Prostate Cancer Diagnostics Market Size, Share & Trends Report

Prostate Cancer Diagnostics Market Size, Share & Trends Analysis Report By Test Type (Preliminary Tests, Confirmatory Tests), By Type (Adenocarcinoma, Interstitial Cell Carcinoma, Other), By End Use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-2-68038-548-9
  • Number of Pages: 152
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the prostate cancer diagnostics market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for prostate cancer diagnostics market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of prostate cancer diagnostics market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Prostate Cancer Diagnostics Market Categorization:

The prostate cancer diagnostics market was categorized into four segments, namely test type (Preliminary Tests, Confirmatory Tests), type (Adenocarcinoma, Interstitial Cell Carcinoma), end-use (Hospitals, Outpatient Facilities, Home Care, Research & Manufacturing), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The prostate cancer diagnostics market was segmented into test type, type, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The prostate cancer diagnostics market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Prostate cancer diagnostics market companies & financials:

The prostate cancer diagnostics market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • MDXHEALTH - MDxHealth, formerly known as OncoMethylome Sciences SA, underwent a name change in October 2010. This healthcare company specializes in providing personalized treatment and diagnosis for cancer through epigenetic information. In addition to its current offerings, MDxHealth has ongoing studies and plans to improve the clinical usefulness of its tests further. The company's product pipeline includes kidney, bladder, and other urologic cancer tests. Furthermore, MDxHealth has partnered with various organizations to commercialize their epigenetic technologies for other types of cancer. The company's European subsidiary is in Herstal, Belgium, while its research joint ventures are based in Ghent, Belgium. MDxHealth collaborates with esteemed institutions such as Ghent University, the University of Edinburgh, and the Cleveland Clinic as part of its clinical research network.

  • 3D SIGNATURES - 3D Signatures specializes in personalized medicine and offers exclusive software to predict the advancement of diseases, providing patients with tailored treatment options. The technologies employed by the company revolve around the 3D examination of telomeres. Their product pipeline encompasses diagnostic solutions for various conditions, including prostate cancer, Hodgkin's lymphoma, Alzheimer's disease, lung cancer, and multiple myeloma. In April 2019, 3D Signatures made an official announcement regarding its rebranding as Telo Genomics Corp. As a privately held company, 3D Signatures does not disclose its financial information.

  • GENOMIC HEALTH (EXACT SCIENCES CORPORATION) - Exact Sciences Corporation is a company specializing in molecular diagnostics, with a primary focus on the early detection and prevention of cancer. In November 2019, they acquired Genomic Health to enhance their range of products. Their product pipeline includes expanding the Oncotype IQ platform, which will incorporate tissue- and liquid-based tests for cancer diagnosis. Additionally, they are developing biomarker-based technologies to create a liquid biopsy for cancer detection. To further their research, Exact Sciences Corporation has partnered with scientists and clinicians from the Mayo Clinic to identify biomarkers for 15 different types of cancer. With subsidiaries in North America, Asia Pacific, and Europe, the company has a global presence.

  • ABBOTT - Abbott Laboratories is a company that specializes in the research, production, and distribution of healthcare products. Their clientele includes researchers, hospitals, laboratories, and academic institutions. The company operates in four main business segments: diagnostic products, nutritional products, established pharmaceutical products, and cardiovascular & neuromodulation products. Within the diagnostics segment, Abbott Laboratories offers HPV testing products consisting of assays and instruments. Additionally, the diagnostics segment provides core laboratory systems that are utilized in various fields, such as immunoassay, hematology, transfusion, and clinical chemistry. The company also offers remote patient monitoring, consumer self-test systems, and automation solutions for laboratories, ensuring accurate and efficient results in a timely manner. Abbott Laboratories serves over 160 countries worldwide and caters to a wide range of end users, including wholesalers, retailers, distributors, healthcare facilities, hospitals, physicians' offices, laboratories, and government agencies.

  • OPKO HEALTH, INC. - OPKO Health, Inc. is a healthcare company focused on developing, manufacturing, and marketing a diverse range of products. The company is divided into two distinct segments, namely diagnostics and pharmaceuticals. Within the diagnostics segment, OPKO Health operates its BioReference Laboratories, which encompasses both routine and esoteric laboratory testing. The company's diagnostic division is divided into specialized laboratory divisions, including BioReference Laboratories, GenPath (Oncology), GenPath (Women's Health), GeneDx, and Laboratorio Bueno Salud. Notable products within the diagnostic segment include the in-office immunoassay platform Claros 1 and the prostate cancer test 4Kscore. Initially incorporated as Cytolonal Pharmaceutics, Inc., the company underwent a name change to eXegenics, Inc. before ultimately adopting the name OPKO Health, Inc. in June 2007. OPKO Health operates through two primary segments: pharmaceuticals and diagnostics.

  • SIEMENS HEALTHINEERS - Siemens Healthineers is a renowned medical technology company specializing in manufacturing and providing therapeutic systems and clinical diagnostics. The company offers a wide range of products, including automation, integrated chemistry, routine chemistry, diabetes, hematology, urinalysis, molecular testing systems, and blood gas monitoring. In addition, Siemens Healthineers also provides data management solutions that aid in the early detection, prevention therapy, diagnosis, and care of various diseases. One of the notable offerings from Siemens Healthineers is their digital platform, the Siemens Healthineers Digital Ecosystem. This platform links healthcare providers and solution providers, facilitating seamless collaboration and information exchange. Furthermore, Siemens Healthineers has established a partnership with NuVasive, Inc. as part of their commitment to advancing technology development, commercial activities, and marketing efforts in the field of minimally invasive spine surgery. This collaboration aims to enhance clinical outcomes in this specialized area. It is important to note that Siemens Healthineers operates as a subsidiary of Siemens AG, a global conglomerate.

  • DIASORIN S.P.A. - DiaSorin S.p.A is an Italian healthcare company that specializes in the development, production, and distribution of diagnostic tests for various clinical areas. These tests are specifically designed for private and hospital testing laboratories in the fields of molecular diagnostics and immunodiagnostics. DiaSorin offers multiple diagnostic tests for infectious diseases, endocrinology, bone and mineral disorders, hypertension, stool diagnostics, autoimmunity, and oncology. These tests are conducted using the company's CLIA and ELISA systems. With seven manufacturing facilities and five research facilities worldwide, DiaSorin is able to meet the global demand for its products. The company distributes its platforms and tests through its subsidiaries in Israel, Europe, Mexico, the United States, China, Brazil, India, and Australia. In addition, DiaSorin has established a network of approximately 200 distributors in other countries to ensure the widespread availability of its diagnostic tests.

  • BIOMÉRIEUX SA - bioMérieux SA, a multinational biotechnology company and a subsidiary of Institut Merieux is engaged in developing and producing a diverse range of diagnostic devices for the medical industry. Its comprehensive portfolio includes instruments, reagents, and software that aid in identifying the source of diseases and enhancing patient well-being. With a focus on infectious diseases, targeted cancer treatment, and cardiovascular emergencies, bioMérieux also offers solutions for the agri-food, cosmetic, and pharmaceutical sectors. The company's extensive distribution network spans over 160 countries, ensuring global access to its diagnostic solutions. With 44 countries housing its diagnostic facilities, bioMérieux operates 18 production, research, and development sites worldwide. Furthermore, the company is publicly traded on the NYSE Euronext Paris.

  • F. HOFFMAN LA ROCHE LTD. - F. Hoffmann-La Roche Ltd. is a healthcare corporation that functions through two divisions—diagnostics and pharmaceuticals. Within its diagnostics division, the company provides a range of products, including molecular diagnostics, in vitro diagnostic solutions, immunoassays & clinical chemistry, point-of-care testing, tissue diagnostics, next-generation sequencing, patient self-testing, laboratory automation, IT, and decision support solutions. Focusing on serving hospitals, private medical & research laboratories, patients, and practicing physicians, the company operates in over 100 countries.

  • BECKMAN COULTER, INC. - Beckman Coulter is a renowned manufacturer that specializes in the development and marketing of innovative products for complex biomedical testing. The company is divided into two segments: diagnostics and life sciences. Diagnostics products are utilized by laboratories and hospitals worldwide, providing crucial information to physicians for disease diagnosis, treatment decisions, and patient monitoring. On the other hand, life sciences research instruments are employed by scientists to investigate intricate biological issues and explore potential new drugs and therapies. With a global presence in over 130 countries, Beckman Coulter conducts more than 250 million tests annually. In 2011, the company was acquired by Danaher.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Prostate Cancer Diagnostics Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Prostate Cancer Diagnostics Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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