Prostate Cancer Diagnostics Market to hit USD 11.5 billion by 2032, says Global Market Insights Inc.
Prostate Cancer Diagnostics Industry is projected to witness a CAGR of 12.4% during the period 2023-2032. This progression can be attributed to the increasing popularity of prostate cancer diagnostic tests.
Selbyville, Delaware, Sept. 10, 2023 (GLOBE NEWSWIRE) -- Prostate Cancer Diagnostics Market size is anticipated to be worth more than USD 11.5 billion in revenue by 2032. The burgeoning burden of prostate cancer across the globe and the consequently rising number of screening initiatives will accelerate the industry gains.
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To quote an instance, in May 2023, Siteman Cancer Center launched a prostate cancer screening initiative as well as an educational campaign across the St. Louis region to address the racial disparities in prostate cancer. The early diagnosis of prostate cancer assists affected patients with informed decisions about futuristic diagnostic tests or preventive measures. The surging count of large-scale screening initiatives for helping researchers in better understand the prevalence, risk factors, and outcomes of the disease.
Biomarker tests to witness high demand
With respect to test type, the prostate cancer diagnostics market size from biomarker tests is slated to witness significant traction between 2023 and 2032 attributed to the rising popularity of biomarker tests as they offer information about the aggressiveness as well as characteristics of prostate cancer tumor. The growing efforts essayed by industry players on innovations to cater to the rising need to limit overdiagnosis and overtreatment through biomarker tests will drive the segment expansion. For instance, in July 2023, Quest Diagnostics introduced a prostate cancer biomarker test for improving the accuracy of biopsy grading.
Rising adoption in diagnostic laboratories
Prostate cancer diagnostics market size from the diagnostic laboratories end-use segment is slated to record considerable momentum through 2032 driven by the growing obligation for the effective diagnosis and management of prostate cancer to offer improved patient outcomes. Lately, there has been a significant rise in the number of diagnostic and speciality centres to meet the ongoing monitoring and periodic testing requirements for assessing treatment effectiveness while monitoring recurrence. To cite an instance, in August 2023, Inify Laboratories was successfully launched in Sweden for delivering first prostate cancer diagnosis.
APAC to emerge as a profitable hub
Asia Pacific is expected to hold significant share of prostate cancer diagnostics market by 2032 due to the rapidly aging population and the westernization of lifestyles. The surging awareness regarding prostate cancer and the importance of its early detection in several countries have made way for multiple public health campaigns and educational initiatives, pushing numerous men to seek screening and diagnostics. The increasing rate of healthcare spending is further driving the investments in advanced diagnostic technologies and improved healthcare facilities for accurate prostate cancer diagnostics.