Prostate-Specific Antigen Testing Market

Prostate-Specific Antigen (PSA) Testing Market Snapshot (2023 to 2033)

According to Future Market Insights research, during the projected period, the global prostate-specific antigen (PSA) testing market is expected to grow at a CAGR of 12.0%. The market value is projected to increase from USD 6.3 Billion in 2023 to USD 19.5 billion by 2033.

The global prostate-specific antigen (PSA) testing market was valued at USD 5.7 billion at the end of 2022 and is anticipated to exhibit Y-o-Y growth of 11.1% in 2023.

Market Outlook:

Data Points	Market Insights
Market Value 2022	USD 5.7 Billion
Market Value 2023	USD 6.3 Billion
Market Value 2033	USD 19.5 Billion
CAGR 2023 to 2033	12.0%
Share of Top 5 Countries	60.1%
Key Players	The key players in the Prostate-Specific Antigen (PSA) Testing Market Are 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.; Abbott; Siemens Healthcare; DiaSorin; Roche; Mediwatch (LABORIE); BodiTech; Bristol-Myers Squibb Company; GE Healthcare; Endocare ; GlaxoSmithKline; Anixa Biosciences; Ortho Clinical; Fujirebio; Pharmacia Delfia

A crucial tumor marker for prostate cancer, prostate specific antigen (PSA), is a type of protein that is only released by certain cells. Although it is not a chemical specific to the prostate, its increased presence in blood serum is used to identify males with prostate cancer. A digital rectal exam (DRE) and PSA tests are used to check for prostate cancer in asymptomatic men. Clinicians and healthcare professionals now, frequently use PSA screening to look for potential prostate cancer cases to help them understand the nature of the issue.

Both healthy and cancerous cells of the prostate gland generate the PSA protein, which is exclusive to the prostate. A blood sample is sent to a lab for analysis as part of the PSA test, which gauges the level of PSA in the body. PSA levels in blood are often measured in nanograms (ng/mL).

Some organizations do advise starting PSA testing at age 40 or 45 for men who have a higher chance of developing prostate cancer. Males of color, those with BRCA2 germline variations (and, to a lesser extent, BRCA1 variants), and males whose father or brother had prostate cancer are among those at risk.

Overall, the increasing adoption of latest technologies and new product launches such as Compared to the presently utilized prostate-specific antigen (PSA) blood test, the prostate screening EpiSwitch (PSE) blood test is more than 90 percent accurate. this factors will boost the market in the coming years.

Sales Analysis of Prostate-Specific Antigen (PSA) Testing Market from 2018 to 2022 Vs Market Outlook for 2023 to 2033

Sales of the prostate-specific antigen (PSA) testing market grew at a CAGR of 9.9% between 2018 and 2022. Prostate-specific antigen (PSA) testing market contributes 3.4% revenue share to the cancer diagnostics market valued at USD 166.2 Billion in 2022.

In order to monitor the progression of prostate cancer in men who had already received a diagnosis, the FDA originally authorized the PSA test in 1986. Patients with prostate cancer usually have increased PSA levels in their blood. In year 1994, the FDA approved the combination of PSA test with DRE to aid in the diagnosis of prostate cancer.

As more information about the advantages and disadvantages of prostate cancer screening became available starting about 2008, a number of professional medical organizations started to issue warnings against the PSA test's widespread use in population screening. The majority of organizations advise those who are thinking about PSA screening to first go over the advantages and disadvantages with their doctors.

Prostate explicit antigen testing market is driving ahead a result of expansion in geriatric population. Additionally, the growth of the prostate specific antigen market is influenced by technological advancements in prostate cancer testing and treatment, as well as a number of reimbursement policies for prostate cancer treatment in both developed and developing countries.

Creating awareness about diseases is an essential aspect of early detection and screening. If the public has a general understanding of diseases and symptoms, action plans can be better implemented. On the other hand, if there is a lack of awareness, it stops people from taking preventive measures or availing treatments.

Considering this, FMI expects the prostate-specific antigen (PSA) testing market to grow at a CAGR of 12.0% through the forecasted years.

What are the Key Opportunities for Key Players in the (PSA) Testing Market?

The rising prevalence of prostate cancer in men, particularly among those over 50, is driving the global market for prostate-specific specific antigen testing. After treatment for prostate cancer, PSA levels must also be checked on a regular basis.

• As per World Health Organization (WHO), 2022 statistics, there are currently 1.41 million people suffering from prostate cancer as of date globally.

New item dispatches and new technological advancements are open doors for development in the market.

• For example, USA FDA approved a radioembolization therapy offered by Boston Scientific Inc., using TheraSphere consisting of glass microspheres with radioactive Yttrium-90 (Y-90). The therapy allows for personalized treatment options.

A few reimbursement strategies in different created and creating locales cover yearly public service announcement testing among men with age at least 50. Besides, public service announcement testing being incorporated as a piece of the yearly wellbeing inclusion in created countries like USA is supposed to set out promising open doors for market players. These factors are expected to provide growth opportunities to key players in the market over the forecast period.

Which Factors Could Possibly Restrain the Growth of Prostate-Specific Antigen (PSA) Testing Market?

Prostate explicit antigen testing market need to confront a few difficult circumstances due to the misleading positive or bogus adverse consequences of public service announcement test.

Additionally, activities like public service announcement screening had a great deal of secondary effects, for example, troubles in progression of pee, consequences for working of entrails, erectile brokenness and successive torments alongside bogus outcomes; subsequently blocking the development of prostate explicit antigen testing market.

Higher improvement in the innovation resulting in most streamlined and exact outcomes in the tests like prostate wellbeing file (phi) can lessen the development in public service announcement testing market except if there is an adjustment of how the tests are dealt with.

Over determination of clinically immaterial prostate malignant growth, combined with exaggeration of the outcomes is a significant hindrance in the reception of public service announcement testing.

These factors are expected to hamper revenue growth of the prostate-specific antigen (PSA) testing market over the forecast period.

Country-wise Insights

What Makes the USA the Dominating Country in the Prostate-Specific Antigen (PSA) Testing Market?

In United States, prostate cancer is the most common malignancy among men, except from skin cancer.

• In the USA, 288,300 men will likely be diagnosed with prostate cancer in 2023. There are projected to be 1,414,259 new cases of prostate cancer worldwide in 2020. It ranks as the fourth most common cancer in the world according to diagnostic rates, provided by WHO in 2022.
• Between 2007 and 2014, there was a considerable decline in the incidence of prostate cancer since screening guidelines at the time resulted in less PSA testing. While incidence rates for prostate cancer in its late stages have grown by 5% yearly since 2014, overall incidence rates have only increased by about 3% since 2014.

During the projected period, the market for prostate-specific antigen (PSA) testing in the United States is anticipated to grow at a CAGR of 10.2%.

Due to the high prevalence of prostate cancer diagnostic methods will be in demand for prostate-specific antigen testing, which will drive the expansion of the market.

Why is Germany considered to be a Lucrative Segment for Prostate-Specific Antigen (PSA) Testing Market in Europe?

Germany dominated the European market for prostate-specific antigen (PSA) testing market and accounted for around 29.8% of the market share in 2022.

Recent investigations by University of East Anglia’, Europe, have shown that the prostate screening blood test EpiSwitch (PSE) is more accurate than the currently used PSA blood test by more than 90%. The new test provides an accurate and speedy cancer screening diagnosis, according to the study team. The PSE test offers a rapid, minimally invasive prostate cancer detection and has exceptional effectiveness when used to screen a population at risk.

Over the years, due to growing number of research activities to develop new testing options in prostate cancer testing, Germany market for PSA testing will grow.

The safe and successful use PSA testing in Germany will influence other European countries to also opt for this method, ultimately expanding the overall market.

What Makes China an Emerging Market for East Asia Prostate-Specific Antigen (PSA) Testing Market?

China is projected to be the most attractive market in the East Asia prostate-specific antigen (PSA) testing market and is expected to grow over a significant CAGR of 11.2%.

The growing public and professional awareness of the condition is one of the main factors influencing the growth of the prostate-specific antigen (PSA) testing market in China.

• For example, as per the Hong Kong awareness study, 2021, published in NCBI, only 5% of participants had undergone prostate cancer screening in the past, but more than 65% planned to do so in the future.
• Prostate-specific antigen (PSA) testing market demand is rising as more individuals become aware of the test and are thus more likely to adapt to the testing procedure.

Category-wise Insights

Why Immunoassay Is Largely Adopted for Prostate-Specific Antigen (PSA) Testing?

The Immunoassay segment held the major chunk of about 56.8% in global market by the end of 2022.

Many of infectious diseases require rapid diagnosis that’s where prostate-specific antigen (PSA) testing market diagnostics plays a significant role.

Prostate-specific antigen (PSA) testing involves testing type such as immunoassays, ELISA kits, lateral flow assays, chemiluminescent immunoassays (CLIAs), radioimmunoassay, point-of-care testing kits, cassette/cards, strips. However, Immunoassay testing is preferred over POCT because immunoassays have more specificity and more reliable results.

Overall, PSA test is used for detection of prostate-specific antigen due to their high specificity.

Which Sample Type of Prostate-Specific Antigen (PSA) Testing Market Dominates the Global Market in 2022?

Whole blood segment accounted for revenue share of 52.4% in the global market at the end of 2022.

Complete blood count tests are frequently advised by doctors to track patient’s health. This blood test can be used in cancer therapy to aid in the diagnosis of a malignancy or to track how the disease or its treatment is impacting the patient's body.

Overall, whole blood offers a convenient sample type for prostate-specific antigen (PSA) testing market treating products, making it the most significant sample for this segment.

Which End User of Prostate-Specific Antigen (PSA) Testing Market Dominates the Global Market in 2022?

Hospitals segment accounted for revenue share of 44.1% in the global market at the end of 2022.

Hospitals have availability of testing kits and hospitals are main source of blood sample withdrawing channel for prostate-specific antigen (PSA) testing.

Overall, hospitals offers a convenient testing options for prostate-specific antigen (PSA) testing, making it the dominant end user for this segment.

Competitive Landscape

The prostate-specific antigen (PSA) testing market's major companies are concentrating on diversifying their product offerings to boost their market share and establish a presence in developing nations. Pricing strategies, market strategies, technology improvements, regulatory compliance, and acquisition and distribution agreements with other firms to extend their company are the main tactics used by manufacturers to acquire a competitive advantage in the market.

For instance:

• In Jun 2021, GE Healthcare bought new molecular imaging goods and solutions at the Society of nuclear medicine and molecular imaging (SNMMI) summer meeting.

Similarly, recent developments have been tracked by the team at Future Market Insights related to companies in the Prostate-specific Antigen (PSA) Testing market space, which are available in the full report

Scope of the Prostate-Specific Antigen (PSA) Testing Market Report

Attribute	Details
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Market Analysis	USD Million for Value
Key Regions Covered	North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East and Africa (MEA)
Key Countries Covered	USA, Canada, Brazil, Mexico, Argentina, Germany, UK, France, Italy, Spain, Russia, BENELUX, Nordics, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Australia, New Zealand, Türkiye, South Africa, North Africa and GCC Countries
Key Segments Covered	Test Type, Sample Type, End User, Region
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.; Abbott; Siemens Healthcare; DiaSorin; F. Hoffmann-La Roche Ltd; Mediwatch (LABORIE); BodiTech; Bristol-Myers Squibb Company; GE Healthcare; Endocare; GlaxoSmithKline; Anixa Biosciences; Ortho Clinical; Fujirebio; Pharmacia Delfia
Report Coverage	Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing	Available upon Request

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)

Frequently Asked Questions

What Factors are Influencing the Growth of the PSA Testing Market?

Aging populations and prostate cancer awareness influencing the market growth.

How Does the Market Vary Across Different Regions?

Asia Pacific is expanding quickly because of better healthcare infrastructure.

Which Segment Leads the PSA Testing Market?

Laboratory-based PSA testing segment occupies a dominant position in the market.

What are Some Key Insights About the PSA Testing Market?

The rising incidence of prostate cancer and improvements in diagnostic technology.

Which Region is Transforming the PSA Testing Market?

The North America has seen significant adoption of PSA testing on a global scale.