Early detection and treatment that improves survival chances is a paradigm in cancer treatment. Cancer, especially prostate cancer, has impacted more to men than women as their percentage was much lesser than men. Our study investigated that, Prostate cancer is the 2nd most common cancer in men across developed countries to date. At the same time incidences rate has also surged over time. According to the Renub Research report, Global Prostate Cancer Diagnostics Market will be US$ 7.5 Billion by 2027.
In earlier times, prostate cancer has been diagnosed with DRE, i.e Digital Rectal Examination and PSA blood test, most commonly called Prostate-specific antigen and TRUS, known as Transrectal Ultrasound-guided biopsy. TRUS is the golden standard examination to confirm the diagnosis in all clinical circumstances in today’s time. The Diagnostics Market Size for Prostate Cancer World over was US$ 1.6 Billion in 2020.
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The most important factor of prostate cancer is age and is rare under the age of 40, and its incidence rate would rise with age. Thus, the factors that are fuelling this market growth are the ageing population and the high prevalence rate of prostate cancer. However, low successes of clinical trials and high costs of drugs are the challenges facing this market. In the year 2019, as per the World Population Ageing report, 703 million people are aged 65 years worldwide. It is expected to get doubled by 2050 and reach 1.5 Billion. Around the nations, several majors have taken by the government and regulatory bodies to overcome this cancer to enhance the diagnostics options and expand the treatment.
Among regions, the most impacted and higher cases of prostate cancer are the North American region, followed by European and Asia-Pacific regions. COVID-19 pandemic has transformed the market landscape. It has impacted almost every sector across the nations due to restrictions, lockdowns, and bard on transportation. Many surgeries have been postponed because of this pandemic. And as per our study, there would be a surge in this market post-pandemic recovery. As per this research report, Global Prostate Cancer Diagnostics Industry is expected to grow with a double-digit staggering CAGR of 24.69% during 2020-2027.
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