New York, July 07, 2023 (GLOBE NEWSWIRE) -- The global Prostate Specific Antigen (PSA) Testing Market is expected to witness significant growth at a CAGR of 11.2% during the forecast period of 2023-2030. This growth is attributed to the increasing investment in the medical sector coupled with rising demand for advanced testing technologies for Prostate Specific Antigen (PSA).
According to a recent report by Consegic Business Intelligence, the Prostate Specific Antigen (PSA) testing market is poised for strong expansion and is expected to reach USD 9,701.66 million by 2030. The market, which was valued at USD 4,166.48 million in 2022, the market is predicted to grow at a compound annual growth rate of 11.2% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the Prostate Specific Antigen (PSA) testing market.
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Prostate Specific Antigen (PSA) is a blood test used to measure the level of PSA in the bloodstream. PSA is a protein produced by the cells of the prostate gland, that plays a role in liquefying semen. Prostate Specific Antigen (PSA) test has been widely used as a screening tool for prostate cancer, the most common cancer in men. Furthermore, the PSA test is classified into preliminary tests and confirmatory tests and is widely used in hospitals, research institutes, among others.
Factors such as increasing awareness of prostate cancer, aging population, and advancements in diagnostic technologies are contributing to the expansion of the market.
Global Prostate Specific Antigen (PSA) Testing Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 9,701.66 Million |
| CAGR (2023-2030) | 11.2% |
| By Test Type | Preliminary Tests and Confirmatory Tests |
| By End User | Hospital, Cancer Research Institutes, Diagnostic Laboratory, Ambulatory Surgical Centers, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Bio-Rad Laboratories, Inc., AdvaCare Pharma, Beckman Coulter, Inc., Proteomedix, Fujirebio (H.U. Group), GE HealthCare, Abcam plc, Lomina AG, BioReference Health, LLC (OPKO Health, Inc.), Laboratory Corporation of America Holdings, and Hanzhou Testsea biotechnology co., LTD. |
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Global Prostate Specific Antigen (PSA) Testing Market Segmentation Details:
Based on Test Type, in 2022, the preliminary tests segment contributed the largest market shares in the Prostate Specific Antigen (PSA) testing market. This type of test is commonly used as an initial screening tool for prostate cancer. The major factor contributing to its dominance is the most commonly used test for prostate cancer screening. For instance, according to the statistics published by Prostate Cancer UK, more than 52,000 men are diagnosed with prostate cancer every year on average in the UK. Hence, the growing prevalence of prostate cancer has spurred segment growth.
Based on End User, in 2022, the hospital segment contributed the largest market share in the Prostate Specific Antigen (PSA) testing market. The major factor accelerating the growth of the segment is the increasing prevalence of the geriatric population. Prostate cancer predominantly affects older men, which has increased demand for PSA testing. In addition, improved access to healthcare services is another influencing factor contributing to the higher demand for Prostate Specific Antigen (PSA) testing, in turn, propelling the segment growth.
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Based on Region, in 2022, North America accounted for the largest share contribution to the market growth driven by the increasing cases of cancer particularly prostate cancer in the U.S. that is leading to the development of new cancer diagnostics centers with advanced testing technologies. In addition to this, the growth in the region is attributed to the rising healthcare expenditure by government agencies and private organizations. As a result, the aforementioned factors are anticipated to fuel market growth across North America.
Competitive Landscape
As per the research, Bio-Rad Laboratories, Inc., Beckman Coulter, Inc., and GE HealthCare are the major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the Prostate Specific Antigen (PSA) testing market is expected to grow steadily due to the increase in the geriatric population. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
Recent Developments
- In December 2021, OPKO Health received U.S. FDA approval for their Prostate Specific Antigen (PSA) test kit, known as 4Kscore Test.
Key Market Takeaways
- The global Prostate Specific Antigen (PSA) testing market size is estimated to exceed USD 9,701.66 million by 2030 with a CAGR of 11.2% during the forecast period (2023-2030).
- Based on test type, the preliminary tests segment accounted for the highest market share in the Prostate Specific Antigen (PSA) testing market statistics in 2022.
- By end user, the hospital segment accounted for the highest market share of 30.06% in 2022.
- Asia Pacific is expected to grow at the fastest CAGR of 11.9% during the forecast period due to the growing public and professional awareness of prostate cancer.
- In 2022, North America accounted for the highest market share at 40.05% and was valued at USD 1,668.68 million, and is expected to reach USD 3,936.93 million by 2030.
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List of Major Global Prostate Specific Antigen (PSA) Testing Market:
- Bio-Rad Laboratories, Inc.
- AdvaCare Pharma
- Beckman Coulter, Inc.
- Proteomedix
- Fujirebio (H.U. Group)
- GE HealthCare
- Abcam plc
- Lomina AG
- BioReference Health, LLC (OPKO Health, Inc.)
- Laboratory Corporation of America Holdings
- Hanzhou Testsea biotechnology co., LTD.
Global Prostate Specific Antigen (PSA) Testing Market Segmentation:
- By Test Type
- Preliminary Tests
- Confirmatory Tests
- By End User
- Hospital
- Cancer Research Institutes
- Diagnostic Laboratory
- Ambulatory Surgical Centers
- Others
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Frequently Asked Questions in the Prostate Specific Antigen (PSA) Testing Market Report
- What was the market size of Prostate Specific Antigen (PSA) testing in 2022?
- In 2022, the market size of Prostate Specific Antigen (PSA) testing was USD 4,166.48 million.
- What will be the potential market valuation for Prostate Specific Antigen (PSA) testing by 2030?
- In 2030, the market size of Prostate Specific Antigen (PSA) testing will be expected to reach 9,701.66 million.
- What is the key restraint hampering the growth of the Prostate Specific Antigen (PSA) testing market?
- The high cost of PSA testing is one of the major factors that is likely to hamper the market growth.
- What is the dominating segment in the Prostate Specific Antigen (PSA) testing market, by end user?
- In 2022, the hospital segment accounted for the highest market share in the overall Prostate Specific Antigen (PSA) testing market.
- Based on current market trends, which geographical region contributed the largest share in the market?
- North America contributed to the largest market share in the Prostate Specific Antigen (PSA) testing market.
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