Market Trends of Global Prostate Specific Antigen (PSA) Test Industry
This section covers the major market trends shaping the Prostate Specific Antigen Test Market according to our research experts:
The Preliminary Test Segment is Expected to Hold a Major Market Share in the Prostate-Specific Antigen Test Market
PSA screening has been more widely available, allowing for earlier detection and treatment, which has resulted in higher survival rates. PSA testing discovers previously undetected and tiny lesions that may or may not progress to a more advanced cancer stage. Most men over 50 and those at risk of acquiring the disease should get these tests since they help diagnose the disease before serious symptoms arise.
The increasing incidence of prostate cancer among men creates the need for advanced diagnostic products, thereby driving the market's growth. Prostate cancer is the most common cancer in American men. As per the American Cancer Society updates from January 2022, it is estimated that about 268,490 new cases of prostate cancer will be diagnosed in the United States in 2022.
Moreover, according to Globocan 2020, prostate cancer is the second most common type of cancer in the male population. As per the data published by the same source, the prevalence of prostate cancer was found to be 1,414,259, or 7.3% of the total cancer cases worldwide. As prostate cancer is more common in the elderly population, the rising aging population in the world is also expected to propel market growth. For instance, according to the World Population Aging Highlight of 2020 published by the United Nations, the global geriatric population (people age 65 years or more) was 727 million in 2020, and it is expected to reach 1.5 billion by the end of 2050. Thus, the increasing number of prostate cancer cases is expected to increase the demand for the preliminary test, thus, driving the segment's growth.
As a result of the aforementioned factors, the preliminary test segment is predicted to develop significantly throughout the forecast period.
North America is Expected to Hold a significant share in the market and is expected to do the Same in the Forecast Period.
North America is anticipated to hold a significant market share, owing to the factors such as the increasing prevalence of prostate cancer, coupled with the rising awareness and increasing research and development in this region. However, the current impact of the COVID-19 pandemic on cancer care in the United States has resulted in decreases and delays in identifying new cancers and the delivery of treatment. As per the research article published in October 2021, "Impact of COVID-19 on Cancer Care: How the Pandemic Is Delaying Cancer Diagnosis and Treatment for American Seniors", significant decreases in screening for prostate cancer were observed in 2020 compared with 2019, with the most significant reduction occurring in April for prostate (56%) screenings. Thus, it is expected to increase the burden of prostate cancer in the region, in turn, it is expected to boost the growth of the market over the forecast period.
The market's expansion is further aided by favorable government backing in the United States. For example, Datar Cancer Genetics reported in February 2022 that its TriNetra-Prostate blood test, created to identify early-stage prostate cancer, has been designated a breakthrough device by the United States Food and Drug Administration. Paige Prostate, the first artificial intelligence (AI) based program developed to detect areas at risk of being malignant in prostate biopsy photos, was also approved by the United States Food and Drug Administration (FDA) in September 2021. This program allows pathologists to make a higher number of correct malignant tissue diagnoses, perhaps helping to address the growing number of cancer cases worldwide.
As a result of the aforementioned factors, the region is predicted to show significant growth during the forecast period.
