GLOBAL PROSTATE CANCER TESTING KITS MARKET SIZE (2024 -2030)

The Global Prostate Cancer Testing Kits Market registered a valuation of USD 3.21 Billion and is forecasted to achieve a market size of USD 7.74 Billion by the culmination of 2030. Over the prognosticated span from 2024 to 2030, the market is anticipated to expand at a CAGR of 13.4%.

PROSTATE CANCER INDUSTRY OVERVIEW

Prostate cancer diagnostics play a pivotal role in the timely detection and efficient management of the ailment. This encompasses the utilization of apparatus, reagents, consumables, and related accessories. Among the foremost diagnostic procedures for prostate cancer is the PSA test, which may necessitate subsequent tests for definitive confirmation of a tumor's presence. The employment of prostate cancer diagnostics proffers manifold benefits, notably aiding in the early detection of the disease during localized stages, thereby facilitating effective health management for individuals. The utilization of prostate cancer diagnostics is witnessing a global upsurge, with a more pronounced prevalence in developing nations that are experiencing an ascent in healthcare standards. In the event of a cancer diagnosis resulting from prostate cancer screening tests, further assessments such as biopsies and PCA3 tests might be warranted. Biopsy procedures typically involve the clinician employing Magnetic Resonance Imaging (MRI), trans rectal ultrasonography (TRUS), or a combination thereof to scrutinize the prostate. The global market for prostate cancer diagnostics is expanding, attributed to an increasing awareness of early detection measures and the advent of cutting-edge methodologies within the industry.

COVID-19 IMPACT ON THE PROSTATE CANCER TESTING KITS MARKET

The global COVID-19 pandemic has cast its shadow on various industries worldwide. Stringent lockdown measures and social distancing protocols were enforced by governments globally to mitigate the rapid spread of the pandemic. During the initial phases of the outbreak, factories worldwide underwent temporary closures. Furthermore, the ensuing economic downturn might lead to a substantial delay in the commercial debut of electronics sectors. The backbone of technology providers, comprising small and medium-sized enterprises, experienced a notable decline in revenues post the onset of the pandemic in 2020. Market participants encountered several challenges due to disruptions in the supply chain. However, a more optimistic outlook is expected as additional supplies become available in the latter half of 2022.

MARKET DRIVERS:

Technological Advancements in Diagnostic Tests Fueling Market Expansion

Throughout the forecasted period, the market is expected to be bolstered by technological strides in diagnostic tests. Notably, researchers are exploring the use of artificial intelligence (AI) in identifying prostate cancer, as outlined by the National Cancer Institute. AI algorithms are employed to pinpoint areas of concern in Magnetic Resonance Imaging (MRI) scans that necessitate biopsy for confirming the presence of malignant cells. Furthermore, endeavors leveraging artificial intelligence technologies aim to enhance the analysis of biopsy samples, culminating in more precise and effective diagnostic outcomes.

Government Support Catalyzing Market Growth

Favorable market impacts are anticipated as governments strive to foster technological advancements for enhanced diagnosis. For instance, the initiation of the Prostate Specialized Programs of Research Excellence (SPORE) by the National Cancer Institute seeks to translate scientific breakthroughs into clinically applicable outcomes. The institute also lends support to the development of innovative technologies and research endeavors aimed at refining monitoring, prevention, diagnosis, and treatment measures. Hence, the escalating governmental initiatives and backing are propelling market expansion.

Healthy Competition Driven by New Market Entrants

The burgeoning number of new entrants into the market is poised to amplify growth in the prostate cancer diagnostics market. An illustrative example is Gregor Diagnostics, which allocated USD 9,00,000 in July 2018 towards the development of a distinctive at-home screening test. This innovation is expected to offer highly sensitive test results, surpassing conventional PSA testing. Consequently, heightened investments by new market players are envisaged to significantly bolster market growth.

MARKET RESTRAINTS:

Limited Consumer Awareness Hindering Market Expansion for Oncology Diagnostics Testing Kits

The imperative of augmenting awareness regarding clinical trials among patients, medical practitioners, and the populace at large cannot be overstated. Offering exclusive access to the latest, credible, evidence-based information pertaining to novel cancer medications can prove instrumental in elevating physicians' awareness levels. Expanding access to a universally acknowledged fount of veracity becomes imperative for augmenting public awareness. Numerous publishing entities and industry stakeholders furnish monthly publications and informative pamphlets aimed at ensuring that patients and healthcare professionals alike can comprehend and access the benefits of diagnostics.

High Initial Costs Impeding Market Expansion

Despite promising returns on investment, the substantial initial costs associated with these kits render them inaccessible to a substantial segment of end-users, particularly in developing nations. This perception of diagnostic kits as a financial burden on their budgets compels end-users such as pharmaceutical firms, reference labs, hospitals, and CROs to opt for third-party diagnostic services instead.

PROSTATE CANCER TESTING KITS MARKET– BY TYPE

• Initial Examinations
• Confirmatory Tests
• PCA3 Analysis
• Trans-rectal Sonography
• Biopsy

Categorized by type, the prostate cancer testing market is divided into Initial Examinations and Confirmatory Tests. The prevalence of prostate cancer is on the rise, leading to an anticipation of the Initial Examinations category capturing the largest market share during the forecast period. The American Institute for Cancer Research asserts that the widespread availability of PSA screening has significantly enhanced early detection and subsequent treatment, thereby improving survival rates. PSA testing detects minute, potentially advancing tumors that may not yet exhibit noticeable symptoms. Men over the age of 50 and those at risk are advised to undergo these tests, allowing for early identification before severe symptoms develop. Forecasts suggest that the Food and Drug Administration (FDA) will approve additional products in the coming years, fostering market growth. For instance, Cleveland Diagnostics Inc.'s IsoPSA Test, an innovative non-invasive blood-based diagnostic assay, received FDA Breakthrough Device Designation in October 2019, indicating promising market developments.

Additional initial examinations include the Digital Rectal Exam (DRE) and biomarker assessments. DRE tests aid in identifying irregular, hardened, or abnormal prostate gland growth. The accuracy of these findings depends on the proficiency and skills of the technician, often necessitating further tests such as PSA screenings and biopsies. Biomarkers are particularly useful during surgical procedures to identify aggressive malignancies, differentiate significant from non-significant tumors, and guide treatment decisions. These trends reflect a growing public awareness facilitating early disease diagnosis and treatment, consequently driving market expansion.

Examples of confirmatory testing methods include the PCA3 test, Transrectal Ultrasound (TRUS), and biopsies. Patients with abnormal PSA and DRE values from initial examinations typically undergo confirmatory tests for a comprehensive diagnosis. The escalating prevalence of the disease has led to an increased adoption of confirmatory tests, projected to bolster market growth.

PROSTATE CANCER TESTING KITS MARKET- BY END-USER

• Independent Diagnostic Laboratories
• Hospitals
• Cancer Research Institutes
• Ambulatory Surgical Centers
• Others

Segmented by end-users, the prostate cancer testing market includes independent diagnostic laboratories, hospitals, cancer research institutes, clinics, centers, and others. As of 2021, independent diagnostic laboratories specializing in various prostate cancer diagnostics lead the market. These laboratories offer consulting physicians and healthcare institutions the option to outsource numerous diagnostic tests, thereby improving patient care. This arrangement results in robust, timely, cost-effective, and high-quality diagnostic services within a secure healthcare setting.

PROSTATE CANCER TESTING KITS MARKET- BY DISTRIBUTION CHANNEL

• Direct Procurement
• Retail Sales

The prostate cancer testing market is segmented by distribution channels into direct procurement and retail sales. The direct procurement segment, serving as the primary avenue for healthcare institutions and diagnostic labs to acquire reagents, consumables, equipment, and accessories, is expected to dominate the prostate cancer diagnostics market in 2021. With the rising costs of healthcare, healthcare service providers focus on enhancing client services while simultaneously reducing overall expenses, making direct procurement a cost-effective option.

PROSTATE CANCER TESTING KITS MARKET- BY REGION

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East
• Africa

Regionally, the Prostate Cancer Testing Kits Market is classified into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America held the largest market share in 2021, attributed to the high incidence of prostate cancer and governmental initiatives promoting early detection. For instance, the National Cancer Institute has implemented various programs to advance research efforts in early diagnosis and treatment, including the Cancer Biomarkers Research Group and the Early Detection Research Network (EDRN). The growing prevalence of prostate cancer in the U.S., where it ranks as the second most common cancer among males, is expected to drive market demand. In 2018, over 1.3 million cases of prostate cancer were diagnosed in the U.S., indicating substantial market expansion in the near future.

Market growth in Europe is anticipated due to increased awareness initiatives. The European Association of Urology launched the European Prostate Cancer Awareness initiative in 2020, aiming to enhance public awareness regarding early detection. The rising prevalence of prostate cancer in Europe, where the disease affected over 2 million men in 2018 with nearly 92,000 annual fatalities, is also expected to drive demand and market expansion.

The National Institute of Health highlights lifestyle changes, such as increased consumption of westernized diets and reduced physical activity, as contributors to the rising incidence of the disease in Asian nations. Approximately 297,215 individuals in Asia were diagnosed with prostate cancer in 2020, indicating a growing need for diagnostic solutions and significant regional market expansion in the forthcoming years.

PROSTATE CANCER TESTING KITS MARKET- BY COMPANIES

Key players in the Prostate Cancer Testing Kits Market include:

1. MDx Health
2. Myriad Genetics, Inc.
3. Abbott Laboratories
4. F. Hoffmann-La Roche AG
5. Siemens Healthineers AG
6. OPKO Health, Inc.
7. Genomic Health

NOTABLE DEVELOPMENTS IN THE PROSTATE CANCER TESTING KITS MARKET

APPROVAL: OPKO Health, Inc. announced on December 8, 2021, that the FDA has approved the use of OPKO's 4Kscore Test. This test is designed for men over 45 years old with specific high total PSA levels for their age, abnormal digital rectal exams, and no prior prostate biopsy or negative biopsy results.

PRODUCT LAUNCH: Siemens Healthcare GmbH introduced the Biograph Vision Quadra Extended Axial FoV PET/CT Scanner in October 2020. This highly sensitive scanner with an extended field of view is intended for clinical and academic use. Its introduction is expected to increase demand for cancer diagnostic procedures, thereby boosting the company's revenue.

PARTNERSHIP: In March 2020, TTP plc, an independent technology and product development company, partnered with DiaSorinS.p.A. This exclusive licensing and technology transfer agreement grants DiaSorin access to TTP's Puckdx TM, a versatile and cost-effective platform for automating sample-to-answer diagnostic assays. This partnership aims to expand DiaSorin's diagnostic business profile and facilitate growth in future ventures.