Prostate Cancer Diagnosis and Therapy Market
According to Market Research Future (MRFR), In its recently published analysis, that the market would register the “Prostate Cancer Diagnosis and Therapy Market Size is Expected to register a CAGR of 5.1% to reach USD 18,417.72 Million by 2025”.
The Global Prostate Cancer Diagnosis And Therapy Market is growing continually at a rapid pace, mainly due to the increasing prevalence of the condition. Besides, serious risk factors of prostate cancer, including race, age, and genetics, alongside, the changing & sedentary lifestyle and growing obesity disorders are driving the growth of the market, leading to the occurrence of this type of cancer.
The growing geriatric population is also likely to be a major driver for the global prostate cancer market over the forecast period, as the disease is mainly found in geriatric individuals. Over 60% of all cases of prostate cancer are found in men above the age of 65, driving the importance of the geriatric demographic for the market.
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The rise in the funding support from the public and private sector in the field of drug development are fostering market growth. Conversely, low awareness among people about the availability and the benefits of prostate cancer treatment and loss of patent protection for drugs impede market growth. Also, the high production cost of the devices & medicines required for the management of the disease alongside, the skepticism of physicians towards the advancement & efficacies of the treatments is estimated to obstruct the growth of the global Prostate Cancer Diagnosis and Therapy Market.
Prostate Cancer Diagnosis and Therapy Market Competitive Analysis:
Developing a strong drug pipeline for prostate cancer is likely to be a favored target for players in the global prostate cancer market over the forecast period. The leading players in the market have established a strong position mainly due to their increasing product pipelines, which is likely to remain a favored strategy for players in the global prostate cancer market in the coming years.
Leading players in the global prostate cancer market include –
- Abbvie Inc. (US)
- AstraZeneca (UK)
- Bayer AG (Germany)
- Sanofi (France)
- Ipsen Pharma (France)
- Astellas Pharma Inc. (Japan)
- Johnson & Johnson Services Inc. (US)
- Tolmar Pharmaceuticals Inc.(US)
- Dendreon Pharmaceuticals LLC (US)
- and Ferring BV (Switzerland)
Similarly, the high cost associated with the treatment of prostate cancer and side-effects of surgeries such as urinary incontinence and impotence along with the surgical risks like heart attack, stroke, and blood clots are restricting the growth of the market. Nevertheless, seminal efforts & investments by the key market players would support the market growth, bringing about innovative drugs & therapies for the treatments.
Global Prostate Cancer Diagnosis and Therapy Market – Segments
The report is segmented into three market dynamics to widen the scope of understanding,
By Product Type : Targeted Therapies, Hormone Therapy, and Therapeutic Vaccines, among others.
By End-user : Clinics and Hospitals, among others.
By Regions : Europe, North America, APAC, and the Rest-of-the-World (RoW).
Furthermore, initiatives & programs taken up by Governments worldwide to control the disease would benefit market growth. Robotic surgery is the current trend in the market, which is driven by increasing patient preference. Almost 40% of hospitals, globally have adopted robots to perform prostate surgery.
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Global Prostate Cancer Diagnosis and Therapy Market – Regional Analysis
North America leads the global Prostate Cancer Diagnosis and Therapy Market with the largest share. Factors such as the rising prevalence of cancer, increasing numbers of geriatric population, alongside the increasing R&D activities to discover breakthrough therapies and medicines drive the regional market growth. Besides, the presence of well-developed economies, many large players, and proliferating healthcare sector, predominantly foster the market growth in the region. In Sync with the same growth trends, the Prostate Cancer Diagnosis and Therapy Market in North America is likely to maintain its market position in the coming years.
Europe takes the second leading position in the global Prostate Cancer Diagnosis and Therapy Market, heading with the well-proliferated healthcare sectors and the resurging economy in the region. Moreover, the rising prevalence of the prostate cancer alongside, the strong growth in Germany and France markets drive the regional market growth at a large scale. The availability of innovative & advanced treatment facilities, and rising skilled medical professionals, commutatively act as a major tailwind impacting the regional market growth. With the rising numbers of aging populaces, the European Prostate Cancer Diagnosis and Therapy Market is estimated to register a phenomenal CAGR throughout the forecast period.
The Prostate Cancer Diagnosis and Therapy Market in the Asia Pacific region is emerging as a lucrative market globally. Factors such as the spreading awareness about the healthcare and availability of new treatment methods act as significant growth propellers. Also, increasing demand for the latest treatment methods and the rapidly developing healthcare technology influences the market growth in the region.
- In December 2019, Astellas Pharma Inc. announced that the US Food and Drug Administration (FDA) had approved a supplemental New Drug Application (sNDA) for XTANDI (enzalutamide) for the treatment of patients with metastatic castration-sensitive prostate cancer (mCSPC). With this approval, XTANDI has become the first and the only oral treatment approved by the FDA in three distinct types of advanced prostate cancers, namely, non-metastatic and metastatic castration-resistant prostate cancer (CRPC) and mCSPC.
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