According to a detailed industry analysis by Future Market Insights, the global market for prostate-specific antigen testing is poised for substantial growth in the next decade. Valued at US$ 6.3 billion in 2023, the market is expected to surge at a compound annual growth rate (CAGR) of nearly 12%, reaching an estimated US$ 19.5 billion by 2033.
PSA testing is a critical tool in the management of prostate health, particularly in the monitoring for the recurrence of prostate cancer following radiotherapy or surgical interventions. PSA, a protein produced by both benign and malignant prostate cells, is measured through blood tests and is pivotal in early detection and ongoing management of prostate cancer.
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Growth of the prostate specific antigen market is influenced by technological advancements in prostate cancer testing and treatment, as well as a number of reimbursement policies for prostate cancer treatment in both developed and developing countries.
New product introductions and technological developments provide opportunities for market growth.
- For instance, In September 2021, Boston Scientific Inc’s EPOCH clinical trial was successfully completed for TheraSphere treatment. The patients with metastatic colorectal cancer (mCRC) met the key results which included hepatic progression-free survival (hPFS) and progression-free survival (PFS).
Overall, these factors are contributing to the growth of the prostate-specific antigen (PSA) testing market, and are expected to continue to drive demand for effective and innovative options in the coming years.
Key Takeaways from Market Study:
- Immunoassay is the leading segment as test type among patients and professionals, and held about 8% market share in 2022, due to their high efficacy and specificity compared to POCT.
- By sample type, whole blood is leading in the global prostate-specific antigen (PSA) testing market and is expected to continue to do so with a projected CAGR rate of 4% during the forecasted years because whole blood is a convenient sample to withdraw.
- By end user, hospitals is leading in the global prostate-specific antigen (PSA) testing market and is expected to continue to do so with a projected CAGR rate of 8% during the forecasted years due to ease availability of testing kits in the hospitals.
- By region, Europe is leading in the global prostate-specific antigen (PSA) testing market and is expected to continue to do so with a projected CAGR rate of 8% during the forecasted years due to rise in aging population and growing prevalence of prostate cancer in Europe.
“Rise in Prostrate Cancer among Aging Population and Growing Usage of Biomarkers in PSA Testing is creating Lucrative Potential for the Market to Grow” says an analyst of Future Market Insights.
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Market Competition:
Partnerships, acquisitions, and mergers are strategies used by significant participants in the prostate-specific antigen (PSA) testing market to expand their companies. Major players concentrate on strategies including boosting sales and using innovative technology for the creation of distinctive products.
- In February 2023, University of East Anglia’ researchers created a revolutionary blood test that can diagnose prostate cancer more precisely than existing methods. According to the research, the blood test called Prostate Screening Episwitch (PSE)’s accuracy is 94% more than the current methods in use.
- In August 2022, Curiosity Diagnostics, Sp. Z. o. was acquired by Bio-Rad labs, Inc. (NYSE: BIO and BIOb).
Key Companies Profiled:
- Xiamen Biotime Biotechnology Co., Ltd.
- HWTAi,
- OptiBio Co., Ltd
- Jiangsu MicroDiag Biomedicine Technology Co., Ltd.
- Beijing Hotgen Biotechn Co., Ltd
- Humasis, Accuquik™ Test Kits
- CTK Biotech, Inc.
- INTEC
- XIAMEN BOSON BIOTECH CO., LTD
- AccuBioTech Co., Ltd.
- Bio-Rad Laboratories, Inc.
- Accuquik Test Kits
- OPKO Health, Inc.
- bioMérieux SA
- Beckman Coulter, Inc.
Key Segments Covered in Prostate-Specific Antigen (PSA) Testing Market:
By Test Type:
- Immunoassays
- ELISA Kits
- Lateral Flow Assays
- Chemiluminescent Immunoassays (CLIA)
- Radioimmunoassay
- Point-of-Care Testing Kits
- Cassette/Cards
- Strips
By Sample Type:
- Whole Blood
- Serum
- Plasma
By End User:
- Hospitals
- Diagnostics laboratories
- Specialty Clinics
- Research Institutes
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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