Prostate Cancer Diagnostics Market Outlook and Opportunities in Grooming Regions with Forecast to 2022
Uncontrollable growth of cells in prostate gland leads to the development of prostate cancer. Several men develop low-grade prostatic intraepithelial neoplasia (PIN), however they don’t necessarily develop prostate cancer. No sure way has been found to prevent prostate cancer, however the chances can be lowered by being physically active and maintaining a healthy weight.
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An increasing geriatric population across the developed world along with access to top-quality healthcare is expected to benefit the prostate cancer diagnostics market. Healthcare spending is growing by leaps and bounds both though the government as well as private providers. As per the WHO Health Spending Observatory, the spending on health may rise to US$ 18.2 trillion by the year 2040 with annual growth rates of 3.4% in upper middle income countries and 2.7% in high-income ones. The global prostate cancer diagnostics market is projected to grow to nearly US$ 1.1 billion in 2022.
PCA3 and PSA Test Segment Vital in the Prostate Cancer Diagnostics Market
The PCA3 and PSA test segments can be considered the most important in the prostate cancer diagnostics market as they both represent the highest potential in terms of market opportunity. The PSA segment is anticipated to be worth just over US$ 270 million in 2017 and it should grow at a healthy CAGR during the period 2017-2022. On the other hand, the PCA3 segment is poised to grow to nearly US$ 284 million by the end of the forecast period.
North America is the largest region for both segments and accounts for nearly 2/5th of the prostate cancer diagnostics market. The region’s large geriatric population and high prevalence of cancer mean that demand for prostate cancer diagnostics will continue to remain strong during the forecast period.
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Smaller Share of CTC
The CTC segment holds revenue share in the global prostate cancer diagnostics market. This segment is projected to reach US$ 141 million by the end of 2022.
The immunohistochemistry segment is projected to witness a CAGR of 4.5% for the five-year study period. While North America may be the largest regional contributor, key stakeholders could also focus on Europe as it holds a revenue share of more than 30% throughout the period.
Focus on Hospital Labs and Research Institutes
The hospital associated labs segment is assessed to grow significantly during the forecast period. It would make sense for companies to focus on cancer research institutes as collaboration can help in the development of innovative solutions. In this case, companies could think of targeting the APEJ region as it has the highest CAGR during the forecast period. The region spends much less on healthcare as a percentage of GDP than the developed world but strong economic growth will all but ensure that it becomes ever-more important to regional governments in future.
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Key players in the global market for prostate cancer diagnostics include Abbott Laboratories, Biocept, Inc., AstraZeneca plc., Cancer Genetics, Inc., Danaher Corporation, Bayer Aktiengesellschaft, Becton, Dickinson and Company, Agilent Technologies, Foundation Medicine, Inc., and Myriad Genetics Inc.
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