The global prostate cancer radiotherapy market is projected to register a revenue CAGR of 5.30% between 2023 to 2031, according to the latest evaluation by Growth Plus Reports. The study examines the best impactful strategies, macroeconomic conditions, trends and prospects, competitive environments, changing market dynamics, market size, data and projections, and key investment areas.
Key Takeaways:
- The high prescription of radiotherapy for prostate cancer will drive the demand for prostate cancer radiotherapy during the forecast period.
- The introduction of radiopharmaceuticals will encourage market revenue growth.
- North America will dominate the global market.
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Prostate Cancer Radiotherapy Market Scope
|
Report Attribute |
Details |
|
Growth Rate |
CAGR of 5.3% from 2023 to 2031 |
|
Base year for estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments covered |
Types, End User, and Region |
| Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
Market Drivers
The growing prevalence of prostate cancer and an aging population are the primary factors driving the revenue growth of the global prostate cancer radiotherapy market. Additionally, the changes in lifestyle and environmental factors and the high prescription of radiotherapy for prostate cancer contribute to market revenue growth. Furthermore, technological advancements in radiotherapy and the introduction of radiopharmaceuticals support the market’s revenue growth.
Market Segmentation
Growth Plus Reports has analyzed the global prostate cancer radiotherapy market from three perspectives: Type, End User, and Region.
Type Segmentation: Based on the product, the global prostate cancer radiotherapy market is segmented into external beam radiation, brachytherapy, and radiopharmaceutical. The external beam radiation segment dominates the market with the largest revenue share because of is an effective treatment option for prostate cancer that has demonstrated efficacy in controlling cancer growth, relieving discomfort, and preserving the quality of life in many patients.
End-User Segmentation: Based on the end-user, the global prostate cancer radiotherapy market is segmented into hospitals, cancer care centers, and independent radiotherapy centers. The hospital segment dominates the market because hospitals provide better radiotherapy for prostate cancer patients due to their advanced technology, experienced medical staff, and high patient footfall.
Regional Growth Dynamics
Based on the region, the global prostate cancer radiotherapy market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the global prostate cancer radiotherapy market with the largest revenue share. The considerable revenue share of North America in the global prostate cancer radiotherapy market can be attributed to the growing male prostate cancer prevalence, increased demand for minimally invasive procedures, and technological advances in radiotherapy equipment.
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Competitive Landscape
The following are the top companies in the global prostate cancer radiotherapy market:
- Curium Pharma
- Siemens Healthineers AG
- GE Healthcare Technologies, Inc.
- Philips Healthcare
- Varian Medical Systems
- Elekta
- Hitachi Medical Corporation
- IBA Worldwide
- Accuray Incorporated
The market for prostate cancer radiotherapy is very competitive and complex. Prominent companies are developing new products and forming strategic alliances to fulfill the growing global demand and maintain a strong market position.
Recent developments:
- Fusion Pharmaceuticals acquired RadioMedix’s Prostate Cancer Radiopharmaceutical Program in February 2023. RadioMedix, Inc. is a clinical-stage biotechnology company based in Houston, Texas, focusing on novel targeted radiopharmaceuticals.
- Osaka University and Düsseldorf University researchers discovered in November 2022 that a novel radiopharmaceutical therapy targeting prostate-specific membrane antigen (PSMA) – a protein expressed on the membranes of prostate cancer cells – can precisely target tumor cells.
- Blue Earth Therapeutics received FDA approval for 177Lu-rhPSMA-10.1 for the treatment of prostate cancer in April 2022.
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