Prostate Specific Antigen (PSA) Testing Market Projected to Reach USD 5.83 Billion by 2028

Vantage Market Research

Feb 24, 2022

The Global Prostate Specific Antigen (PSA) Testing Market is expected to reach USD 5.83 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 11.2% in the forecast period from the year 2022 to the year 2028.

The Global Prostate Specific Antigen (PSA) Testing Market is primarily driven by the increase in prostate cancer among men who are above 50 years of age. With this, the increasing adoption of several assay-based methods as well as various new inventions for the diagnosis of prostate cancer has grown the demand for Prostate Specific Antigen (PSA) Testing. The combination of advanced technology for the Prostate Specific Antigen (PSA) Testing has enhanced the accuracy & specificity of results playing an important role in fuelling the market growth.

Key Findings:

North America is accounted for the largest share of the Prostate Specific Antigen (PSA) Testing Market during the projected years. The growth in the region is due to the main focus on healthcare and its infrastructure. However, Europe has several different guidelines & policies for Prostate Specific Antigen (PSA) Testing in various countries because of which there is inconsistency in the demand.

The major players involved in the development of Prostate Specific Antigen (PSA) Testing Market are - MDx Health (US), Myriad Genetics Inc (US)., Abbott Laboratories (US), F. Hoffman-La Roche AG (Switzerland), Siemens Healthineers AG (Germany), OPKO Health Inc. (US), and Genomic Health (US)..

Prostate Specific Antigen (PSA) Testing Market is boosting due to the increase in the geriatric population all over the globe coupled with increased public awareness regarding the benefits of Prostate cancer screening. Various technological advancements in testing as well as treating Prostate cancer and favorable Reimbursement policies for prostate cancer treatments in many developing and developed countries are factors positively influencing the market growth for Prostate-specific antigens. Whereas the Prostate Specific Antigen (PSA) Testing Market is facing hard situations because of False-positive/False-negative results of PSA test with this most of such tests like PSA Screening have side effects on the human body such as difficulties in the flow of urine, erectile dysfunction, effects on the functioning of bowel and frequent pains with the false results are factors pulling the market growth of Prostate-specific antigen testing down.

Asia Pacific has the potential to have a significant share in coming years for the Prostate Specific Antigen (PSA) Testing Market with higher application scope. The growth in the region is because of a sharp decline in cases of prostate cancer due to effective Prostate Specific Antigen (PSA) Testing. Additionally, the population between the age bracket of 50-64 years is likely to develop prostate cancer. Prostate Cancer is the fourth most common cancer and the requirement for Prostate Specific Antigen (PSA) Testing has been observed a hike in demand for this region.

Recent Developments:

January 2022: Running on a small but dedicated and exceptionally knowledgeable team, CANSA West Rand is squeezing every possible ounce out of its pursuit of helping others. Stats from the West Rand office show the impact the team has had on those dealing with a cancer diagnosis, focusing on emotional support, home-based care, and material support. Screenings and home-based care are at the core of the CANSA mission, with the former helping to prevent the latter. In the previous financial year, CANSA West Rand performed 435 screenings which featured clinical breast examinations, Pap smears, prostate-specific antigen tests, and mole screenings using the FotoFinder device.