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The Global Prostrate Cancer Diagnostics Market Report is a compilation of comprehensive research studies of various aspects of the Prostrate Cancer Diagnostics Market. With accurate data and highly authentic information, a brilliant attempt is made to paint a true, transparent picture of the current and future situations of the global Prostrate Cancer Diagnostics market. Market participants can use this powerful tool when creating effective business plans or making major changes to their strategies. The report discusses the growth of the global as well as regional markets. It also throws light on high-growth segments of the global Prostrate Cancer Diagnostics market and how they will evolve in the years to come.
Read Detailed Index of full Research Study @ https://www.absolutemarketsinsights.com/reports/Global-Prostrate-Cancer-Diagnostics-Market-2019-2027-682
In terms of revenue, global prostate cancer diagnostics market was valued at US$ 732.64 Mn in 2022 and is anticipated to grow at a CAGR of 9.59% over the forecast period.. Exosome Diagnostics, Genomic Health, Inc., MDxHealth, MINOMIC, Roche Diagnostics and Siemens Healthcare Private Limited,amongst others.
Prostate cancer is a form of cancer that affects the prostate gland, which is a small gland in the pelvis of men located next to the bladder. It is caused due to abnormal growth of cells in the prostate and is highly influenced by an individual’s age, race, family history, obesity, amongst others factors. If not diagnosed and treated early, prostate cancer can lead to severe health conditions. The cancer can spread to bones, rectum, and other body parts. Furthermore, severe discomforts in the pelvic area, coupled with urinary issues can be experienced by the individual as the cancer spreads. The World Cancer Research Fund International states that prostate cancer is the second most commonly occurring cancer in men, and the fourth most commonly occurring cancer overall. There were around 1.3 million new cases in 2018. There is a rise in the number of individuals that are being affected by prostate cancer. However, early detection of prostate cancer ensures in higher success rate in terms of treatment and reduces fatalities .
The detection of prostate cancer when it is still confined to the prostate gland is of utmost importance for effective treatment. The growing awareness of the importance of early detection of prostate cancer is increasing demand for diagnostics amongst individuals. The diagnostics of prostate cancer includes a wide array of digital and biological tests for screening and confirming the presence of malignant tumour as well as the cancer stage. Companies such as OPKO Health, Inc. and Abbott are providing testing equipment for prostate cancer. Thus, the prevalence of prostate cancer and the growing demand for early detection and treatment, especially among men above the age of 55, is driving the growth of the prostate cancer diagnostics market.
The higher testing time of prostate cancer diagnostic equipments, and the higher costs associated with prostate cancer testing is a cause of concern amongst individuals. This is hampering the growth of the global prostate cancer diagnostics market. Medical professionals use biopsies, immunoassays and other techniques for rectal examination of patients. These procedures are time consuming, and cost a hefty amount, especially in private healthcare facilities. To overcome these challenges, researchers are developing novel techniques based on nuclear medicine and radiopharmaceuticals which helps in reducing costs and the waiting period. Thus, the advancement in testing technology helps in providing cost-effective solutions to the individuals and is expected to overcome the hindrances in the global prostate cancer diagnostics market during the forecast years.
The market participants are incorporating technologies such as artificial intelligence (AI) in their offerings to increase the accuracy of diagnosis and bring down testing costs. Artificial intelligence algorithms have the potential to accurately detect and grade prostate cancer in biopsy samples with proper training. Ibex Medical Analytics Ltd., for instance, is an Israeli start-up that has deployed AI-based solution for prostate cancer detection at CorePlusServiciosClínicos y Patológicos, LLC facility in September 2020. Similarly, Anixa Biosciences, Inc. launched an AI driven platform called Cchek in December 2019 for flow cytometry-based liquid biopsy that aids in faster detection of prostate cancer in men. Also, numerous government bodies are increasingly focussing on the development of new technologies to raise the efficiency of prostate cancer diagnostics. Swedish Research Council, for instance, funded a study in January 2020 for the development of an AI system for effectively handling the increasing volume of prostate cancer biopsies, which helps in mass diagnostics. Thus, the integration of advanced technologies such as AI with traditional diagnosis techniques is anticipated to pose lucrative growth opportunities for the market participants in the global prostate cancer diagnostics market during the coming years.
Patients with prostate cancer are vulnerable to COVID-19 infection. The chances of prostate cancer patients getting affected by the coronavirus are considerably reduced with the application of androgen-deprivation therapies. The vulnerability of prostate cancer patients of getting affected by COVID-19 is increasing the demand for prostate cancer diagnostics. Also, as the lockdown measures imposed by several countries like India, the UK, France, etc., to contain the spread of COVID-19 pandemic are being eased, medical professionals are expanding their diagnostics capabilities to cater to the those individuals who had to delay the tests during the lockdown months. For instance, Prostate Conditions Education Council (PCEC) of Colorado announced that they will be expanding their prostate cancer testing capability to cater to more than 23,000 men who had to delay their treatment due to COVID-19. Thus, the COVID-19 pandemic is anticipated to have a positive impact on the global prostate cancer diagnostics market.
Global Prostate Cancer Diagnostics Market:
By Cancer types
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