to diagnose prostate cancer. AI tools are used for identifying suspicious areas seen during a Magnetic Resonance Imaging (MRI) scan that require biopsies to confirm the presence of malignant cells. Artificial intelligence tools are also being tested in order to improve biopsy sample analysis facilitated to provide more efficient and accurate results. Rise in government initiatives to develop new technologies to enhance diagnosis is expected to impact the market positively. For instance, the National Cancer Institute initiated Prostate Specialized Programs of Research Excellence (SPORE)-a program designed to convert scientific findings into clinical settings based outcomes. The institute also facilitates the development of new technologies and studies to gain a better understanding of monitoring, prevention, diagnosis, and treatment. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/5291/ibb The rising number of new market entrants is another factor anticipated to fuel the growth of the prostate cancer diagnostics market in near future. For instance, in July 2018, Gregor Diagnostics, invested USD 9,00,000 to support its efforts to develop a novel at-home screening test. This device is expected to facilitate highly sensitive test results in comparison to common PSA tests. Thus, increasing investment by new entrants is expected to drive the growth significantly. However, the high cost of the tests is anticipated to hinder growth. Some of the major market players are MDx Health; Myriad Genetics, Inc.; Abbott Laboratories; F. Hoffman-La Roche AG; Siemens Healthineers AG; OPKO Health, Inc.; and Genomic Health. Strategic initiatives, such as mergers and acquisitions, development of technologically advanced devices, and a rising number of product launches are expected to boost the adoption of prostate cancer diagnostic products during the forecast period. New product launches are anticipated to impact market growth positively. Grand View Research has segmented the global prostate cancer diagnostics market report on the basis of test type: Prostate Cancer Diagnostics Test Type Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |