The global prostate cancer testing market is in progressing phase. PSA screening or testing in a general population has increased the incidence of prostate cancer in recent decades. In addition, 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.
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:
• 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)
• 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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How can this report add value to an organization?
Workflow/Innovation Strategy: The workflow segment helps the reader understand the two prostate cancer testing, i.e., pre-biopsy, biopsy, and post-biopsy, which further aid in diagnosis. Moreover, the study provides the reader with a detailed understanding of the different applications of prostate cancer testing in clinical and research applications.
Growth/Marketing Strategy: Prostate cancer testing is being used for both research and clinical application. Various companies are providing urine and blood, and tissue-based biomarkers that aid in the diagnosis, which is also the key strategy for market players to excel in the current prostate cancer testing market.
Competitive Strategy: Key players in the global prostate cancer testing market are analyzed and profiled in the study, including manufacturers who are involved in new product launches, acquisitions, expansions, and strategic collaborations. Moreover, a detailed competitive benchmarking of the players operating in the global prostate cancer testing market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.