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Prostate Cancer Diagnostics Market to Exceed US$ 8 Billion by 2031 as Adoption of Generic Drugs Gains Momentum Worldwide | Fact.MR Report

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Rockville , April 05, 2023 (GLOBE NEWSWIRE) — The global prostate cancer diagnostics market is projected to reach US$ 8 billion in 2031. It is anticipated to register growth at a CAGR of 10% from 2021 to 2031. The market was valued at US$ 3 billion in 2020.

Rising awareness of the importance of cancer detection has increased the demand for diagnostic tests. Technological advancements such as emergence of imaging methods and biomarkers are likewise contributing to development in the prostate cancer diagnostics market.

Subsequently, initiation of several awareness campaigns by governments and non-profit administrations are also projected to boost the market. For example, September has been designated as the World Prostate Cancer Awareness Month to raise awareness of the importance of early detection and diagnosis of prostate cancer. Survival rates for prostate cancer are good as numerous effective screening options are nowadays available worldwide.

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Growth in the prostate cancer diagnostics market is mainly driven by aspects such as mounting use of generic drugs. Increased awareness of treatment options and augmented research & development investments by pharmaceutical companies would also propel demand.

Technological advancements in cancer diagnostic tests are projected to further drive market development throughout the forecast period. Researchers are nowadays testing the use of artificial intelligence (AI) to diagnose prostate cancer.

Rendering to the National Cancer Institute, AI tools are used to identify suspicious areas seen during magnetic resonance imaging (MRI) scans. These require biopsies to settle the presence of malignant cells.

Increasing government initiatives to progress new technologies to improve diagnostics would have a positive impact on the market. For instance, the National Cancer Institute launched the Prostate Specialized Research Program (SPORE). It is a program aimed at translating scientific knowledge into clinical results.

The National Cancer Institute also encourages expansion of new technologies and research. It aims to improve a better understanding of surveillance, prevention, analysis, and treatment. Increasing number of new entrants is another crucial factor expected to drive development of the prostate cancer diagnostics market.

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Key Takeaways:

  • China prostate cancer diagnostics market is expected to contribute 40% of its revenue in the global market.
  • Based on end users, the hospital segment is anticipated to surge at 8% CAGR from 2021 to 2031.
  • The USA prostate cancer diagnostics market is anticipated to elevate at a CAGR of 9% by 2031.
  • Based on test type, the CTC segment surged to US$ 141 million by the end of 2021 in the global prostate cancer diagnostics market.
  • By test type, the PSA segment surpassed US$ 270 million by 2021 in the global prostate cancer diagnostics market.

Growth Drivers:

  • Development of biomarker tests, liquid biopsy tests, and imaging techniques such as MRI and PET scans would drive demand.
  • Initiatives by governments to provide access to screening and diagnostic tests is likely to aid growth.

Restraints:

  • A few patients might choose alternative methods for screening and detection of prostate cancer such as herbal supplements or dietary changes, which might hamper demand.
  • Diagnostic tests for prostate cancer are not always accurate, and there is a risk of false-positive results, which might cause unnecessary anxiety.

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Competitive Landscape:

Key players in the global market are spending heavily on research and development to expand their product lines. It would aid the prostate cancer diagnostics market to develop further.

Market participants would pursue several strategies to expand their global footprint. They are also engaging in key industry developments such as product launches, acquisitions, contractual agreements, mergers, increased investments, and cooperation with other organizations.

Competitors in the prostate cancer diagnostics industry must bid on cost effective products. They are aiming to expand and compete in a progressively competitive and flourishing market environment.

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For instance,

  • In March 2022, The Food and Drug Administration (FDA) provided approval to Pluvicto. It would enable Novartis to propose a treatment option for patients with castration resistant prostate cancer. It is a form of advanced prostate cancer.
  • In June 2018, MDxHealth signed a pact with Philips for rights to commercialize and manufacture the Phosphodiesterase-4D7 as a diagnostic prognostic test.
  • In February 2018, Genomic Health Inc. announced the launch of Oncotype, a nucleus sense liquid biopsy test in the USA. 

Key Companies Profiled by Fact. MR

  • Abbott Laboratories
  • Biocept Inc.
  • AstraZeneca Plc.
  • Vyant Bio Inc.
  • Danaher Corporation
  • Bayer Aktiengesellschaft
  • Becton Dickinson and Company
  • Agilent Technologies
  • Foundation Medicine Inc.
  • Myriad Genetics Inc.

More Valuable Insights on Prostate Cancer Diagnostics Market

In its up to date research, Fact.MR reveals factors projected to boost the development of the prostate cancer diagnostics market over the forecast period (2021 to 2031). The study provides an in-depth study of the opportunities and drivers estimated to boost sales of the prostate cancer diagnostics market through segmentation as follows:

Test Type:

  • PSA
  • PCA3
  • CTC
  • Immunohistochemistry

End User:

  • Hospital
  • Independent Diagnostic Laboratories
  • Cancer Research Institutes
  • Others

Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa

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Key Questions Covered in the Prostate Cancer Diagnostics Market Report

  • What will be the demand outlook for the prostate cancer diagnostics market during the forecast period?
  • What are the challenges faced in the prostate cancer diagnostics market?
  • Which end user will lead the growth in the prostate cancer diagnostics market from 2021 to 2031?
  • What is the projected market valuation of the prostate cancer diagnostics market in 2031?
  • What are the factors driving the prostate cancer diagnostics market from 2021 to 2031?
  • Which region will generate the maximum revenue in the prostate cancer diagnostics market?

Explore Fact. MRs Coverage in the Healthcare Domain

Cancer Biomarkers Market: The global cancer biomarkers market is set to be valued at US$ 11 billion in 2022. It is projected to reach US$ 34 billion by the end of 2032. Overall sales of cancer biomarkers are projected to develop rapidly at a CAGR of 12% through the forecast period. Increased demand for cancer biomarkers is attributed to rising cases of cancer across the world.

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Cancer Immunotherapy Market: The global market for cancer immunotherapy registered a CAGR of 10% from 2021 to 2031. Preference for immunotherapy and increasing incidence of cancer are driving the market. Global sales of cancer immunotherapy solutions are projected to surpass US$ 310 billion by 2031.

Lung Cancer Diagnostics Market: The global lung cancer diagnostics market is projected to reach US$ 4 billion by the end of 2031. Increasing lung cancer diagnosis and development research work is estimated to boost the market. Germany is projected to dominate the Europe lung cancer diagnostics market. It is due to improved technology and reliability of medical services that would provide infotainment services.  
About Fact.MR

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North American grocery retailer digitizes stores with Pricer Plaza in 90 MSEK order

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STOCKHOLM, June 28, 2024 /PRNewswire/ — Pricer’s partner JRTech Solutions has signed an agreement with a large Tier 1 North American grocery retailer for the cloud-based platform Pricer Plaza, which allows for in-store automation and communication, within an initial 50 of their stores.

The value of the contract is approximately 90 MSEK. The rollout of Pricer Plaza and electronic shelf labels within the initial 50 stores is expected to be completed by the end of 2024. This installation by one of the largest grocery chains in North America with over 1500 grocery and pharmacy stores, is the first large-scale full-store deployment of four-color labels in North America.
“After one year of thorough testing with a pilot installation, we are thrilled by the trust from this leading retailer. It underscores our commitment to transforming the retail experience through cutting-edge technology, enhancing both operational efficiency and customer satisfaction. We look forward to supporting them with our in-store solutions in their digital transformation journey,” says Mats Arnehall, Chief Commercial Officer at Pricer.
“JRTech Solutions has worked extensively with our client over the last year to prove the value, capability and scalability of both our Pricer technology and our suite of deployment solutions. Doing so not only involved digitally transforming our client’s promotional business rules through the use of our latest SmartTAG four-color labels but providing the capability of utilizing our labels in a way that will allow for both ongoing and future operational efficiencies,” says Diego Mazzone, President & CEO at JRTech Solutions.
The order value of approximately 90 MSEK does not include Pricer Plaza and technical support, and will be included in Pricer’s order intake for the second quarter of 2024.
For further information, please contact:Mats Arnehall, Chief Commercial Officer, +46 70-8108084Magnus Larsson, President and CEO, +46 704 [email protected]
This information constitutes inside information that Pricer AB is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was sent for publication, through the agency of the contact persons set out above, at the time stated by the Company’s news distributor, Cision, at the publication of this press release.
Every care has been taken in the translation of this document. In the event of discrepancies, the Swedish original will supersede the English translation.
About Pricer
Pricer is a leading global technology company serving the rapidly growing smart retail market with in-store digital solutions that enhance both store performance and the shopping experience. Through electronic shelf labels, advanced technology, such as optical wireless communication and AI, and continuous innovation, Pricer offers the foundation for in-store communication and efficiency. The industry leading Pricer platform delivers benefits from 30 years of deployment experience and is fast, robust, interconnectable and scalable. Pricer was founded in Sweden in 1991 and is listed on Nasdaq Stockholm. For further information, please visit www.pricer.com.
About JRTech Solutions Inc.
JRTech Solutions Inc. is a privately held corporation headquartered in Montreal, Québec. JRTech Solutions Inc. is the leading Canadian Electronic Shelf Label (ESL) provider and the largest distributor of Pricer Electronic Shelf Labels in North America, involved in over 1,300 store installations since 2008. For further information, visit http://www.jrtechsolutions.com.
This information was brought to you by Cision http://news.cision.com.
https://news.cision.com/pricer/r/north-american-grocery-retailer-digitizes-stores-with-pricer-plaza-in-90-msek-order,c4008573
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2024-06-28_Pricer_North American Grocery_ENG
 

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Dahua Technology leads the front lines of ESG

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MAIDENHEAD, England, June 28, 2024 /PRNewswire/ — Dahua Technology, a world leader in video surveillance, has released its 2023 ESG report, showcasing its leadership and commitment to building a green, environment-friendly and safe intelligent world.

Last year, the company, a global video-centric AIoT solution and service provider, made substantial strides by focusing on maximising economic, climate-conscious and social values.
At the forefront of corporate social responsibility, Dahua actively engaged in a fundraising event for UK charity Breast Cancer Now, raising awareness and funds to help those affected by the illness. In addition, the company successfully joined the United Nations Global Compact demonstrating its ongoing dedication to responsible business action in support of broader societal goals.
Adopting a green development strategy, Dahua also implemented an extensive environmental management system, contributing to waste reduction and environmental preservation by enhancing energy efficiency and resource utilisation. In 2023 alone, this included recycling 1,663 tonnes of production materials, ensuring 100% lawful disposal of hazardous waste and achieving an overall recovery rate of 80% for WEEE products.
Championing ESG best practices, Dahua has a well-established governance framework that adheres to compliance operations and business ethics thanks to its Integrity Compliance Committee. Thanks to this body, it continuously improves privacy protection systems, actively carries out external audits and conducts emergency drills and training to ensure the highest level of security for its end users.
Alvin Qian, General Manager UK & Ireland, commented recognising the company’s ESG accomplishments: “In 2023 we witnessed Dahua’s steadfast dedication to social responsibility while seamlessly integrating digital intelligence into our sustainable initiatives and practices. I am proud of our achievements and confident about the progress we have made as we strive to meet our ambitious ESG goals. Looking ahead, we remain committed to driving further advancements in line with our company’s sustainable vision.”
With its mission of enabling a safer society and smarter living, Dahua vows to continue creating value beyond safety through technology, contributing to the world’s harmonious coexistence with nature.
Dahua Technology is a world leader in video surveillance manufacturing, creating advanced electronic security solutions for transportation, education, city surveillance, retail and commercial markets worldwide. Dahua Technology UK & Ireland works with distribution partners to serve an ever-growing network of system integrators and installers, offering complete system solutions that encompass cameras, control equipment, recording, video walls, software, accessories and more.
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Subex Recognized in the 2024 Gartner® Magic Quadrant™ for AI in CSP Customer and Business Operations Report

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BENGALURU, India, June 28, 2024 /PRNewswire/ — Subex, a leading global provider of AI-powered solutions for the telecommunications industry, today, announced its inclusion in the 2024 Gartner Magic Quadrant for AI in CSP Customer and Business Operations report. Subex believes that this recognition marks a significant milestone for the company, highlighting its commitment to delivering innovative AI solutions that empower Communication Service Providers (CSPs) to thrive in the digital age.

According to Gartner, “This Magic Quadrant helps communications service providers identify and evaluate AI vendors for their customer and business operations. It will guide CSP CIOs and technology leaders toward the right AI vendor choices, in a rapidly evolving market.” 
According to Subex, their inclusion in the Magic Quadrant underscores its position as a key player in the AI landscape for CSPs. For many years, Subex has been at the forefront of AI innovation in the telecommunications industry, providing cutting-edge solutions that address complex challenges, such as fraud detection, customer churn prediction, network optimization, and revenue assurance. Leveraging machine learning and automation, Subex empowers CSPs to make data-driven decisions, streamline operations, and achieve significant improvements in overall business performance.
“We are thrilled to be recognized in the Gartner Magic Quadrant for AI in CSP Customer and Business Operations Report,” said Nisha Dutt, CEO of Subex. “We think that being recognized as one of the key players validates our relentless focus on developing AI-driven solutions that address the unique challenges and opportunities faced by CSPs, globally. This is a significant milestone in Subex’s journey, and we are committed to further solidifying our market position through continuous innovation and delivering exceptional value to our CSP customers.”
Subex’s team of experts is dedicated to pushing the boundaries of AI innovation within the CSP domain. By continuously developing new solutions and enhancing existing ones, Subex ensures that CSPs have access to the most advanced AI tools and technologies, to navigate the evolving landscape and achieve sustainable growth.
For more information about Subex and its AI-driven solutions for CSPs, visit www.subex.com.
Gartner, Magic Quadrant for AI in CSP Customer and Business Operations, By Pulkit Pandey, Amresh Nandan, Peter Liu, 4 June 2024
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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