Prostate Cancer Diagnostics Market Size, Share & Trends Analysis Report By Test Type (Preliminary Tests, Confirmatory Tests), By Type (Adenocarcinoma, Interstitial Cell Carcinoma, Other), By End Use (Hospitals, Outpatient Facilities, Home Care, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global prostate cancer diagnostics market size was valued at USD 4.25 billion in 2023. It is estimated to reach USD 9.85 billion by 2032, growing at a CAGR of 9.80% during the forecast period (2024–2032). 

The growing prevalence of prostate cancer, driven by factors like an aging population, evolving lifestyles, and increased awareness and screening efforts, has created a substantial demand for prostate cancer diagnostics. One common type of cancer is prostate cancer, which originates in the prostate gland, a small gland found in men below the bladder. Seminal vesicles are made by the prostate gland, which nourishes and transports sperm. The condition develops when the cells in the prostate gland undergo abnormal growth and multiplication, forming a tumor. The tumor can grow to nearby tissues, organs, or other body parts if left untreated through metastasis. Prostate cancer is primarily diagnosed in older men, with the risk increasing. While it is most commonly seen in men over 65, it can also affect younger individuals, although less frequently.

There is still no recognized etiology for prostate cancer, but certain factors contribute to its development. These include age, family history of prostate cancer, race (with African American men having a higher risk), and specific genetic mutations. Lifestyle factors like diet, obesity, and exposure to certain substances may also play a role, although More study is required to comprehend their influence completely. Prostate cancer is a significant health concern globally, and efforts are focused on early detection and effective treatment strategies. Screening methods such as prostate-specific antigen (PSA) tests, digital rectal exams (DRE), and imaging techniques aid in diagnosing and monitoring the disease. The prostate cancer therapies available are surgery, radiation therapy, hormone therapy, chemotherapy, and targeted therapies, depending on the cancer's stage and features.

Market Dynamics

Global prostate cancer diagnostics market drivers

Increase in the prevalence of prostate cancer

The increasing prevalence of prostate cancer worldwide is driving the market for diagnostics. Prostate cancer is one of the most often diagnosed male malignancies, and this frequency has steadily risen. This has many causes, such as an aging population, alterations in lifestyle, and more screening programs. With the global population getting older, the risk of developing prostate cancer rises significantly. An important risk factor is getting older for prostate cancer; as the population ages, the number of cases will continue to increase.

Furthermore, changes in lifestyle factors such as dietary patterns, sedentary behaviors, and exposure to certain environmental factors may help explain why prostate cancer is so common. The growing prevalence of prostate cancer, driven by factors like an aging population, evolving lifestyles, and increased awareness and screening efforts, has created a substantial demand for prostate cancer diagnostics. This demand, in turn, has spurred the development of advanced diagnostic tools and techniques that enable early detection, accurate diagnosis, and effective management of prostate cancer. Consequently, the global prostate cancer diagnostics market is experiencing significant growth.

Technology advancement

More than 230,000 men are diagnosed yearly with prostate cancer, and 30,000 die. In addition, per a study conducted by the American Cancer Society, Prostate cancer is the 3rd most common cause of death from cancer in the United States. The increase in prostate cancer is prompting the development of new technologies for diagnosis and treatment. MRI and fusion-guided prostate biopsy are advanced technologies used to diagnose prostate cancer. Fusion-guided prostate biopsy uses a combination of MRI and ultrasound. MRI is an effective imaging modality for the diagnosis of prostate cancer. It helps improve localization and guidance of biopsies.

In recent years, researchers have been using multiparametric MRI (mpMRI), which combines anatomic and functional imaging due to the varied nature of this disease. Clinicians and researchers have proved the effectiveness of mpMRI as a noninvasive method for tumor detection. Despite the advantages, mpMRI leads to varied results for prostate cancer diagnosis. Thus, technological advancements for the diagnosis of prostate cancer are expected to drive the market.

Global prostate cancer diagnostics market restraints

High cost of diagnosis

Prostate cancer is one of the major reasons people die worldwide. But the high cost of diagnosing and treating prostate cancer is slowing the growth of the business. For instance, mpMRI costs between USD 1,000 and USD 2,000. In addition, genetic testing costs between USD 3,000 and USD 4,000. In the U.S., prostate MRI costs between USD 500 and USD 2,500, depending on availability for insurance or reimbursement. According to Weill Cornell Medicine, around 1 million men in the U.S. yearly undergo prostate biopsy. It was estimated that if all these patients receive MRI instead of other alternatives, the annual diagnosis cost could reach USD 3 billion. Furthermore, reimbursement coverage varies in different countries, per private insurance company’s policies. Several underdeveloped economies lack clear reimbursement policies for prostate cancer diagnosis, thus making it more expensive.

Global prostate cancer diagnostics market opportunities

Innovative plans in developing countries

One of the significant opportunities in the global prostate cancer diagnostics market lies in the innovative plans and initiatives undertaken in developing countries. Developing countries increasingly recognize the importance of early detection and effective management of prostate cancer to improve patient outcomes and reduce the disease burden on their healthcare systems. Many developing countries are implementing innovative strategies to enhance prostate cancer diagnostics. This includes establishing screening programs, improving access to diagnostic facilities, training healthcare professionals, and promoting an understanding of the importance of early detection in terms of prostate cancer. These initiatives aim to ensure that individuals in these regions have timely access to accurate diagnostics, leading to early detection, prompt treatment, and improved survival rates.

Additionally, the growing availability and affordability of advanced diagnostic technologies in developing countries present significant opportunities. Technological advancements make more sophisticated and precise diagnostic tools accessible even in resource-constrained settings. This allows for improved accuracy in diagnosing prostate cancer and better assessment of disease progression, leading to more effective treatment decisions. Furthermore, collaborations and partnerships between developed and developing countries can play a crucial role in advancing prostate cancer diagnostics in resource-limited regions. These collaborations facilitate knowledge sharing, technology transfer, and capacity building, enabling developing countries to enhance their diagnostic capabilities and infrastructure.

Regional Analysis

Based on region, the global prostate cancer diagnostics market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North america dominates the global market

North America is the most significant global prostate cancer diagnostics market shareholder and is estimated to grow at a CAGR of 12.2% over the forecast period. The largest market share was held by the prostate cancer diagnostics market in North America due to the rising prevalence of prostate cancer and increasing government initiatives to enhance disease diagnosis. For instance, the National Cancer Institute implemented various programs to enhance the research efforts for early detection and treatment of the disease. A few of its programs include biomarkers research groups promoting research on biomarkers. It also manages the Early Detection Research Network—an initiative by the National Cancer Institute—that collaborates with similar organizations to discover and validate early disease detection using biomarkers.

Additionally, technological advancements in diagnostic tests are expected to fuel market growth during the forecast period. According to the National Cancer Institute (NCI), researchers are currently testing and utilizing Artificial Intelligence (AI) to improve the diagnosis of prostate cancer. AI tools identify suspicious areas seen during an MRI scan, requiring biopsies to confirm the presence of malignant cells. AI tools are also being tested to enhance the analysis of biopsy samples, thereby facilitating accurate and efficient results.

Europe is anticipated to exhibit a CAGR of 12.5% over the forecast period. According to Eurostat, prostate cancer is Europe's third most common cause of death. A rise in prostate cancer incidence in European countries has resulted in high demand for prostate cancer diagnostics, leading to increased production of such diagnostic tools. Furthermore, various awareness programs, such as European Prostate Cancer Awareness Day, celebrated on 27 September, increase demand for diagnostics. The cost of production in European countries is relatively lower than in the U.S., thereby increasing the profit margins for companies.

Moreover, the number of initiatives has increased to raise awareness about the disease in the region is anticipated to fuel market growth. For instance, in 2019, the European Association of Urology initiated the European Prostate Cancer Awareness program to increase awareness about the early detection of prostate cancer. This awareness program covers various topics, including overtreatment, overdiagnosis, and the consequences of late detection. In addition, the incidence of prostate cancer in the region is expected to fuel market growth. According to the European Association of Urology, over 2 million individuals in Europe were diagnosed with the disease in 2018, and about 92,000 men die from it each year. The yearly cost incurred due to prostate cancer accounts for USD 10.6 billion, indicative of the rising disease prevalence.

In Asia-Pacific, In the past few decades, the incidence of prostate cancer was reported to be low in the Asia-Pacific countries compared with other countries worldwide. However, economic growth and sociocultural changes led to an increased life expectancy, and a Westernized lifestyle has increased prostate cancer incidence in Asian countries. The increasing prevalence of prostate cancer and awareness campaigns in various Asia-Pacific countries are expected to increase the demand for prostate cancer diagnostics. The market is forecasted to grow exponentially in the Asia Pacific region owing to an increase in the aging population, a rise in migration of the rural population, easy access to medical facilities, and changing lifestyles.

The Latin American prostate cancer diagnostics market is experiencing significant growth and is forecasted to continue expanding in the coming years. Factors such as the increasing prevalence of prostate cancer, advancements in diagnostic technologies, and supportive government initiatives drive the market's growth. With a rising focus on early detection and improved cancer care, the demand for accurate and efficient prostate cancer diagnostics is expected to increase, leading to market expansion and improved patient outcomes in the region.

Segmental Analysis

The global prostate cancer diagnostics market is bifurcated into test type, type, and end user.

By test type

The prostate cancer diagnostics market is segmented into preliminary tests and confirmatory tests. Preliminary tests, which include PSA tests, free PSA tests, total PSA tests, and other initial diagnostic measures, are used for initial screening. If these preliminary results are abnormal, confirmatory tests such as the PCA3 test, trans-rectal ultrasound, and biopsy are required to validate the diagnosis. The confirmatory tests segment dominates the market due to the increasing incidence of prostate cancer, particularly when it has spread to other organs or involves genital and urinary tract infections. According to a May 2023 American Cancer Society article, abnormal preliminary test results necessitate additional confirmatory testing, which helps in assessing the risk of metastasis. This rising prevalence of prostate cancer drives the demand for confirmatory tests, thereby boosting market growth as these tests are essential for accurate diagnosis and treatment planning.

By type

In the prostate cancer diagnostics market, the type is segmented into adenocarcinoma, interstitial cell carcinoma, and others. Out of which the adenocarcinoma dominates the type segment in the market. The most common type of prostate cancer is adenocarcinoma, representing more than 95% of cases, while rarer forms like interstitial cell carcinoma are much less frequent. Symptoms of prostate adenocarcinoma typically include trouble urinating, weak urine flow, occasional blood in the urine, difficulty fully emptying the bladder, and persistent lower back pain. Patients may exhibit signs of an enlarged prostate and abnormal results from a digital rectal exam (DRE), although the DRE has limited sensitivity and specificity. According to an article from NCBI in June 2023, adenocarcinoma of the prostate is the second most prevalent cancer in men worldwide and ranks third in cancer-related deaths in the U.S. Mortality rates from prostate cancer have been on the decline, especially in the U.S., due to improvements in screening and additional therapies. The dominance of adenocarcinoma in the prostate cancer diagnostics market is evident from its higher prevalence compared to other types of prostate cancer. Consequently, efforts in diagnostics and market focus are heavily geared towards adenocarcinoma due to its high incidence and the necessity for effective screening and treatment approaches.

By end user

In the prostate cancer diagnostics market, the outpatient facilities segment has emerged as the dominant end-use category. This shift is driven by several factors, including the increasing preference for less invasive procedures and the growing demand for convenient, cost-effective diagnostic options. Outpatient facilities, such as specialized diagnostic centers and clinics, offer targeted prostate cancer testing services, including imaging and biopsies, in a more streamlined and efficient manner compared to hospitals. The emphasis on reducing hospital visits and the ability to perform diagnostics with shorter wait times have contributed to the growth of outpatient settings. Additionally, advancements in technology and the rise of minimally invasive diagnostic techniques make outpatient facilities an attractive choice for patients and healthcare providers alike. As a result, outpatient facilities have become a key player in the prostate cancer diagnostics market, reflecting the broader trend towards decentralized and patient-centric care.

Recent Developments

• In February 2024, DiaCarta, Inc., a pioneer in molecular diagnostic test development for cancer and infectious diseases, announced it had established a strategic collaboration with OncoAssure Ltd, an Irish medical diagnostics company. The focus of the collaboration is to commercialize OncoAssure’s groundbreaking Prostate test which is designed to identify patients with a lower risk of prostate cancer recurrence, guiding decisions on active surveillance or reduced monitoring post-treatment.
• In September 2023, Nanostics announced the availability of the ClarityDX Prostate test at its newly accredited clinical lab in Edmonton, Alberta. This innovative blood test marks a significant advancement in prostate cancer screening. It provides critical support to men, aged 40 to 75, and their physicians in making more informed decisions, with 3X the accuracy, about whether a biopsy is required following a high prostate-specific antigen (PSA) test result.