How is the Prostate Specific Antigen (PSA) Test Market Poised for Growth: Trends and Opportunities Through 2034
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What key factors are powering the surge in the prostate specific antigen (psa) test market right now?
In recent times, the market size for the prostate specific antigen (PSA) test has seen a swift growth. It is projected to inflate from $4.15 billion in 2024 to $4.66 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 12.1%. Factors such as heightened consciousness, an aging populace, medical and pharmaceutical advancements, as well as clinical recommendations have contributed to the growth during the historical period.
How fast Is the prostate specific antigen (psa) test market expected to grow, and what’s its future value?
The market size of the prostate specific antigen (PSA) test is anticipated to experience a swift expansion in the forthcoming years. The market is projected to rise to $7.29 billion in 2029, with a compound annual growth rate (CAGR) of 11.9%. The predicted upswing during the forecast period can be associated with improvements in test precision, a personalized medicine approach, and a globally aging population. Significant trends expected during the forecast period involve a shift towards combinations of biomarkers, technological advancements, point-of-care testing, incorporation of digital health, and a focus on preliminary detection and prevention.
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What are the leading drivers of growth in the prostate specific antigen (psa) test market?
The upward trend in prostate cancer cases is predicted to fuel the expansion of the prostate-specific antigen (PSA) test market. Prostate cancer, a disease that originates in the prostate gland, an aspect of the male and female reproductive apparatus, is growing in prevalence. As a common screening procedure for prostate cancer in men, the Prostate-Specific Antigen (PSA) test gauges the quantity of PSA in the blood, thereby aiding in early identification and risk analysis. For example, the American Society of Clinical Oncology (ASCO), a professional oncology group from the US, reported that in March 2023, around 288,300 men were diagnosed with prostate cancer and nearly 34,700 people lost their lives in the US. Hence, the increasing incidence of prostate cancer is driving the prostate-specific antigen (PSA) test market growth.
What are the key segments defining the prostate specific antigen (psa) test market?
The prostate specific antigen (PSA) test market covered in this report is segmented –
1) By Type: Clinical Laboratory Improvement Amendments (CLIA), Enzyme-Linked Immunosorbent Assay (ELISA), Fluorescence Immunoassay (FIA), Other Types
2) By Application: Screening, Post-Treatment Monitoring, Other Applications
3) By End User: Hospitals, Diagnostic Centers, Research Institutes, Other End Users
Subsegments:
1) By Clinical Laboratory Improvement Amendments (CLIA): CLIA Waived Tests, Non-CLIA Tests
2) By Enzyme-Linked Immunosorbent Assay (ELISA): Sandwich ELISA Kits, Competitive ELISA Kits
3) By Fluorescence Immunoassay (FIA): Point-Of-Care FIA, Laboratory-Based FIA
4) By Other Types: Chemiluminescent Immunoassay (CLIA), Radioimmunoassay (RIA)
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Who are the key players steering the development of the prostate specific antigen (psa) test market?
Major companies operating in the prostate specific antigen (PSA) test market include Siemens AG, F. Hoffmann-La Roche AG, Bayer AG, Abbott Laboratories, Becton Dickinson and Company, PerkinElmer Inc., Beckman Coulter Inc., Bio-Rad Laboratories Inc., Ortho-Clinical Diagnostics Inc., DiaSorin SpA, OPKO Health Inc., R&D Systems Inc., Meso Scale Diagnostics LLC, Tosoh America Inc., Fujirebio Europe N.V., Boditech Med Inc., DRG International Inc., BioVision Inc., Enzo Life Sciences Inc., RayBiotech Inc., Novus Biologicals LLC, Creative Diagnostics Inc., Elabscience, LifeSpan BioSciences Inc., American Laboratory Products Company Ltd., Accuquik Inc.
What emerging trends are influencing the growth of the prostate specific antigen (psa) test market?
The emergence of new technologies is a primary trend resonating in the PSA (prostate-specific antigen) test market. To uphold their market presence, key companies in the PSA test market are producing advanced diagnostic tools. One such instance is from February 2023, when a diagnostic firm from the US, LynxDx Inc., introduced MyProstateScore 2.0, a pioneering, non-evasive screening process for prostate cancer via urine. This groundbreaking test employs an array of 18 biomarkers, inclusive of the unique gene fusion T2:ERG, to deliver individualized risk evaluations for every patient. This test also provides highly precise, layered risk evaluation insights to support clinical judgments for persons with increased PSA levels or unusual digital rectal exam (DRE) results. Furthermore, this tool holds the potential to advance prostate cancer screening and its treatment.
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Which regions are most influential in expanding the prostate specific antigen (psa) test market?
North America was the largest region in the prostate specific antigen (PSA) test market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prostate specific antigen (PSA) test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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