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Prostate Specific Antigen (PSA) Test Global Market Top Companies, Trends and Future Prospects Details for Business Development 2033
Prostate Specific Antigen (PSA) Test Global Market
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According to The Business Research Company's, The prostate specific antigen (psa) test market size has grown rapidly in recent years. It will grow from $3.66 billion in 2023 to $4.13 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to increased awareness, aging population, medical advancements, clinical recommendations, pharmaceutical advancements.
The prostate specific antigen (psa) test market size is expected to see rapid growth in the next few years. It will grow to $6.4 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to advancements in test accuracy, personalized medicine approach, personalized medicine approach, global aging population. Major trends in the forecast period include shift towards biomarker combinations, technological innovations, point-of-care testing, digital health integration, focus on early detection and prevention.
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Market Drivers and Trends:
The increasing prevalence of prostate cancer is expected to propel the growth of the prostate-specific antigen (PSA) test 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. The prostate-specific antigen (PSA) test is commonly used as a screening tool for prostate cancer in men. It measures the level of PSA in the bloodstream, which will help with early detection and risk assessment. For instance, in March 2023, according to the reports shared by the American Society of Clinical Oncology (ASCO), a US-based professional oncology organization, in the US, an estimated 288,300 men were diagnosed with prostate cancer, and approximately 34,700 people died in 2023. Further, in 2020, globally, an estimated 1,414,259 people will be diagnosed with prostate cancer. Therefore, the rise in the prevalence of prostate cancer is driving the growth of the prostate-specific antigen (PSA) test market.
Technological advancements are the key trend gaining popularity in the prostate-specific antigen (PSA) test market. Major companies operating in the prostate-specific antigen (PSA) test market are developing advanced screening test tools to sustain their position in the market. For instance, in February 2023, LynxDx Inc., a US-based diagnostic company, launched MyProstateScore 2.0, a non-invasive urine prostate cancer screening test. This innovative test uses a combination of 18 biomarkers, including the novel gene fusion T2:ERG, to provide a personalized risk assessment for each patient. Additionally, this screening test offers highly accurate, stratified risk assessment insights to guide clinical decisions for patients with elevated prostate-specific antigen (PSA) or abnormal digital rectal exam (DRE) findings. Moreover, it has the potential to improve prostate cancer screening and treatment.
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Major Key Players of the Market:
Siemens AG, F. Hoffmann-La Roche AG, Bayer AG, Abbott Laboratories, Becton Dickinson and Company, PerkinElmer Inc., Beckman Coulter Inc., Bio-Rad Laboratories Inc., Ortho-Clinical Diagnostics Inc., DiaSorin SpA, OPKO Health Inc., R&D Systems Inc., Meso Scale Diagnostics LLC, Tosoh America Inc., Fujirebio Europe N.V., Boditech Med Inc., DRG International Inc., BioVision Inc., Enzo Life Sciences Inc., RayBiotech Inc., Novus Biologicals LLC, Creative Diagnostics Inc., Elabscience, LifeSpan BioSciences Inc., American Laboratory Products Company Ltd., Accuquik Inc., AOBIOUS Inc., Boster Biological Technology Co. Ltd., Cell Biolabs Inc., Lomina AG
Prostate Specific Antigen (PSA) Test Market 2024 Key Insights:
• The prostate specific antigen (psa) test market size is expected to see rapid growth in the next few years. It will grow to $6.4 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
• Increasing Prevalence Of Prostate Cancer Drives Growth In Prostate-Specific Antigen (PSA) Test Market
• Technological Advancements Propel Innovation In The Prostate-Specific Antigen (PSA) Test Market
• North America was the largest region in the prostate specific antigen (PSA) test market in 2023
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