A comprehensive industry analysis conducted by Future Market Insights reveals promising projections for the global prostate-specific antigen testing market. The study, indicating significant growth potential, forecasts the market to escalate from a valuation of USD 6.3 billion in 2023 to an estimated USD 19.5 billion by 2033, marking a substantial compound annual growth rate (CAGR) of nearly 12%.
PSA testing plays a pivotal role in the management of prostate health, serving as a vital tool in monitoring for the recurrence of prostate cancer post-radiotherapy or surgical interventions. PSA, a protein produced by both benign and malignant prostate cells, is measured through blood tests, facilitating early detection and continuous management of prostate cancer.
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The anticipated surge in the PSA testing market underscores the increasing awareness and emphasis on proactive healthcare strategies globally. With advancements in medical technology and a growing emphasis on preventive healthcare, the demand for accurate and reliable diagnostic tools like PSA testing is expected to witness a steady rise in the coming years.
“We are witnessing a transformative period in the healthcare landscape, with a heightened focus on early detection and proactive management of diseases,” stated a Future Market Insights. “The projected growth in the global PSA testing market reflects not only advancements in diagnostic technologies but also underscores the importance of regular screening in preserving prostate health and combating prostate cancer effectively.”
The findings of the industry analysis present a compelling opportunity for stakeholders across the healthcare spectrum, including diagnostic laboratories, medical device manufacturers, healthcare providers, and policymakers, to collaborate and address the evolving needs of patients worldwide.
As the global population continues to age and the burden of chronic diseases rises, investments in innovative diagnostic solutions such as PSA testing will play a crucial role in enhancing healthcare outcomes and reducing the burden on healthcare systems.
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)
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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