Prostate Cancer Testing Market Driving Factors Forecast Research 2032

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.

In 2021, the global 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.

Impact of COVID-19

During the coronavirus disease 2019 (COVID-19) pandemic, a number of disease models issued warnings about an excess of cancer fatalities brought on by missed cancer screenings as a result of the general population's quarantine and a lack of healthcare resources. The COVID-19 pandemic has had a negative impact on early diagnosis in the specific case of prostate cancer, the second most common cancer in men, by reducing participation in screening programs and on time from diagnostic testing to surgery/radiotherapy, which may translate into a worse prostate-cancer-specific death rate in the coming years. Additionally, in other areas, including Florida, state governments disallowed non-essential healthcare services.

Significant reductions in cancer screenings were seen in the early stages of the COVID-19 pandemic. According to a research paper published in January 2022 by the University of Florida, screenings for prostate cancer were reduced by 74%. Due to these screening figures, there may have been thousands more cancer deaths in the U.S. than were registered.

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 R&D 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.

Recent Developments in the Global Prostate Cancer Testing Market

•       In September 2022, Veracyte, Inc. announced the publishing of data in the Journal of the National Cancer Institute to demonstrate the company’s decipher prostate genomic classifier may help identify African American men with early, localized prostate cancer who are most likely to harbor more aggressive disease.
•    In August 2019, BioReference Laboratories, Inc. announced the selection by The IPA Association of America (TIPAAA) as its provider of laboratory services and to assist with data analytics for its members’ patients. The agreement is designed to enhance patient care and offers collaborative health management tools to TIPAAA members, which includes more than 667 medical organizations in 39 states. The members can have convenient access to BioReference’s comprehensive laboratory testing menu, including routine and specialty tests, as well as the 4Kscore for detecting aggressive prostate cancer.
•    In June 2021, Thermo Fisher Scientific announced submissions open for the Oncomine Clinical Research Grant program to support clinical research projects in oncology. The grant aims to provide funding for high-quality molecular profiling studies focusing on the impact of immune-based treatments for cancer patients.

Demand - Drivers and Limitations

The following are the demand drivers for the global prostate cancer testing market:

•    Rising Prevalence of Prostate Cancer Globally
•    Increasing Number of Prostate Cancer Screening and Testing
•    Government Initiatives Related to Prostate Cancer

The market is expected to face some limitations due to the following challenges:

•    Probability of False Positive Results of Prostate Cancer Testing
•    Clinical Gaps Related to Prostate Cancer Testing

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

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.

Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).

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