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The Research Report is Updated with 2020 Base Year, 2021 Estimated year and Forecast till 2030 with Market Insights.
With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2020 as base year, 2021 as estimated year and forecast to 2030. This will have market drivers, recovery rate in the market, insights and competitive analysis.
Global Prostate-Specific Antigen (PSA) Test market is anticipated to grow during the next few years on account of improved healthcare services and as a result of increasing innovations in the medical sector across the globe. The health spending in United States is predicted to grow at an average rate of 5.5% every year between 2018 and 2027 and reach an estimated value of USD 6 trillion by 2027. This can be attributed to the growth of prices of healthcare products and services during the period. Healthcare expenditure consists of three key sectors: prescription drugs, hospital spending and physician and clinical services. Prescription drugs recorded an estimated growth of 3.3% in 2018 in the U.S. and is anticipated to further observe a 4.6% growth rate in 2019. For the forecast period of 2020-2027, the spending on prescription drugs is projected to increase by an average of 6.1% per year. Expenditure on hospitals witnessed a significant growth with an estimated growth rate of 4.4% in 2018 to 5.1% in 2019. The projected growth rate for the 2020-2027 period is 5.7% on an average. The increased spending on Medicare and Medicaid is largely contributing towards this rising trend along with increasing wages and employment rates in the healthcare industry. Physician and clinical services expenditure observed an estimated growth of 4.9% in 2018 which went up to a projected growth rate of 5.4% in 2019. Between 2020 and 2027, the spending on physician and clinical services is anticipated to grow by an average of 5.4% every year. The study on global Prostate-Specific Antigen (PSA) Test market consists of a descriptive evaluation of the trends and developments in the market including the overall market scope and annual growth rate in terms of various parameters such as revenue, market segmentation, growth indicators and opportunities along with challenges affecting the market growth. The global Prostate-Specific Antigen (PSA) Test market is likely to attain notable absolute $ opportunity value in 2026 as compared to the value achieved in 2019.
The extensive analysis in our study determines relationship between independent and dependent variables through correlation and regression along with supply and demand risks associated with the market growth. Moreover, the report on global Prostate-Specific Antigen (PSA) Test market consists of a separate section on macro-economic indicators that are affecting the growth of the market.
The escalating expenditure towards Medicare, Medicaid, private health insurance and out-of-pocket healthcare expenses is projected to accelerate the industry growth during the forecast period. The rising demand for Medicare services has resulted in an estimated growth rate of 5.9% in 2018 and 7.1% in 2019 whereas the projected growth rate for the 2020-2027 period is 7.6% per year on an average. On the other hand, Medicaid spending has observed a relatively slow growth with 2.2% in 2018 and 4.8% in 2019. Over 2020-2027, expenditure on Medicaid is anticipated to grow by an average of 6% per year. Private health insurance expenditure is projected to grow by an average of 5.1% per year during 2020-2027 while the out-of-pocket spending on healthcare is anticipated to grow at an average annual rate of 5% during the same period.
The 2018 EU Industrial R&D Investment Scoreboard consists of investments made by 2500 companies in the research and development sector of various industries. Out of the worldwide growth of R&D sector, the health sector held the second highest position with 7.7% share in 2018. Further, the employments in the global healthcare industry increased from 2.5 million in 2008 to 3.5 million in 2017, while in Europe, they increased from 1 million in 2008 to 1.4 million in 2017. The developments in this industry are significantly impacting the growth of the global Prostate-Specific Antigen (PSA) Test market and thus, are anticipated to result in a substantial market growth by 2026.
A separate section in the report highlights regional scenario in market which includes North America (further segregated into U.S. and Canada).
The report further includes a section on European region which is further segmented on a country/regional level including Germany, U.K., France, Italy, Spain, BENELUX, Netherlands, NORDIC, Poland, Hungary, Russia, Turkey, and Rest of Europe.
In the Asia Pacific Prostate-Specific Antigen (PSA) Test market, the report studies China, India, South Korea, Indonesia, Malaysia, Japan, Australia, New Zealand and Rest of Asia Pacific. In the Latin America section, an in-depth analysis on Mexico, Brazil, Argentina and Rest of Latin America is covered. Middle East and Africa region have been further identified for the Prostate-Specific Antigen (PSA) Test market demand and segregated into Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East and Africa.
A complete section on competitive landscape provides an understanding of the companies in current strategic report based upon various parameters which includes overview of the company, business strategy, major product offerings, key performance indicators, risk analysis, recent development, regional presence and SWOT analysis. There is a separate section which has been provided on the market share of key players in this market, as well as the competitive positioning of the players.
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