What factors drive the global prostate cancer diagnostics market?

One key factor is the emergence of technologies such as liquid biopsies and genomic testing.

A rising prevalence of the disease is driving the global prostate cancer diagnostics market to expand at a compound annual growth rate (CAGR) of 12%, according to DelveInsight.

The report revealed that prostate cancer remains one of the most common cancers amongst men globally. Traditional diagnostic methods, such as prostate-specific antigen (PSA) testing, have been critiqued for their lack of specificity, resulting in false positives and unnecessary biopsies.

“This has created a demand for more reliable, non-invasive, and precise diagnostic tools, contributing to the expansion of this market,” it said.

In line with this, emerging technologies such as liquid biopsies, genomic testing, and advanced imaging techniques are gaining traction, whilst the integration of AI aids in interpreting test results for improved speed and accuracy.

Meanwhile, high costs, limited healthcare access in certain regions, and the risk of overtreatment present concerns that may impede the sector’s growth.

“Ongoing research and development, coupled with growing collaborations between pharmaceutical companies and diagnostic tool developers, are likely to address these challenges,” the report added.