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Prostate Cancer Diagnostics Market Trends

Report ID: GMI6107
Published Date: Oct 2024
Report Format: PDF

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Prostate Cancer Diagnostics Market Trends

Continual research and introduction of new technologies is expected to reshape the industry in years to come. One significant trend is the increasing adoption of liquid biopsy. This non-invasive test allows for the detection of cancerous DNA or biomarkers in bodily fluids like blood or urine, reducing the need for invasive procedures.

Artificial intelligence (AI) integration is also gaining traction, aiding radiologists and clinicians in interpreting diagnostic images and PSA levels more accurately. AI-enhanced imaging helps detect early-stage tumors that may be missed by conventional techniques, improving diagnosis rates. Additionally, genomic testing is revolutionizing the field by enabling personalized treatment plans based on a patient’s genetic profile, particularly in high-risk patients with hereditary prostate cancer.
At-home testing kits are another trend making diagnostics more accessible to a wider demographic, as these allow men to conduct preliminary screening tests without visiting a clinic. Lastly, the shift towards value-based healthcare is leading to more efficient diagnostic solutions, pushing companies to develop products that reduce diagnostic time and improve patient care while minimizing costs.

Authors: Mariam Faizullabhoy , Gauri Wani

Frequently Asked Questions (FAQ) :

The industry was valued at USD 4.5 billion in 2023 and is expected to grow at a CAGR of 10.5% from 2024 to 2032, driven by the increasing prevalence of prostate cancer, heightened awareness of associated risk factors, ongoing technological advancements, and rising investments in innovative diagnostic modalities.

Diagnostic tests generated the highest revenue of USD 2.9 billion in 2023. They hold a significant share due to their critical role in early detection, with the PSA test being the most commonly used method to measure prostate-specific antigen levels in the blood, a key indicator of prostate cancer.

The North America market recorded USD 1.8 billion in 2023 revenue and is anticipated to grow at a CAGR of 9.9% between 2024 and 2032. The market's growth is fueled by high awareness levels, advanced healthcare infrastructure, an increasing aging population, and regular screening programs.

Key players include Abbott Laboratories, AdvaCare Pharma, Beckman Coulter, Inc. (a subsidiary of Danaher Corporation), Becton, Dickinson and Company, BIOM