LONDON--(BUSINESS WIRE)--The global prostate cancer testing market is expected to grow at a CAGR of close to 11% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global prostate cancer testing market by product that includes biomarkers, biopsy, and imaging. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
Market driver: increasing incidence of prostate cancer
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The incidence of prostate cancer is increasing across the globe. It is the second most common cancer diagnosed in men. It is estimated that around one million new cases of prostate cancer are diagnosed around the world every year. It was projected that around 220,000 deaths occur every year due to prostate cancer. According to a research, in 2014, approximately 172,258 men in the US were diagnosed with prostate cancer, and 28,343 men died from it.
According to a senior analyst at Technavio for orthopedics and medical devices research, “The incidence rate of prostate cancer has increased tremendously over the last few decades because of the increasing older population and growing urbanization and associated lifestyle changes. In 2017, around 650 million people were aged 65 and above globally. Prostate cancer is determined to be the most common malignancy among older men.”
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Market trend: increasing focus on biomarker research
Biomarkers in prostate cancer are expanding rapidly, and the recent developments in high throughput technology platforms in proteomics, genomics, and immunology fields have accelerated the development of biomarkers. Due to the inherent drawbacks and limitations of the biomarker PSA, significant efforts are being directed towards the development of alternative prostate cancer biomarkers, particularly those which can predict disease aggressiveness and drive better treatment decisions.
Market challenge: limitations and complications associated with prostate cancer diagnostic tests
Prostate cancer diagnostic tests are associated with several complications and drawbacks. PSA testing for prostate cancer is a controversial topic of debate among clinicians, and there are significant limitations that are deterring its widespread adoption as a screening technique for prostate cancer detection. PSA tests can provide a false positive or negative reading due to many reasons.
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