Prostate Cancer Diagnostics Market by Test Type (Preliminary Tests and Confirmatory Tests), End User (Hospitals, Clinics, and Cancer Centers): Global Market Size Estimates and Forecast (2022-2030)

The market crossed US$ 4,461.00 million mark in 2022 and is expected to hit US$ 14,822.43 million by 2030, recording a CAGR of 16.2% during the forecast period. 

Market Dynamics

Rising prevalence of prostate cancer

According to the Prostate Cancer UK 2022 report, in the UK, about 1 in 8 men will have prostate cancer in their lifetime. Additionally, in the UK, prostate cancer is the most common cancer in men accounting for more than 52,000 men diagnosed with cancer annually; that's 143 men every day. Currently, around 475,000 men are living with and after prostate cancer. Further, the Prostate Cancer Foundation 2022 report states prostate cancer is diagnosed with a biopsy. The most common reason for a man to undergo a prostate biopsy is an elevated prostate-specific antigen level (PSA) determined by a blood test. Therefore, various companies are launching innovative products for screening prostate cancer. "Proclaim," manufactured by Proteomedix, is a next-generation blood test for prostate cancer is one such example. Such aforementioned factors are responsible for the overall market growth of prostate cancer diagnostics during the forecast period of 2022-2028.

Key Takeaways:

Food and Drug Administration (FDA) new treatment for prostate cancer diagnostics

The Memorial Sloan Kettering Cancer Center 2022 report states that, in March 2022, the US FDA approved a new therapy that targets prostate cancer treatment. For instance, the treatment called "177Lu-PSMA-617" utilizes a molecule that selectively seeks out and attaches to a specific protein on the cancer cell surface, namely prostate-specific membrane antigen (PSMA). The technology delivers radiation therapy involved in damaging DNA and destroying cancer cells. Additionally, in 2021, the US FDA announced issuing of national approval for two new prostate cancer imaging tests based on similar technology. Such aforementioned factors are responsible for the influential growth of the global prostate cancer diagnostics market during the forecast period of 2022-2028.

Within the report, the market is segmented into test type, end user, and geography. On the basis of test type, the market is bifurcated into preliminary tests and confirmatory tests. By end user, the market is segregated as hospitals, clinics, and cancer centers. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Based on test type, confirmatory test segment is expected to register highest growth.

By test type, the confirmatory test accounts for the largest market share of the prostate cancer diagnostics market during the forecast period. Currently, the initial step for diagnosing prostate cancer is by testing through confirmatory tests. For example, diagnosing prostate cancer is by testing PSA together with a digital rectal examination (DRE). Confirmatory tests include biopsy, trans-rectal ultrasound, and PCA3 tests. Among these, a biopsy is the most recommended treatment for prostate cancer screening. For example, The Regents of The University of California 2022 report states that making a formal diagnosis of prostate cancer requires a needle biopsy. The tissue samples obtained from the prostate are examined by pathologists in a laboratory to confirm the diagnosis. Such aforementioned factors are responsible for segmental growth ultimately contributing for overall market growth during the forecast period of 2022-2028.

Recent strategic developments in prostate cancer diagnostics market

The prostate cancer diagnostics market has undergone several significant developments, and a few of these have been mentioned below:

• In March 2022, Lantheus Holdings, Inc., announced collaboration with Novartis for involving PYLARIFY (piflufolastat F18) for supporting the prostate cancer clinical trials with Pluvicto(lutetium Lu 177 vipivotide tetraxetan).
• In February 2022, Applied Molecular Therapies (AMT) announced a successful TGA licence upgrade for its GMP manufacturing of an emerging prostate canver therapy, following launching of a new joint venture between Cyclotek and ANSTO.

The prostate cancer diagnostics market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Mdxhealth, Myriad Genetics, Inc., F. Hoffmann-La Roche Ltd., Siemens Healthcare Private Limited, OPKO Health, Inc., Exact Sciences Corporation, bioMérieux SA, DiaSorin S.p.A., Bayer AG, and Dendreon Pharmaceuticals LLC are among the prominent players operating in the market.

Target audience for the report:

• Prostate cancer diagnostics service providers
• Prostate cancer diagnostics related associations, organizations, forums, and alliances
• Government bodies, such as regulating authorities and policy makers
• Venture capitalists, private equity firms, and start-up companies
• End users of prostate cancer diagnostics
• Research institutes, organizations, and consulting companies[HN3] 

Scope of the report:

In this report, the market has been segmented on the basis of:

• Test Type:
  • Preliminary Tests
  • Confirmatory Tests
    • Trans-rectal Ultrasound
    • Biopsy
    • PCA3 Tests
• End User
  • Hospitals
  • Clinics
  • Cancer Centers
• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies profiled
  • mdxhealth
  • Myriad Genetics, Inc.
  • F. Hoffmann-La Roche Ltd.
  • Siemens Healthcare Private Limited
  • OPKO Health, Inc.
  • Exact Sciences Corporation
  • bioMérieux SA
  • DiaSorin S.p.A.
  • Bayer AG
  • Dendreon Pharmaceuticals LLC
  • Lantheus Holdings, Inc.
  • Applied Molecular Therapies (AMT)

The List of Companies
- mdxhealth
- Myriad Genetics, Inc.
- F. Hoffmann-La Roche Ltd.
- Siemens Healthcare Private Limited
- OPKO Health, Inc.
- Exact Sciences Corporation
- bioM?rieux SA
- DiaSorin S.p.A.
- Bayer AG
- Dendreon Pharmaceuticals LLC
- Lantheus Holdings, Inc.
- Applied Molecular Therapies (AMT)