Prostate Cancer Diagnostics Market Overview

The global Prostate Cancer Diagnostics Market is growing continually at a rapid pace, mainly due to the increasing prevalence of the condition. Besides, serious risk factors of prostate cancer, including race, age, and genetics, alongside, the changing & sedentary lifestyle and growing obesity disorders are driving the growth of the market, leading to the occurrence of this type of cancer.

Also, the emergence of novel medicines & therapies is accelerating market growth, giving the best outcomes. According to Market Research Future (MRFR), the Prostate Cancer Diagnostics Market  is expected to garner exponential accruals by 2030. In its recently published analysis, MRFR also asserts that the market would register an impressive CAGR of 7.50% throughout the forecast period (2022 – 2030).

The rise in the funding support from the public and private sector in the field of drug development are fostering market growth. The demand for sophisticated devices is, in turn, contributing to the growth of the market to a great extent.

Conversely, low awareness among people about the availability and the benefits of prostate cancer treatment and loss of patent protection for drugs impede market growth. Also, the high production cost of the devices & medicines required for the management of the disease alongside, the skepticism of physicians towards the advancement & efficacies of the treatments is estimated to obstruct the growth of the global prostate cancer market. Similarly, the high cost associated with the treatment of prostate cancer and side-effects of surgeries such as urinary incontinence and impotence along with the surgical risks like heart attack, stroke, and blood clots are restricting the growth of the market. Nevertheless, seminal efforts & investments by the key market players would support the market growth, bringing about innovative drugs & therapies for the treatments.

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Prostate Cancer Market – Competitive Landscape

Highly competitive, the prostate cancer market appears to be fragmented due to the presence of several notable players. To gain a substantially large competitive advantage, these players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product launch. Due to the increasing strategic partnerships, the structure of the market is changing rapidly. Besides, the growing competition in the market is encouraging multinational companies to acquire small yet promising companies operating in the developing markets.

Major Players

Players leading the global prostate cancer market include Bayer Pharma AG (Berlin), OncoGenex Pharmaceuticals Inc. (US), Progenics Pharmaceuticals, Inc. (US), OncBioMune Pharmaceuticals Inc. (US), TOLMAR Inc. (US), Endo Pharmaceuticals Inc., and Tokai Pharmaceuticals, Inc., among others.

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Prostate Cancer Diagnostics Market Segmentation

The global cancer diagnostics market has been segmented on the basis of types, application, and end user. Based on type, the global cancer diagnostics market has been segmented into biopsy based, endoscopy based, imaging procedure, tumor cancer diagnostics, and others. Based on application, the global cancer diagnostics market has been segmented into lung cancer, breast cancer, colorectal cancer, cervical cancer, prostate cancer, skin cancer, blood cancer, kidney cancer, liver cancer, pancreatic cancer, and others. Based on end user, the global cancer diagnostics market has been segmented into diagnostic center, clinic, hospital, research institutes, and others.

Global Cancer Diagnostics Market: Regional Analysis

Prostate Cancer Diagnostics Market Regional Analysis

Geographically, the global cancer diagnostics market ha been segmented into four major regions such as the Americas, Asia Pacific, Europe and the Middle East and Africa. The Americas command the major share of the global cancer diagnostics market owing to the high prevalence of individuals suffering from cancer, rapid adoption of advanced technology in order to improve the diagnostics and treatment solutions in the well-developed healthcare infrastructure and increased expenditure on healthcare by the population in this region. Technological advancement is aiding the pharmaceutical industry to carry out extensive research activities for the development of advanced diagnostics procedure in order to provide accurate treatment for curing cancer, which in turn is propelling the growth of the cancer diagnostics market in the Europe region. Increasing awareness regarding the availability of advanced diagnostics procedures in the healthcare sector of emerging economies, rise in prevalence of cancer, and increased government initiatives to support cancer patients to get thorough diagnosis and effective treatments with the help of favorable reimbursement policies are fueling the expansion of the cancer diagnostics market in the Asia Pacific region. Lack of awareness and low penetration of advanced diagnostics solution in the remote areas of the underdeveloped countries are leading to the steady growth of the cancer diagnostics market in the Middle East and Africa market.

Industry/Innovations/Related News:

September 16, 2019 ---– Myriad Genetics, Inc. (the US), a leader in molecular diagnostics & precision medicine, announced its collaboration with the Leeds Centre for Personalised Medicine & Health (the US) to evaluate the clinical application of the Prolaris test in men with prostate cancer. The collaboration is expected to help Myriad to improve the outcomes for men with prostate cancer. Prolaris is a RNA-expression test known to measure tumor cell growth characteristics for better understanding of the risk.

September 5, 2019 – Sumitomo Dainippon Pharma Co., Ltd. (Japan), a leading pharmaceutical company, and Roivant Sciences Ltd. (India), a technology-enabled healthcare company, announced that they have entered into the Memorandum of Understanding (MoU) for the creation of a novel and broad Alliance to include the transfer to Sumitomo Dainippon Pharma of Roivant’s ownership interests in five of their biopharmaceutical companies.