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Prostate Cancer Diagnostics Market: Dynamics, Trends, Size, and Industry Growth Insights
Prostate Cancer Diagnostics Global Market Report 2024
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According to The Business Research Company's, The prostate cancer diagnostics market size has grown rapidly in recent years. It will grow from $3.86 billion in 2023 to $4.4 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to increasing aging population, advancements in medical imaging, rising awareness and screening programs, public health initiatives, improved biopsy techniques.
The prostate cancer diagnostics market size is expected to see rapid growth in the next few years. It will grow to $7.11 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to integration of artificial intelligence (ai), growth of telemedicine in cancer screening, advancements in genomic profiling, patient-centric approaches, multiparametric mri for diagnosis. Major trends in the forecast period include liquid biopsy technologies, technological advances in biomarker detection, clinical research and development, digital pathology integration, emergence of multiplex biomarker assays.
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Market Drivers and Trends:
The increasing prevalence of prostate cancer is expected to propel the growth of the prostate cancer diagnostics market going forward. Prostate cancer is a condition in which cancer arises in the prostate gland, a component of the male and female reproductive systems. Prostate cancer diagnostics helps patients to diagnose the disease early with various tests, including prostate-specific antigen (PSA) testing and sophisticated imaging techniques. For instance, in January 2023, according to the American Cancer Society (ACS), a US-based non-profit organization dedicated to eliminating cancer, approximately 288,300 new cases of prostate cancer and 34,700 deaths attributed to prostate cancer in 2023. Therefore, increasing prevalence of prostate cancer is expected to propel the growth of the prostate cancer diagnostics market.
Technological innovations are a key trend gaining popularity in the prostate cancer diagnostics market. Major companies operating in prostate cancer diagnostics are introducing innovative AI-powered prostate cancer diagnosis tools to sustain their position in the market. For instance, in March 2023, Qritive, a Singapore-based company that develops diagnostic tools, launched QAi Prostate, an advanced AI-powered prostate cancer diagnosis tool for pathologists. These tools include advanced machine learning algorithms that identify the prostatic adenocarcinoma region and analyze whole slide images of prostate core needle biopsies. This tool helps pathologists to perform accurate diagnoses quickly and reduces the time taken for the treatment.
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Major Key Players of the Market:
F. Hoffman-La Roche AG, Bayer AG, Thermo Fisher Scientific Inc., Abbott Laboratories Inc., Siemens Healthineers AG, Becton Dickinson and Company, Agilent Technologies Inc., Hologic Inc, Biomerieux SA, Beckman Coulter Inc., Qiagen N.V., EXACT Sciences Corporation, Diasorin S.P.A., OPKO Health Inc., Myriad Genetics Inc., Cepheid Inc, NeoGenomics Laboratories Inc., Guardant Health Inc, GRAIL Inc, Fujirebio Diagnostics Inc., Ambry Genetics Corporation, MDxHealth SA, Biocept Inc., Blue Earth Therapeutics Ltd, Exosome Diagnostics Inc., Eurolyser Diagnostica GmbH, Dana-Farber Cancer Institute, Vyant Bio Inc., Cellanyx Diagnostics Inc., A3P Biomedical AB
Prostate Cancer Diagnostics Market 2024 Key Insights:
• The prostate cancer diagnostics market size is expected to see rapid growth in the next few years. It will grow to $7.11 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%.
• Global Surge In Prostate Cancer Cases Drives Expansion Of Prostate Cancer Diagnostics Market
• Innovative Technological Advancements Propel Prostate Cancer Diagnostics Market
• North America was the largest region in the prostate cancer diagnostics market in 2023
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