What is Prostate cancer?
Prostate cancer is a disorder in which malignant (cancer) cells form in the tissues of the prostate. Prostate cancer diagnostics play an important role in the early detection and efficient management of the disease. It includes the usage of instruments, reagents & kits. The PSA testing is the most common preliminary diagnosis of prostate cancer which may or may not require confirmatory tests for detection of cancer.
Industry Outlook:
The US prostate cancer instruments and test market size was worth $ 1,616.1 million in 2020 and is forecasted to reach $ 3,276.6 million by 2028, at a CAGR of 9.6% during the forecast period.
The prostate gland is located in the pelvis, below the bladder, and in front of the rectum. Prostate cancer begins when normal cells in the prostate begin to multiply uncontrollably.
According to the American Cancer Society, approximately 1 in 7 men will be diagnosed with prostate cancer in their lifetime. About 80% of men who reach 80 years of age are diagnosed with it.
Prostate cancer is more likely to develop in older men and in non-Hispanic Black men. About 6 cases in 10 are diagnosed in men who are 65 or older, and it is rare in men under 40. The average age of men at diagnosis is about 66.
Industry Dynamics:
Rise in government initiatives to develop new technologies to enhance diagnosis is expected to impact the market positively. For instance, the National Cancer Institute initiated Prostate Specialized Programs of Research Excellence (SPORE)-a program designed to convert scientific findings into clinical settings based outcomes.
The institute also facilitates the development of new technologies and studies to gain a better understanding of monitoring, prevention, diagnosis, and treatment.
CDC’s also conducting research and developing materials that explore how best to communicate about informed decision making related to prostate cancer screening and treatment.
Enhancing prostate cancer data in cancer registries, especially information about the grade and stage of disease at the time of diagnosis, patterns of care, and the race and ethnicity of men with prostate cancer.
Industry Opportunities:
In an attempt to detect cancer in the early stages and bring down the mortality rate, governments in developed countries and primary care doctors are recommending cancer screening tests for patients.
The US Preventive Services Task Force (USPSTF) recommends screening for prostate cancer starting at 50 years of age to 75 years of age in the US as a means of preventing disease incidence and ensuring early-stage treatment.
The key players in the market are increasingly focusing on launching novel technologically advanced products. Innovation in this market focuses on developing economical, technologically advanced, and easy-to-do prostate cancer tests.
Impact of COVID-19 On the Industry:
COVID-19 has affected the healthcare industry moderately. To stop its spread, government-imposed lockdown. People are fearful they may experience occupational effects and negative health from the COVID-19 pandemic.
The stepwise procedure for localised prostate cancer starts with determining a diagnosis using a PSA level, imaging, and/or biopsy, and then moving on to deciding on a treatment plan. The recent appearance of Coronavirus Disease 2019 has had an impact on both diagnosis and treatment methods.
The diagnosis tests were reduced during the pandemic due to the fear of COVID. This has moderately affected the global prostate cancer biomarker market due to limitations to avoid transmission of COVID.
Cancer diagnosis and treatment care are hard hit by the sudden emergence of the COVID-19 infection due to the halt in diagnostic procedures and surgical procedures. Moreover, as per many studies, cancer patients, especially prostate cancer patients, are more susceptible to coronavirus than individuals without cancer, as they are in an immunosuppressive state caused by the malignancy and anticancer treatment. Thus, they are majorly suggested to stay at home and avoid all non-emergent diagnoses and treatment.
Competitive Landscape Insights:
US prostate cancer instruments and test market is highly competitive in nature, with the leading players capturing a whopping share in revenues. Opko Health Inc., ArchiMed(Eurolyser Diagnostica GMBH), H.U. Group Holdings, Inc.(Fujirebio), Humasis Co., Ltd., Cleveland Diagnostics, Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd, Danaher(Beckman Coulter, Inc.), Biomerieux Sa and AdvaCare Pharma USA (Accuquik Test Kits) among others, are focused on technology advances for new launches at affordable price points, to remain ahead of the curve.
The key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New product launches along with increased focus on R&D are other ways the leading players improve their market presence.
For instance, On December 8, 2021, OPKO Health, Inc. announced that the U.S. Food and Drug Administration (FDA) had approved OPKO’s 4Kscore Test. This test is approved for use in men age 45 and older who have not had a prior prostate biopsy or are biopsy negative and have an age-specific abnormal total PSA and abnormal digital rectal exam (DRE).