Prostate Cancer Diagnostics Market Report by Type (Benign Prostatic Hyperplasia, Prostatic Adenocarcinoma, Small Cell Carcinoma, and Others), Test Type (Preliminary Tests, Confirmatory Tests), End User (Hospitals, Diagnostic Centers, Research Institutes, and Others), Regions, and Company Analysis 2024-2032

Prostate Cancer Diagnostics Market Analysis

Global Prostate Cancer Diagnostics Market was valued at US$ 4.17 Billion in 2023 and the industry is projected to grow at a CAGR of 12.35% between 2024 and 2032, reaching an estimated value of US$ 11.89 Billion by 2032.

A key driver of the market's expansion is the rising incidence of prostate cancer. Prostate cancer is the most frequent cancer among males, according to a March 2023 American Society of Clinical Oncology (ASCO) publication. In 2023, it is projected that 288,300 males are diagnosed with a prostate cancer diagnosis.

• Given that men over 60 are relatively more likely to develop prostate cancer than women, the growing elderly population worldwide is predicted to drive demand for prostate cancer diagnostics. A paper released in May 2023 by the American Society of Clinical Oncology states that older men are primarily affected by prostate cancer. 
• The median age of diagnosis is 66 years; males over 65 make up 60% of patients; men over 75 make up 20% of the patient population. In October 2023, the WHO issued a paper predicting that by 2050, there will be 2.1 billion individuals over 60.

Market Driver

Increasing Aging Population:

The demographic change towards an aging population significantly drives the market for prostate cancer diagnostics. Prostate cancer primarily affects older men, and the number of persons at risk for prostate cancer naturally climbs as the population of senior people increases worldwide. Prostate cancer diagnostics are in high demand since the aged population frequently has regular screenings and examinations.

Rising Incidence of Prostate Cancer: 

Several reasons, including lifestyle modifications, environmental conditions, and genetic predispositions, have contributed to an increasing prevalence of prostate cancer cases. Due to growing awareness of the ailment and the need for early detection, more people are seeking diagnostic evaluations, increasing demand for advanced and accurate diagnostic equipment.

North America Prostate Cancer Diagnostics Market

The largest global shareholder in the prostate cancer diagnostics market is North America. In North America, prostate cancer is a severe health issue, and as the disease becomes more common, there is a growing need for sophisticated detection tools.
Government programs in North America also significantly contribute to the expansion of the market. To improve research efforts for the early identification and treatment of prostate cancer, the NCI in the United States has put in place several projects.
Among these initiatives are the Biomarkers Research Groups, which support studies on biomarkers that may be useful in detecting and treating prostate cancer. These programs are identifying new biomarkers and improving their clinical value in identifying and tracking the disease.

Asia Pacific Prostate Cancer Diagnostics Market

The market is expected to grow at the quickest rate in Asia Pacific. Prostate cancer has different incidence rates in nations with very high Human Development Index (HDI), like China and Japan. Those with lower HDI, such as Vietnam and the Philippines, according to an article published in July 2023 by Informa U.K. Limited.
Recently, there has been a discernible rise in the number of instances of prostate cancer in both high and low HDI countries, including Singapore, Japan, China, and the Philippines. The rise in incidence has been linked to increased prostate-specific antigen (PSA) screening uptake in these locations. Higher rates in historically lower HDI nations point to a shift in healthcare practices, highlighting how early detection procedures are being implemented with greater awareness and effectiveness.

Prostate Cancer Diagnostics Market Company Overview

F. Hoffman-La Roche AG, Bayer AG, Thermo Fisher Scientific Inc., Abbott Laboratories Inc., Siemens Healthineers AG, Becton Dickinson and Company, Agilent Technologies Inc., Hologic Inc., Qiagen N.V., OPKO Health Inc. are among the industry leaders in the Global Prostate Cancer Diagnostics Market.

Prostate Cancer Diagnostics Market News

• MDxHealth SA partnered with the University of Oxford in September 2023. The partnership seeks to investigate the relationship between the Genomic Prostate Score (GPS) test and the advancement of prostate cancer following localized prostate cancer treatment.
• The U.S. Food and Drug Administration (FDA) authorized FoundationOneCDx in August 2023 as a supplemental diagnostic for Janssen's AKEEGA (niraparib and abiraterone acetate Dual Action Tablet). Only patients with metastatic castration-resistant prostate cancer that is BRCA-positive are eligible for this approval.
• Through its specialized pathology division, Quest Diagnostics created the AmeriPath test, a novel prostate cancer biomarker, in July 2023. The business worked with the Australian clinical diagnostics company Envision Sciences Pty Ltd.
• In March 2023, Qritive, a Singapore-based provider of diagnostic tools, unveiled QAi Prostate, a state-of-the-art AI-powered prostate cancer diagnosis tool for pathologists. Among these are advanced machine learning algorithms that can identify the location of prostate cancer by analyzing whole slide images from prostate core needle biopsies. With this instrument, pathologists can diagnose patients more quickly and accurately.

Type – Market breakup in 4 viewpoints:

1.    Benign Prostatic Hyperplasia
2.    Prostatic Adenocarcinoma
3.    Small Cell Carcinoma
4.    Others

Test Type – Market breakup in 2 viewpoints:

1.    Preliminary Tests
2.    Confirmatory Tests

End User – Market breakup in 4 viewpoints:

1.    Hospitals
2.    Diagnostic Centers
3.    Research Institutes
4.    Others

Country – Market breakup in 25 viewpoints:

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    France
2.2    Germany
2.3    Italy
2.4    Spain
2.5    United Kingdom
2.6    Belgium
2.7    Netherlands
2.8    Turkey

3.    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    South Korea
3.5    Thailand
3.6    Malaysia
3.7    Indonesia
3.8    Australia
3.9    New Zealand

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia
5.2    United Arab Emirates
5.3    South Africa

All the Key players have been covered from 4 Viewpoints:

•    Overview
•    Recent Development
•    Product Portfolio & Product Launch in Last 1 Year
•    Revenue

Company Analysis:

1.    F. Hoffman-La Roche AG
2.    Bayer AG
3.    Thermo Fisher Scientific Inc.
4.    Abbott Laboratories Inc.
5.    Siemens Healthineers AG
6.    Becton Dickinson and Company
7.    Agilent Technologies Inc.
8.    Hologic Inc
9.    Qiagen N.V. 
10.    OPKO Health Inc.

Report Details: