Prostate Cancer Diagnostics Market Outlook Highlights Major Opportunities Likely to Steer Demand During Forecast Period

Posted on 2019-05-13 by Mark Hub in Healthcare // 0 Comments

According to the latest report by Fact.MR, the global prostate cancer diagnostics market is anticipated to exhibit a steady expansion at 5.3% CAGR during the forecast period 2017 to 2022. In terms of revenues, the market is projected to reach US$ 823.5 Mn in 2017; by 2022 this number is projected to surpass US$ 1,000 Mn.

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Diagnosis of prostate cancer is becoming a critical undertaking for medical organizations. Newer treatments on prostate cancer are being developed by considering the scope of diagnostic approach. This emergence of diagnosis-associated treatments on prostate cancer is expected to render higher medical efficiency, providing effective outputs at minimal healthcare spending. Through and through, medical organizations are scanning key criteria associated with diagnosis of prostate cancer, tracking parameters such as age of the patient, ethnicity, family medical history, and diet. Considering the sensitivity of organs in the prostate area, patients are also adopting non-invasive diagnosis tests, which is ultimately impacting the products sold in the global market for prostate cancer diagnostics.

Advancements in technology for finding newer techniques for treatment & diagnostics of prostate cancer, changing lifestyles of people across the globe, and the rise in funding from both private as well as public sector in the development of drugs are some factors influencing growth of the global market for prostate cancer diagnostics. Serum-based market testing is being widely adopted for prostate cancer diagnostics. In order to enhance the test’s sensitivity, it is being evaluated with several other cancer-specific markers. However, risks related to overtreatment and over-diagnosis of PSA screening is expected to incur challenges to growth of the global prostate cancer diagnostics market. However factors such as, high cost of treatment, surgical-associated risks such as blood clots, strokes, and heart attacks, and surgical side effects such as urinary incontinence & impotence are expected to curb growth of the market over the forecast period.

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Smaller Share of CTC

The CTC segment holds revenue share in the global prostate cancer diagnostics market. This segment is projected to reach US$ 141 million by the end of 2022.

The immunohistochemistry segment is projected to witness a CAGR of 4.5% for the five-year study period. While North America may be the largest regional contributor, key stakeholders could also focus on Europe as it holds a revenue share of more than 30% throughout the period.

Focus on Hospital Labs and Research Institutes

The hospital associated labs segment is assessed to grow significantly during the forecast period. It would make sense for companies to focus on cancer research institutes as collaboration can help in the development of innovative solutions. In this case, companies could think of targeting the APEJ region as it has the highest CAGR during the forecast period. The region spends much less on healthcare as a percentage of GDP than the developed world but strong economic growth will all but ensure that it becomes ever-more important to regional governments in future.

Competition Tracking

Key players in the global market for prostate cancer diagnostics include Abbott Laboratories, Biocept, Inc., AstraZeneca plc., Cancer Genetics, Inc., Danaher Corporation, Bayer Aktiengesellschaft, Becton, Dickinson and Company, Agilent Technologies, Foundation Medicine, Inc., and Myriad Genetics Inc.

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