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Dec-2021

Global Prostate Cancer Market Size Worth USD 99.2 Bn By 2026

North America led the global prostate cancer market in 2020.

As per our research report, the global prostate cancer market is forecasted to be growing at a CAGR of 9.5% from 2021 to 2026 and worth USD 99.20 billion by 2026.

The diagnosis and treatment of cancer were significantly affected by the sudden onset of a pandemic due to the sudden changes in healthcare infrastructure. As can be expected, cancer patients, especially prostate cancer patients, are more susceptible to coronavirus because they are in an immunosuppressive state caused by malignancy and treatment against cancer. Therefore, it is mainly suggested that they stay at home and avoid non-urgent diagnoses and treatment. According to the Union for the International Fight against Cancer, there was a significant decrease in cancer therapeutics during the pandemic. Although the market is currently affected, it is anticipated to recover during the forecast period due to advancements in technologies and the cancer incidence rate.

Prostate cancer is the second most common type of cancer affecting the male population, especially older people. About 80.56% of men who turn 80 are diagnosed with it. Hence, the increase in the geriatric population leads to a high prevalence rate of prostate cancer. According to data published in 2020 by Globocan, the prevalence of prostate cancer was 1,414,300, or 7.38% of all cancer cases across the globe. According to the American Cancer Society, in 2019, approximately 165,000 new cases of prostate cancer were identified, and 29,500 deaths were reported in the United States. Furthermore, according to the World Population Aging Report, there were 710 million people aged 65 and over in the world in 2019. That number of older people is expected to double to 1.58 billion by 2050. Hence, due to all the factors mentioned above, the market is projected to experience high growth rates.

Several government agencies are also taking initiatives to expand diagnostic and treatment options for prostate cancer. For example, in 2018, the Australian government worked with a foundation to fight prostate cancer by investing $ 12 million in innovative new research teams focused on life-saving prostate cancer research and reducing the number of deaths caused by prostate cancer. The USFDA is also taking action to strengthen the prostate cancer therapeutics market by approving drugs in the clinical phase, thereby accelerating clinical developments for more product launches. In addition, companies and research organizations invest in R&D, which helps accelerate the development of the market.

However, the long duration of treatment and low demand for prostate cancer treatment drugs in underdeveloped countries will hamper the market growth. In addition, other factors such as the high cost of prostate cancer drugs and the low success rate of the clinical trial, poor knowledge of technological advancements, and skilled physicians to treat this cancer will have a negative impact on society.

Based on the region, North America was the dominant region and is also expected to dominate the overall market in the coming years. This can be attributed to the increasing focus of major manufacturers, a high population base and income, and well-developed medical facilities. Meanwhile, Asia Pacific presents lucrative opportunities for major players operating in the prostate cancer therapeutics market, owing to increased awareness about the disease and treatment options. In addition, the improvement of health infrastructure, development of the R&D sector, the increase in health reforms, and technological advances in the field will support the market growth.

Several large manufacturers are focusing on diagnosing and treating prostate cancer, and their portfolio is increasing with growing years. Major market players include Dendreon Corporation, Abbott Laboratories, Astellas Inc., Sanofi-Aventis, Ipsen Group, Tolmar Inc, AstraZeneca, GE Healthcare, Bayer HealthCare AG, Cellanyx Diagnostics Inc., Ferring Pharmaceuticals, Siemens Healthineers, and F. Hoffmann- La Roche SA.

MARKET SEGMENTATION:

By Diagnostic Techniques:

Digital Rectal Exam (DRE)
Prostate-Specific Antigen Test (PSA)

By Surgery:

Radical Prostatectomy
Orchidectomy
Trans Urethral Resection (TUR)

By Radiation Therapy:

External Beam Radiation Therapy
- 3D Conformal Radiation Therapy
- Intensity Modulated Radiation Therapy
- Stereotactic Body Radiation Therapy
- Proton Beam Radiation Therapy
Brachytherapy
- Permanent Brachytherapy
- Temporary Brachytherapy

By Chemotherapy: