Press Release
Global Prostate Specific Antigen (PSA) Testing Market: Introduction
The prostate is the small organ/gland located down the bladder of a man’s reproductive system. In the human body, the level of PSA is measured by the Prostate-Specific Antigen or PSA Test. Epithelial prostatic cells secrete the glycoprotein, which is called a Prostate-specific antigen. PSA is bound to other cells in the body or can be circulated freely on their own through the body.
Generally, men have low PSA levels. If the PSA level is high, it is a sign of noncancerous prostate condition or prostate cancer. The noncancerous prostate condition can be an infection or sign of prostate hyperplasia, which can be treated with antibiotics.
A blood sample is taken from the human body for the PSA test and is sent to a Pathology/laboratory for examination. The results are described as a Prostate-specific antigen per milligram (ng/ml) of blood.
Global Prostate Specific Antigen (PSA) Testing Market Forecast:
The Global Prostate Specific Antigen (PSA) Testing Market size was at US$ 3.1 Billion in 2021, and it is predicted that it will reach a valuation of US$ 5.88 Billion by the end of 2030 with an annual development rate (CAGR) of 11% between 2022 and 2030.
Global Prostate Specific Antigen (PSA) Testing Market: Trends and Opportunity
There has been a significant growth in the global-specific antigen testing market, and this growth can be credited to the increasing incidence of prostate cancer among men, specifically in the geriatric population, which is over 50 years of age. Additionally, once the prostate cancer treatment is done, the PSA level is required to be monitored intermittently.
Also, the demand for PSA testing is stimulated due to the adoption of serum-based biomarkers for the diagnosis of prostate cancer. PSA testing has improved the accuracy and specificity of the results when it is used in combination with an advanced cancer-specific market.
Though, over-diagnosis of clinically unimportant prostate cancer, combined with the overstatement of the results, is the main obstacle in the adoption of prostate-specific antigen testing. There are many reimbursement policies in several developed and developing regions that cover annual PSA testing for men aged 50 and above. Furthermore, developed nations such as the U.S. have included the PSA testing as a part of the annual wellness coverage. It is expected to generate promising opportunities for the key market players.
Global Prostate Specific Antigen (PSA) Testing: Market Dynamics
The prostate-specific antigen testing market is expected to show significant growth over the forecast period in the clinics and hospitals. This growth is attributed to the rising awareness about the availability of advanced cancer diagnostic technology.
The factors which may be affecting the prostate-specific antigen testing market are export-import sales, industry chain analysis, turnover forecast growth rate, downstream major consumer and manufacturing equipment. Further, the global market is driven by government support initiatives.
The growth of the industry may be hampered due to the side effects and false-negative/positive results. There are several adverse effects pertaining to this testing method such as, effects on the functioning of the bowel, erectile dysfunction, difficulties in the flow of urine and frequent pains etc.
Global Prostate Specific Antigen (PSA) Testing Market: Regional Outlook
North America dominated the prostate-specific antigen market and accounted for the largest share of global revenue in 2020. This high share is ascribed to the rising incidence of prostate cancer and the high mortality rate in developed countries. Prostate cancer is the second highest cause of death among the men suffering from various types of cancer in the U.S., as claimed by the American Society of Clinical Oncology (ASCO). Additionally, development in healthcare and government increased attention in the detection of prostate cancer are expected to fuel the progression of the regional market.
The Asia Pacific region is anticipated to witness significant growth with an impressive CAGR in the forthcoming years. This development is credited to the rising awareness of prostate cancer and preference given to the PSA testing as the first-line test for repeat screening.
The Key Market Segmentation of the Global Prostate Specific Antigen (PSA) Testing Market:
Global Prostate Specific Antigen (PSA) Testing Market can be divided into Product Types, Applications, Geographical landscapes, etc.
By Product Type:
- Clia Method
- Elisa Method
By Application:
- Screening
- Post-Treatment monitoring
- Others
By Geographical Landscape:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Major Key Players
- Abbott Laboratories
- Siemens Healthineers AG
- GlaxoSmithKline Plc
- Anixa Biosciences Inc
- Ortho Clinical Diagnostics
- Fujirebio Corporation
- Hoffmann-LA Roche AG
- DiaSorin S.p.A
- Bristol-Myers Squibb Company
- GE Healthcare
- Beckman Coulter Inc
- Mediwatch (LABORIE)
- BodiTech Med
- Endocare
- Pharmacia Delfia
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Covid-19 Impact
With rapid surge in the COVID 19 crisis, manufacturers have been rapidly changing their business policies and formulating efficient strategies to meet the demand based on the market. Since the virus has spread all over the world, people have been emphasizing on boosting their immunity. There has been a rise in demand for the PSA test since it is considered to be a precautionary measure for early detection of prostate cancer.
Since it is not life-threatening, it may take a back seat as the medical world has been dealing with the emergencies caused by COVID.
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