|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The prostate-specific antigen (PSA) test market is projected to register a CAGR of 11.3% during the forecast period (2022-2027).
The COVID-19 outbreak has impacted non-COVID illness treatment, such as cancer. The number of prostate cancer diagnoses decreased during the first COVID-19 wave. This trend was mostly restored in the second half of 2020. However, the number remained lower than predicted. According to a study released in 2020 titled "Impact of the COVID-19 outbreak on prostate cancer care in the Netherlands," the first COVID-19 wave saw a 17 percent decrease in prostate cancer diagnoses. From May onwards, the number of diagnoses began to return to around 95% of what was projected by the end of 2020.
The increasing prevalence of prostate cancer is a major factor that propels the demand for diagnostic products. Prostate cancer is the most common cancer among men, except for skin cancer. As per the American Society of Clinical Oncology (ASCO) 2022, it is the world's fourth most commonly diagnosed cancer. As per the ASCO, an estimated 268,490 men in the United States were diagnosed with prostate cancer in 2021. Also, according to the same source, an estimated 1,414,259 people were diagnosed with prostate cancer in 2020. Hence, this creates a need for an advanced product that is projected to support the market growth over the forecast period.
The development of technologically advanced products is also driving the market. For example, a highly portable and quick prostate cancer screening kit could provide early warning to communities with a higher incidence of prostate cancer, such as African American males with limited health care access. The low-cost proof-of-concept test combines a test strip and a compact cube-shaped 1.6-inch reader to quantify a prostate cancer marker known as the prostate-specific antigen (PSA) from a drop of blood in minutes. In addition, the launch of several studies to better prostate cancer diagnostics is aiding market expansion.
For example, new hospitals throughout England planned to join a groundbreaking trial in September 2021 that attempts to improve the analysis of prostate cancer samples using Artificial Intelligence. Six new NHS trusts were thought to kick-start this groundbreaking trial, which will be funded as part of the Eur140 million NHSX AI in Health and Care awards. Galen Prostate is the name of the AI technology developed by Ibex Medical Analytics, a health tech startup. The money will allow hospitals to compare the AI results against a pathologist's study using biopsies from 600 males over 14 months. AI technology can shorten diagnosis timelines, increase biopsy analysis accuracy, and free up clinicians' important time.
Besides, market players are also taking initiatives that are contributing to the market's growth. For instance, in June 2021, Lucida Medical, a Cambridge startup, announced that it had joined the Edison Accelerator, a program created by GE Healthcare in collaboration with Wayra UK to promote early-stage and technologically sophisticated enterprises creating AI solutions for healthcare. Lucida Medical's participation in the Edison Accelerator program is a significant step toward the company's goal of disrupting the cancer diagnostic pathway with technology that more accurately detects prostate cancer by analyzing MRI, allowing radiologists to save time and patients to receive the best possible diagnosis and treatment.
The availability of products in the market has also contributed to the market growth. For instance, in March 2020, Proclarix, a blood-based test for prostate cancer diagnosis, was made commercially available in Europe by Proteomedix, a Swiss cancer diagnostics business. In July 2019, MDNA Life Sciences stated that their Mitomic Prostate Test (MPT) - the world's most accurate blood test for prostate cancer – was now accessible for clinical usage in the UK, thanks to MDNA's partner, Aspire Pharma.
Scope of the Report
As per the scope of this report, the prostate-specific antigen test is a blood test used to screen for prostate cancer. The test measures the amount of prostate-specific antigen (PSA) in the blood. PSA is a protein produced by both cancerous and noncancerous tissue in the prostate, a small gland that sits below a man’s bladder. The Prostate-Specific Antigen Test Market is Segmented by Test Type (Preliminary Tests, and Confirmatory Tests (Pca3 Test, Trans-Rectal Ultrasound, and Biopsy)), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD million) for the above segments.
Key Market Trends
The Preliminary Test Segment is Expected to Hold a Major Market Share in the Prostate-Specific Antigen Test Market
PSA screening has been more widely available, allowing for earlier detection and treatment, which has resulted in higher survival rates. PSA testing discovers previously undetected and tiny lesions that may or may not progress to a more advanced cancer stage. Most men over 50 and those at risk of acquiring the disease should get these tests since they help diagnose the disease before serious symptoms arise.
The increasing incidence of prostate cancer among men creates the need for advanced diagnostic products, thereby driving the market’s growth. Prostate cancer is the most common cancer in American men. As per the American Cancer Society, it is estimated that about 268,490 new cases of prostate cancer will be diagnosed in the United States in 2022. Similarly, about 34,500 deaths will occur from prostate cancer in the United States in 2022. Thus, the increasing number of prostate cancer cases is driving the market’s growth.
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North America is Expected to Hold a significant share in the market and is expected to do the Same in the Forecast Period.
The current impact of the COVID-19 pandemic on cancer care in the United States has resulted in decreases and delays in identifying new cancers and the delivery of treatment. As per the research article published in October 2021, "Impact of COVID-19 on Cancer Care: How the Pandemic Is Delaying Cancer Diagnosis and Treatment for American Seniors", significant decreases in screening for prostate cancer were observed in 2020 compared with 2019, with the most significant reduction occurring in April for prostate (−56%) screenings.
The market's expansion is further aided by favorable government backing in the United States. For example, Datar Cancer Genetics reported in February 2022 that its TriNetra-Prostate blood test, created to identify early-stage prostate cancer, has been designated a breakthrough device by the United States Food and Drug Administration. Paige Prostate, the first artificial intelligence (AI) based program developed to detect areas at risk of being malignant in prostate biopsy photos, was also approved by the US Food and Drug Administration (FDA) in September 2021. This program allows pathologists to make a higher number of correct malignant tissue diagnoses, perhaps helping to address the growing number of cancer cases worldwide.
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The prostate-specific antigen test market is fragmented and competitive and consists of several major players. Some of the players operating in the market are Accuquik Test Kits, Bayer AG, Bio-Rad Laboratories, Inc., Beckman Coulter, Inc., Fujirebio (H.U. Group company), General Electric Company, Abcam PLC, Lomina AG, Laboratory Corporation of America Holdings, OPKO Health, Inc., Hanzhou Testsea biotechnology Co. LTD, and Proteomedix.
· In April 2022, The Milton and Carroll Petrie Department of Urology at Mount Sinai launched the Mount Sinai Robert F. Smith Mobile Prostate Cancer Screening Unit to support prostate health in the Black community.
· In March 2022, miR Scientific, a New York-based healthcare company dedicated to transforming global cancer management, and Leonie Hill Capital, a Singapore-based organization focused on large-scale, sophisticated healthcare access and distribution, announced the signing of a collaboration agreement to partner in the commercial launch of the award-winning miR Sentinel Prostate Cancer Test in Singapore and Southeast Asia.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Prostate Cancer
4.2.2 Increasing Government Initiatives
4.2.3 Technological Advancements
4.3 Market Restraints
4.3.1 High Cost Of Diagnosis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD million)
5.1 By Test Type
5.1.1 Preliminary Tests
5.1.2 Confirmatory Tests
126.96.36.199 Pca3 Test
188.8.131.52 Trans-Rectal Ultrasound
5.2.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.2.4 Middle-East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
5.2.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Accuquik Test Kits
6.1.2 Bayer AG
6.1.3 Bio-Rad Laboratories, Inc.
6.1.4 Beckman Coulter, Inc.
6.1.5 Fujirebio (H.U. Group company)
6.1.6 General Electric Company
6.1.7 Abcam plc.
6.1.8 Lomina AG.
6.1.9 Laboratory Corporation of America Holdings
6.1.10 OPKO Health, Inc.
6.1.11 Hanzhou Testsea biotechnology co., LTD.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Prostate Specific Antigen (PSA) Test Market market is studied from 2019 - 2027.
What is the growth rate of Global Prostate Specific Antigen (PSA) Test Market?
The Global Prostate Specific Antigen (PSA) Test Market is growing at a CAGR of 11.3% over the next 5 years.
Which region has highest growth rate in Global Prostate Specific Antigen (PSA) Test Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Prostate Specific Antigen (PSA) Test Market?
North America holds highest share in 2021.
Who are the key players in Global Prostate Specific Antigen (PSA) Test Market?
Bio-Rad Laboratories, Inc. , Accuquik Test Kits , OPKO Health, Inc., bioMérieux SA, Beckman Coulter, Inc. are the major companies operating in Global Prostate Specific Antigen (PSA) Test Market.