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Soaring Demand Set to Propel Prostate Cancer Diagnostics Market to $8.13 Billion by 2029
Prostate Cancer Diagnostics
What Is the Expected CAGR for the Prostate Cancer Diagnostics Market Through 2025?
The valuation of the prostate cancer diagnostics market has experienced swift expansion lately, projected to escalate from a figure of 4.43 billion USD in the year 2024 to reach 5.02 billion USD by 2025, reflecting a compound annual growth rate (CAGR) of 13.3%. Factors driving expansion during this past period encompass a swelling elderly demographic, progress in medical imagery technologies, heightened public consciousness alongside proactive screening efforts, various governmental health campaigns, and refinements in the procedures for obtaining tissue samples.
What's the Projected Size of the Global Prostate Cancer Diagnostics Market by 2029?
Prostate cancer diagnostics market valuation is anticipated to experience swift upward movement over the coming years, projected to attain $8.13 billion by 2029, reflecting a compound annual growth rate (CAGR) of 12.8%. This expansion throughout the prediction window is underpinned by several factors, such as the adoption of artificial intelligence (AI), an increasing reliance on telemedicine for cancer screenings, progress in genomic profiling methodologies, a shift toward patient-centered care modalities, and the enhanced use of multiparametric MRI for diagnostic purposes. Key developments shaping the market trajectory during this timeframe encompass advancements in liquid biopsy techniques, ongoing technological refinements in identifying biomarkers, vigorous clinical research and development activities, the incorporation of digital pathology systems, and the rising prominence of multiplex biomarker assays.
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Top Growth Drivers in the Prostate Cancer Diagnostics Industry: What's Accelerating the Market?
Elevated incidence rates of prostate cancer are anticipated to serve as a major impetus for the expansion of the prostate cancer diagnostics sector in the coming period; this cancer develops within the prostate gland, which is a part of both male and female reproductive anatomy, and diagnostic tools such as prostate-specific antigen (PSA) assessments and advanced imaging methods enable the early identification of this affliction in patients; reflecting this trend, the American Cancer Society (ACS), a US-based entity focused on eradicating cancer, projected around 288,300 new prostate cancer diagnoses and an estimated 34,700 fatalities linked to the disease within the United States for the year 2023, thus confirming that the rising frequency of prostate cancer will fuel advancement within its diagnostic market.
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What Trends Will Shape the Prostate Cancer Diagnostics Market Through 2029 and Beyond?
A significant current in the prostate cancer diagnostics arena is the rise of technological advancements. Leading firms involved in prostate cancer diagnostics are actively rolling out novel, artificial intelligence-driven instruments for diagnostic purposes to maintain their competitive edge. To illustrate, in the third month of 2023, Qritive, a diagnostics developer headquartered in Singapore, unveiled QAi Prostate, a sophisticated AI-enabled solution designed to aid pathologists in diagnosing prostate cancer. These technologies integrate sophisticated machine learning processes to precisely locate areas of prostatic adenocarcinoma and examine complete slide imagery derived from prostate core needle biopsies, thereby assisting pathologists in achieving faster, precise diagnoses and consequently shortening the duration before treatment commences.
What Are the Main Segments in the Prostate Cancer Diagnostics Market?
The prostate cancer diagnosticsmarket covered in this report is segmented -
1) By Products: Instruments; Reagents And Consumables; Accessories
2) By Test Type: Preliminary Tests; Confirmatory Tests
3) By Prostate Cancer: Squamous Cell Cancer; Small Cell Carcinoma; Transitional Cell Cancer; Prostatic Adenocarcinoma; Ductal Adenocarcinoma; Small Cell Prostate Cancer; Acinar Adenocarcinoma
4) By Peer Groups: Adult; Pediatric; Geriatrics
5) By End User: Hospitals; Independent Diagnostic Laboratories; Cancer Research Institutes; Other End-Users
Subsegments:
1) By Instruments: Biopsy Instruments; Imaging Devices; Digital Rectal Examination Tools
2) By Reagents And Consumables: Diagnostic Assay Kits; Staining Reagents; Sample Collection Materials
3) By Accessories: Biopsy Guides; Specimen Handling Accessories; Calibration And Maintenance Tools
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Which Top Companies are Driving Growth in the Prostate Cancer Diagnostics Market?
Major companies operating in the prostate cancer diagnostics market include F. Hoffman-La Roche AG, Bayer AG, Thermo Fisher Scientific Inc., Abbott Laboratories Inc., Siemens Healthineers AG, Becton dic*kinson 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., Dana-Farber Cancer Institute, Cellanyx Diagnostics Inc., A3P Biomedical AB
Which Regions Will Dominate the Prostate Cancer Diagnostics Market Through 2029?
North America was the largest region in the prostate cancer diagnostics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prostate cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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