Future Growth Forecast For The Prostate Specific Antigen (PSA) Test Global Market 2023-2032
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As per The Business Research Company’s Prostate Specific Antigen (PSA) Test Global Market Report 2023, The global prostate specific antigen (PSA) test market is expected to grow from $3.24 billion in 2022 to $3.66 billion in 2023 at a compound annual growth rate (CAGR) of 13.1%. The prostate-specific antigen (PSA) test market is expected to reach $5.73 billion in 2027 at a CAGR of 11.8%.
What was the major driver in the prostate specific antigen (PSA) test market?
The increasing prevalence of prostate cancer is expected to propel the growth of the prostate-specific antigen (PSA) test market going forward. Prostate cancer is a condition in which cancer arises in the prostate gland, a component of the male and female reproductive systems. The prostate-specific antigen (PSA) test is commonly used as a screening tool for prostate cancer in men. It measures the level of PSA in the bloodstream, which will help with early detection and risk assessment. For instance, in March 2023, according to the reports shared by the American Society of Clinical Oncology (ASCO), a US-based professional oncology organization, in the US, an estimated 288,300 men were diagnosed with prostate cancer, and approximately 34,700 people died in 2023. Further, in 2020, globally, an estimated 1,414,259 people will be diagnosed with prostate cancer. Therefore, the rise in the prevalence of prostate cancer is driving the growth of the prostate-specific antigen (PSA) test market.
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What was the key trend in the prostate specific antigen (PSA) testmarket?
Technological advancements are the key trend gaining popularity in the prostate-specific antigen (PSA) test market. Major companies operating in the prostate-specific antigen (PSA) test market are developing advanced screening test tools to sustain their position in the market. For instance, in February 2023, LynxDx Inc., a US-based diagnostic company, launched MyProstateScore 2.0, a non-invasive urine prostate cancer screening test. This innovative test uses a combination of 18 biomarkers, including the novel gene fusion T2:ERG, to provide a personalized risk assessment for each patient. Additionally, this screening test offers highly accurate, stratified risk assessment insights to guide clinical decisions for patients with elevated prostate-specific antigen (PSA) or abnormal digital rectal exam (DRE) findings. Moreover, it has the potential to improve prostate cancer screening and treatment.
Which was the largest region in the prostate specific antigen (PSA) test market?
North America was the largest region in the prostate specific antigen (PSA) test market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in prostate-specific antigen (PSA) test report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the prostate specific antigen (PSA) testmarketprominent players?
Major players in the prostate specific antigen (PSA) test market are 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., AOBIOUS Inc., Boster Biological Technology Co. Ltd., Cell Biolabs Inc., and Lomina AG.
Key prostate specific antigen (PSA) testmarket segments
The global prostate specific antigen (PSA) test market 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
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