Prostate Cancer Diagnostics Market

Market Overview

The global prostate cancer diagnostics market size was valued at USD 3.87 billion in 2022. It is estimated to reach USD 8.97 billion by 2031, growing at a CAGR of 9.8% during the forecast period (2023–2031). 

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 products.

Based on products, the global market is bifurcated into preliminary and confirmatory tests.

The preliminary tests segment dominates the global market and is projected to exhibit a CAGR of 11.9% over the forecast period. Apart from physical examination, tests used for diagnosing prostate cancer include Prostate-specific Antigen (PSA) test, Digital Rectal Examination (DRE), and biomarker tests. The PSA test helps determine the level of PSA in the blood. High levels of PSA in the blood may indicate cancer; however, it does not imply that a patient has cancer invariably, as it may also result from prostate inflammation.

Typically, prostate cancer is not easily identifiable due to its slow progression rate. Although the progression is slow, cancer can rapidly spread to other organs in some cases, causing major fatalities. Thus, PSA tests are increasingly used to detect prostate cancer in men with no disease symptoms, facilitating segment growth. Free PSA tests are also being increasingly used for diagnosing prostate cancer, as these tests consider the ratio of free PSA to the total PSA in the bloodstream to analyze elevated levels of PSA for detecting malignant conditions.

Recent Developments

• March 2023- Myriad Genetics, Inc. announced the launch of its new prostate cancer test, Prolaris. Prolaris is a blood test that can predict the risk of prostate cancer recurrence after treatment.
• February 2023- Roche announced the acquisition of Foundation Medicine, Inc. Foundation Medicine is a leading provider of genomic testing for cancer. The acquisition will allow Roche to expand its portfolio of prostate cancer diagnostics and provide patients with more personalized treatment options.