High Investments in the Field of Cancer Research and Rising Prevalence of Prostate Cancer Driving Growth

Dublin, March 17, 2023 (GLOBE NEWSWIRE) — The “U.S. Prostate Cancer Testing Market – A Country Analysis: Focus on Type of Biomarker, Application, End User, and Region – Analysis and Forecast, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.

The U.S. prostate cancer testing market is anticipated to reach $1,901.6 million in 2030 from $544.1 million in 2021, with a CAGR of 14.7%, during the forecast period 2022-2030.

The growth in the U.S. prostate cancer testing market is expected to be driven by high investments in the field of cancer research and the rising prevalence of prostate cancer in U.S. In addition, the focus of business leaders is establishing a deep understanding to address the unmet needs in clinical research to understand the prostate cancer market.

One of the main reasons for the expansion of the prostate cancer testing market in the upcoming years is the rise in prostate cancer cases. Prostate cancer is the second most frequent disease diagnosed in men, and its frequency is rising across the globe.

Prostate cancer is thought to be diagnosed in one million additional cases worldwide each year. Due to an aging population, growing urbanization, and accompanying lifestyle changes, the overall incidence of prostate cancer has increased over the past few decades.

Impact of COVID-19

During the coronavirus disease 2019 (COVID-19) pandemic, a number of disease models issued warnings about an excess of cancer fatalities brought on by missed cancer screenings as a result of the general population’s quarantine and a lack of healthcare resources.

The COVID-19 pandemic has had a negative impact on early diagnosis in the specific case of prostate cancer, the second most common cancer in men, by reducing participation in screening programs and on time from diagnostic testing to surgery/radiotherapy, which may translate into a worse prostate-cancer-specific death rate in the coming years. Additionally, in other areas, including Florida, state governments disallowed non-essential healthcare services.

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Significant reductions in cancer screenings were seen in the early stages of the COVID-19 pandemic. According to a research paper published in January 2022 by the University of Florida, screenings for prostate cancer were reduced by 74%. Due to these screening figures, there may have been thousands more cancer deaths in the U.S. than were registered.

For instance, prostate-specific antigen (PSA) testing rates and the identification of several urological malignancies, including prostate cancer, have been found to be declining in significantly afflicted populations. Several Australian urologists worry that men with possibly curable prostate cancer may have missed their chance for a cure due to low screening test uptake during the lockdowns of 2020.

According to a research paper published by BMC Urology in June 2022, a total of 4,048,099 PSA tests and 118,328 prostate biopsies were performed in Australia over the six years of data analysis. In the years 2019 and 2020, 68,429 prostate magnetic resonance imaging (MRI) were performed. Between 2015 and 2019, there were, on average, 19,573 prostate biopsies and 678,082 PSA testing performed per year.

Market Segmentation

Based on biomarker type, the pre-biopsy test in the U.S. prostate cancer testing market is expected to be dominated by the biomarker type segment. This is due to the increasing popularity of prostate cancer testing and rising awareness related to prostate cancer testing.

Based on application, the U.S. prostate cancer testing market is dominated by the diagnostics biomarkers segment owing to the rising R&D activity focused on the development of prostate cancer testing. The diagnosis of prostate cancer has developed a new molecular-based diagnostics technology. To detect clinically relevant cancer upon diagnosis, several tools or therapeutic options are required to improve the patient’s quality of life.

As of 2021, the U.S. prostate cancer testing market (by end user) was dominated by ambulatory surgical centers (ASCs), holding a 28.55% market share with a market value of $155.3 million.

The TAM of the pre-biopsy/post-negative biopsy testing segment is expected to grow at a CAGR of 4.5% during the forecast period 2022-2030 in the South U.S. prostate cancer testing market. Several established diagnostics manufacturers in this region who are focusing on expanding their portfolios in prostate cancer testing and are collaborating with service providers and pharmaceutical giants to co-market prostate cancer testing solutions with its complementary precision medicine solutions.

Moreover, the U.S. government is currently undertaking several initiatives to develop tests for cancer and provide funds to new start-ups in the cancer diagnostics field.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Key Companies Profiled:

• Abbott.

• Abcam plc.

• Agilent Technologies, Inc.

• Bio-Techne. (ExoDx)

• Cleveland Diagnostics, Inc.

• Danaher. (Beckman Coulter, Inc.)

• Exact Sciences Corporation

• F. Hoffmann-La Roche Ltd (FOUNDATION MEDICINE, INC.)

• H.U. Group Holdings, Inc. (Fujeribio)

• mdxhealth.

• Siemens Healthcare GmbH

• Myriad Genetics, Inc.

• NeoGenomics Laboratories.

• OPKO Health, Inc. (GenPath)

• Veracyte, Inc.

Key Topics Covered:

Market: Overview

Market Footprint and Growth Potential

• Future Potential Evolution of Prostate Cancer Testing

• Epidemiology of Prostate Cancer in the U.S.

• COVID-19 Impact on U.S. Prostate Cancer Testing Market

Industry Analysis

• Legal Requirements and Framework in the U.S.

• National Comprehensive Cancer Network (NCCN) Guidelines

• American Urological Association (AUA)

• American Cancer Society (ACS)

• U.S. Preventive Services Task Force (USPSTF)

Patent Analysis

Market Dynamics

Market Drivers

• Rising Prevalence of Prostate Cancer in the U.S.

• Increasing Number of Prostate Cancer Screening and Testing

• Government Initiatives Related to Prostate Cancer

Market Restraints

Market Opportunities

Prostate Cancer Testing Market: Competitive Landscape

Corporate Strategies

Business Strategies

Reimbursement Scenario in the U.S.

• State Efforts to Ensure Prostate Cancer Screening Coverage

• Medicare Coverage for Prostate Cancer Screening

• Biomarker Testing Reimbursement Scenario in the U.S.

• Market Share Analysis (by Company)

U.S. Prostate Cancer Testing Market (by Biomarker Type), Value ($Million), 2021-2030

• Initial Evaluation: Prostate-Specific Antigen (Total PSA, Free PSA)

• Pre-Biopsy/Post-Negative Biopsy Testing

• Blood-Based Biomarker

• Urine-Based Biomarker

• Imaging

• Multiparametric Magnetic Resonance Imaging (mp-MRI)

• Post-Biopsy Tissue Testing

• Tissue-Based Biomarker

U.S. Prostate Cancer Testing Market (by Application), Value ($Million), 2021-2030

• Diagnostic Biomarkers (PHI, 4KScore, SelectMDx, etc.)

• Prognostic Biomarkers (Prolaris, OncotypeDx, Decipher, etc.)

For more information about this report visit https://www.researchandmarkets.com/r/3tw7n1-s-prostate?w=12

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