Global Prostate Specific Antigen (PSA) Test Market Size

Prostate Specific Antigen Test Market Analysis

The Global Prostate Specific Antigen Test Market size is estimated at USD 3.86 billion in 2024, and is expected to reach USD 6.31 billion by 2029, growing at a CAGR of 10.35% during the forecast period (2024-2029).

The COVID-19 outbreak has impacted non-COVID illnesses, 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 April 2022 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. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, cancer care and maintaining high standards of diagnosis and treatment have been the major priorities of the national healthcare bodies and international healthcare systems worldwide.

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) updates from August 2022, prostate cancer 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 instance, 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.

Thus, owing to the abovementioned factors, the market is expected to show growth over the forecast period. However, the high cost of diagnosis significantly hinders the market's growth.