Prostate Cancer Diagnostics Global Market Report 2024

The prostate cancer diagnostics market size has grown rapidly in recent years. It will grow from $3.86 billion in 2023 to $4.4 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The expansion observed in the historical period can be attributed to factors such as the increasing aging population, advancements in medical imaging technologies, rising awareness and screening programs, public health initiatives, and improvements in biopsy techniques.

The prostate cancer diagnostics market size is expected to see rapid growth in the next few years. It will grow to $7.11 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The anticipated growth in the forecast period can be attributed to the integration of artificial intelligence (AI), the growth of telemedicine in cancer screening, advancements in genomic profiling, patient-centric approaches, and the utilization of multiparametric MRI for diagnosis. Key trends expected in the forecast period include the adoption of liquid biopsy technologies, technological advances in biomarker detection, increased focus on clinical research and development, integration of digital pathology, and the emergence of multiplex biomarker assays.

The prostate cancer diagnostics market is anticipated to experience growth, driven by the increasing prevalence of prostate cancer. This condition, affecting the prostate gland in the male and female reproductive systems, necessitates early diagnosis through various tests, including prostate-specific antigen (PSA) testing and advanced imaging techniques. In January 2023, the American Cancer Society (ACS) reported an estimated 288,300 new cases of prostate cancer and 34,700 deaths attributed to the disease for the same year. Consequently, the rising prevalence of prostate cancer is expected to fuel the expansion of the prostate cancer diagnostics market.

The growth of the prostate cancer diagnosis market is further propelled by an increase in healthcare spending. Healthcare spending, reflecting the total financial resources allocated to the healthcare sector, facilitates resource allocation for prostate cancer diagnosis. This allocation supports early detection, accurate staging, and timely intervention, aiming to enhance patient outcomes, survival rates, and overall quality of care. According to the American Medical Association (AMA), health spending in the United States increased by 2.7% in 2021, reaching $4.3 trillion or $12,914 per capita. Therefore, the upward trend in healthcare spending contributes to the growth of the prostate cancer diagnosis market.

Technological innovations represent a prominent trend in the prostate cancer diagnostics market, with major companies introducing advanced AI-powered tools for diagnosis. In March 2023, Qritive, a Singapore-based company, launched QAi Prostate - an AI-powered prostate cancer diagnosis tool designed for pathologists. This tool employs sophisticated machine learning algorithms to identify prostatic adenocarcinoma regions and analyze whole slide images of prostate core needle biopsies. The innovative tool facilitates accurate and swift diagnoses, reducing treatment time.

Strategic partnerships are a key approach adopted by major companies in the prostate cancer diagnostics market to advance cancer precision medicine. In March 2022, Lantheus Holdings Inc., a US-based diagnostic and imaging products company, partnered with Novartis AG, a Switzerland-based pharmaceutical company, to utilize Lantheus' prostate-specific membrane antigen (PSMA) imaging agent, PYLARIFY, in clinical trials for Pluvicto. This collaboration aims to enhance the diagnosis of patients with prostate cancer for improved treatment outcomes.

In August 2022, MDxHealth SA, a US-based precision diagnostics company, acquired Exact Sciences Corporation to bolster its leadership in the precision diagnostics urology market. This acquisition expanded MDxHealth's prostate diagnostics business with the inclusion of the Oncotype DX GPS (Genomic Prostate Score) test. Exact Sciences Corporation, a US-based cancer screening and diagnostic tests company, brought valuable assets, including prostate pipelines software supporting patients throughout their cancer diagnosis and treatment.

Major companies operating in the prostate cancer diagnostics market report are 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., Biomerieux SA, Beckman Coulter Inc., Qiagen N.V., EXACT Sciences Corporation, Diasorin S.P.A., OPKO Health Inc., Myriad Genetics Inc., Cepheid Inc., NeoGenomics Laboratories Inc., Guardant Health Inc., GRAIL Inc., Fujirebio Diagnostics Inc., Ambry Genetics Corporation, MDxHealth SA, Biocept Inc., Blue Earth Therapeutics Ltd., Exosome Diagnostics Inc., Eurolyser Diagnostica GmbH, Dana-Farber Cancer Institute, Vyant Bio Inc., Cellanyx Diagnostics Inc., A3P Biomedical AB.

North America was the largest region in the prostate cancer diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prostate cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the prostate cancer diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main products in prostate cancer diagnostics include instruments, reagents and consumables, and accessories. Accessories encompass items in the kit that may not be strictly necessary but can enhance effectiveness, such as a prostate-specific antigen (PSA) test kit, biopsy needle, and ultrasound gel, all utilized in the diagnosis of prostate cancer. Various test types, including preliminary and confirmatory tests, diagnose different types of prostate cancers, such as squamous cell cancer, small cell carcinoma, transitional cell cancer, prostatic adenocarcinoma, ductal adenocarcinoma, small cell prostate cancer, and acinar adenocarcinoma. These diagnostic tests are applicable to various age groups, including adults, pediatric, and geriatric populations, and are performed by different end users, including hospitals, independent diagnostic laboratories, cancer research institutes, and others.

The prostate cancer diagnostics market research report is one of a series of new reports that provides prostate cancer diagnostics market statistics, including prostate cancer diagnostics industry global market size, regional shares, competitors with a prostate cancer diagnostics market share, detailed prostate cancer diagnostics market segments, market trends and opportunities, and any further data you may need to thrive in the prostate cancer diagnostics industry. This prostate cancer diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The prostate cancer diagnostics market consists of revenues earned by entities by providing transrectal ultrasound, magnetic resonance imaging (MRI), and computerized tomography (CT) scans. The market value includes the value of related goods sold by the service provider or included within the service offering. The prostate cancer diagnostics market also includes sales of products such as tumor biopsies, and test kits. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.