PUBLISHER: Grand View Research | PRODUCT CODE: 1405892
PUBLISHER: Grand View Research | PRODUCT CODE: 1405892
The global prostate cancer diagnostics market size is expected to reach USD 13.16 billion by 2030, expanding at a CAGR of 6.4% from 2024 to 2030,according to a new report by Grand View Research, Inc. Supportive government initiatives, increasing disease prevalence across the globe, and a rise in the prevalence of prostate cancer coupled with technological advancements in confirmatory diagnostic tests are the major drivers for this market.
A rise in favorable government initiatives to enhance research associated with a focus on effective diagnosis and treatment is expected to boost market growth during the forecast period. For instance, the National Cancer Institute initiated the study titled 'Research on Prostate Cancer in Men of African Ancestry: Defining the Roles of Genetics, Tumor Markers, and Social Stress' (RESPOND). This study is the largest collaboration to research the non-biological and biological factors that are associated with prostate cancer in African-American men. It was launched by the National Institute on Minority Health and NCI and Health Disparities in collaboration with the Prostate Cancer Foundation with a funding of USD 26.0 million.
Researchers from the University of Norfolk and East Anglia along with Norwich University Hospital developed a non-invasive urine test that helps in identifying men that are up to 8 times less likely to need a treatment procedure within 5 years of diagnosis. Technological advancements such as these are also anticipated to impact market potential in the near future.
Additionally, researchers at Karolinska and KTH Institute concluded that the use of artificial intelligence in spatial transcriptomics can aid in the early detection of prostate cancer, thereby, improving clinical diagnosis and treatment. Spatial transcriptomics is a method that usually combines quantitative analysis of active genes and their histology and can aid in effective disease diagnosis.