Market Definition
The prostate is a part of the male reproductive system, located below the bladder & in front of the rectum, surrounding the urethra. The prostate gland produces fluid, making a part of semen. When cells in the prostate multiply uncontrollably, it is said to be prostate cancer, whose early stages are usually asymptomatic, and the later stages, however, can display a few signs like:
As common as prostate cancer is becoming, the demand for its effective diagnosis & treatment is rapidly rising & instigating various companies to produce novel drugs concentrating on unmet patient needs. Ongoing developments of novel therapeutics for prostate cancer are expected to offer improved survival time, less toxicity, better progression-free survival, effectiveness, & greater affordability for the patient.
Market Insights
The Global Prostate Cancer Market is projected to grow at a CAGR of around 10.8% during the forecast period, i.e., 2022-27. Prostate cancer is one of the most common cancers in males worldwide. With its rising incidence, the demand for effective diagnosis & treatments is also surging rapidly and instigating the governments of different countries to increase their healthcare expenditures.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 10.8% |
| Regions Covered | North America: The US, Canada, Mexico |
| Europe: Germany, The UK, Germany, France, Italy, Spain, Rest of Europe | |
| Asia-Pacific: China, Japan, India, Australia, South East Asia, Rest of Asia-Pacific | |
| South America: Brazil, Rest of Latin America | |
| Middle East & Africa: South Africa, GCC, Rest of Middle East & Africa | |
| Key Companies Profiled |
Abbott Laboratories, AbbVie Inc., Amgen Inc., AstraZeneca PLC, Bayer AG, Bristol Myers Squibb, Eisai Co. Ltd., Eli Lilly and Company, F. Hoffmann-La Roche AG, GlaxoSmithKline PLC, Merck & Co., Inc., Novartis International AG, Pfizer Inc., Sanofi S.A., Others |
| Unit Denominations | USD Million/Billion |
It, in turn, is demonstrating increasing R&D activities associated with bringing innovations in drugs for prostate cancer therapies and encouraging the leading players to actively participate in the development, production, & distribution of more and more diagnostic equipment & therapeutic medications for patients.
Governments of several countries are spreading awareness about the availability of diagnosis & treatment for prostate cancer through advertisements, campaigns, screening tests, and by conducting & implementing programs for screening tests like Prostate-Specific Antigen (PSA) blood tests & Digital Rectal Exam (DRE) for male patients above 50 years, and other mediums.
It, in turn, is driving the patient pool for prostate cancer worldwide. Favorable policies for clinical trials of medications are instigating the leading biopharma companies to introduce affordable therapeutics. Moreover, the incorporation of technologies like Multiparametric Magnetic Resonance Imaging (mp-MRI) to enhance the identification of tumors & guide if there is a need for tissue biopsy in prostate cancer is also demonstrating increasing diagnosis and augmenting the market expansion. In addition, the approaching patent expiration of various prostate cancer drugs like Zytiga would further generate lucrative opportunities for the leading players in the Global Prostate Cancer Market over the forecast years.
Market Segmentation
Based on Treatment:
Of all treatments, surgery is projected to dominate the Global Prostate Cancer Market with the largest share during 2022-27. It is one of the prominent treatment options for prostate cancer, followed by radiation therapy, including proton beam therapy.
Although Chemotherapy, Hormonal therapy, etc., are other treatments, their outcomes vary depending upon the patient's clinical conditions. Healthcare professionals choose surgery as a common treatment for curing prostate cancer in cases where it has not spread outside the prostate gland.
Radical prostatectomy is expected to remain a prominent type of surgery in patients with prostate cancer. It is an operation where the surgeon removes the entire prostate gland and also tissues like seminal vesicles. There are two types of Radical Prostatectomy:
Open prostatectomy is a surgery in which the surgeon operates through a single long skin incision for the removal of the entire prostate & its nearby tissues. On the other hand, laparoscopic prostatectomy involves multiple incisions and the use of long surgical tools for prostate removal. Among the two, the latter is swiftly gaining momentum and becoming a common approach to prostatectomy and might also offer results similar to the Open Prostatectomy.
On the other hand, radiation therapy is another treatment anticipated to contribute substantially to the expansion of the Global Prostate Cancer Market during 2022-27. It owes principally to the growing inclination toward External Beam Radiation Therapy (EBRT), wherein beams of radiation are focused on the prostate gland to kill cancer cells. This treatment is used extensively on patients with early-stage prostate cancer. The EBRT also helps relieve symptoms like bone pain in case cancer has spread to that area.
Besides, Proton Beam radiation therapy is anticipated to gain significant momentum for the treatment of prostate cancer and propel the overall market growth through 2027. It owes to its high effectiveness on cancer cells by focusing a beam of protons on them, causing little damage to the tissues while passing through, and releasing the energy after traveling a certain distance.
Furthermore, theoretically, proton beams deliver more radiation to the prostate while doing less damage to tissues than other radiation therapies. Although the therapy still requires a lot of development and is not widely available, it shall generate growth prospects for the leading players to indulge in rigorous research & development activities and contribute to the market expansion in the future.
Based on Diagnosis:
Prostate cancer was diagnosed traditionally by Digital Rectal Examination (DRE) & Prostate-specific Antigen (PSA) testing, followed by the Transrectal Ultrasound (TRUS) guided biopsy. However, indications from results of PSA remain controversial in patients, as the test is organ-specific and not prostate cancer-specific, which results in fluctuations in results & misdiagnosis. However, in case the results of PSA & DRE suggest signs of prostate cancer, the patient then goes for TRUS, i.e., anticipated to gain swift momentum in the Global Prostate Cancer Market during the forecast period, owing to its fast, convenient, & effective model for diagnosis.
Besides, the growing demand for TRUS is also due to their easy application across hospitals with limited allocations. Furthermore, mounting awareness among patients about the benefits of TRUS biopsy, like lower possibilities of severe complications, is another crucial aspect contributing to the overall expansion of the global prostate cancer market. Yet, further developments in the existing practice are still required to increase the tolerance & reduce the chances of post-biopsy infections.
Regional Landscape
Geographically, the Global Prostate Cancer Market expands across:
Among all regions globally, North America is anticipated to contribute significantly to the Prostate Cancer Market growth during 2022-27, principally due to the rapidly increasing patient pool of prostate cancer and the burgeoning need for effective diagnosis & treatments, coupled with the immense support from governments of different countries through substantial investments in the research & development activities for bringing advancements in existing medications & drugs and introducing more effective novel therapies.
Besides, the leading biopharma companies, especially across the US & Canada, conducting clinical trials of new therapeutics for prostate cancer treatment, coupled with rapid drug approvals by the FDA, are other prominent aspects augmenting the growth of the North America Prostate Cancer Market.
On the other hand, Asia-Pacific is anticipated to observe the fastest market growth through 2027. It owes to massive government investments in healthcare infrastructure developments, i.e., demonstrating an increasing number of hospitals, research centers, clinics, specialty centers, etc., across various countries in the region.
As a result, the mounting demand for procuring more & more diagnostic equipment & therapeutic drugs is leading to numerous ongoing R&D activities on bringing innovations in therapeutics to cater to burgeoning patient needs for prostate cancer treatments.
Besides, surging consumer awareness about the availability of affordable diagnosis & treatment for prostate cancer is showcasing a rise in screening tests & diagnoses, i.e., another crucial aspect propelling the regional market growth.
Recent Drug Approvals Associated with Global Prostate Cancer Market
Possible Restraint in the Global Prostate Cancer Market
The high costs associated with the tissue biopsy for prostate cancer, especially in cases of advanced-stage tumors, might restrain the fledged expansion of the Global Prostate Cancer Market during 2022-27. Besides, high consultation fees and poor reimbursement of treatment expenditures might also act as significant growth restraints for the market in the coming years.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Prostate Cancer Market is projected to grow at a CAGR of around 10.8% during 2022-27.
A. High costs associated with the diagnosis & treatment of prostate cancer, coupled with difficulties in financial support for patients, are the prominent factors that may hinder the growth of the Global Prostate Cancer Market through 2027.
A. Radiation therapy is anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Prostate Cancer Market over the forecast years.
