Prostate Cancer Diagnostics Market Overview

Several factors like hike in awareness, better diagnostic procedures, rise in per capita income, improved reimbursement schemes, and others are expected to provide traction to the global oral cancer diagnostics market. However, the process can be quite costly, which can deter the market growth in the coming years.

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 Diagnostics Market Segmentation

Indication, diagnosis type, and end-user are three definite segments that have been considered well for the global oral cancer diagnostics market. MRFR’s analysis is directed towards various factors that can reveal routes for the market and ensure better prospects for growth.

Based on the indication, the global oral cancer diagnostics market can be segmented into oral verrucous carcinoma, mucoepidermoid carcinoma (salivary gland), oral squamous cell carcinoma, oral cavity lymphomas, and others. 

Based on the diagnosis type, the oral cancer diagnostics market comprises X-ray, endoscopy, biopsy, positron emission tomography (PET), computed tomography (CT), fluorescence imaging, magnetic resonance imaging (MRI), ultrasonography, and others.

Based on the end-user, the oral cancer diagnostics market includes hospitals & clinics, research & academic institutes, and others.

Prostate Cancer Diagnostics Market Regional Analysis

Region-specific analysis of the global oral cancer diagnostics market is including namely, the Americas, Europe, Asia-Pacific (APAC), and the Middle East & Africa (MEA). The study of these four regions are expected to provide ample scope to identify various growth pockets that can be explored later to increase market profitability.

The Americas has the largest market share and is expected to continue its dominance in coming years. The growth would rely heavily on the presence of several key players, better healthcare infrastructure, hike in technological integration, better reimbursement policies, and others. Major market to provide traction are the US and Canada. North America is expected to score better than South America.

Europe is the second largest market and it shares features with the Americas, especially the regional market of North America. Regional governments are also known for their investment capacity, alongside other private investors. Among countries, France, Germany, and the UK are expected to score well in the coming years.

The APAC market is all set to gain substantially from the growing inclusion of technologies in emerging economies that are transforming their healthcare sector to accommodate better technologies and strategic developments. The region has massive population, which is recording a high number of oral cancer patients. Countries like India, China, and others are expected to take this market forward.

The MEA market can expect a steady growth due to the presence Africa with its several poor economies. The market is expected to get traction from the Middle Eastern countries like Dubai. Saudi Arabia, Israel, and others.

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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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.

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