Prostate Cancer Diagnosis and Therapy Market Worth USD 10.1 Billion by 2030 at 13.7% CAGR – Report by Market Research Future (MRFR)

New York, USA, July 06, 2022 (GLOBE NEWSWIRE) -- Prostate Cancer Diagnosis and Therapy Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), "Prostate Cancer Diagnostics and Therapy Market Information by Type, Component, End-User, and Region - Forecast till 2030", the prostate cancer diagnosis and therapy market will accrue a 13.7% CAGR between 2022 and 2030. By the end of 2030, the prostate cancer diagnosis and therapy market should touch USD 10.1 billion.

Prostate Cancer Diagnosis and Therapy Market Synopsis

Prostate cancer is one of the most commonly occurring non-cutaneous cancers globally. Steady increase in the geriatric population, prevalence of a sedentary lifestyle in developed economies, and the surging cases of urological disorder augment the development of prostate cancer worldwide.

The last few years have seen notable innovations in androgen receptor targeting with respect to prostate cancer. Other than this, advancements have been made in radiopharmaceutical-based therapy as well as immunotherapy, however; their optimal deployment in clinic is quite unclear. Significant advancements in prostate cancer diagnosis and therapeutics, such as abiraterone acetate, enzalutamide, cabazitaxel, radium-233 and sipuleucel-T have been made in the past couple of years.

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Report Scope:

 Prostate Cancer Diagnosis and Therapy Market Competitive Landscape:

The affluent firms in the prostate cancer diagnosis and therapy market include

• Dendreon Pharmaceuticals LLC (US)
• Astellas Pharma Inc. (Japan)
• Bayer AG (Germany)
• Ipsen Pharma (France)
• Abbvie Inc. (US)
• Johnson & Johnson Services Inc. (US)
• AstraZeneca (UK)
• Tolmar Pharmaceuticals Inc. (US)
• Sanofi (France)
• Ferring BV (Switzerland)

Prostate Cancer Diagnosis and Therapy Market USP Covered:

Market Drivers:

Since the COVID-19 outbreak is a relatively new pandemic, the information about how it is related to prostate cancer is quite scarce. However, medical professionals confirm that cancer patients are at high risk of becoming severely ill in light of their weakened immune system. Those patients currently receiving treatments like chemotherapy, radiation therapy and bone marrow transplants are extremely susceptible to SARS-CoV-2. Even if the patient is not undergoing treatment therapy need to be careful as they are entirely out of danger from the virus. In short, the outbreak of the novel coronavirus has led to a higher need for prostate cancer diagnosis and therapy, which could result in further market growth. 

Many of the healthcare related meetings such as oncology have become virtualized, since the worldwide lockdown. There has been a surge in the number of video or phone conferences, with the aim to maintain social distancing and prevent the spread of COVID-19. A majority of the urologists are being helpful in this situation; by bring down the demand for personal protective equipment, ventilators, and more by reducing surgeries while not compromising on the health of those afflicted with prostate cancer. In the coming years, the market for prostate cancer diagnosis and therapy can also benefit from the emergence of new generic products as the patents of various existing products are about to expire.

Renowned vendors and research teams worldwide are investing in research and development of various therapeutic items to treat prostate cancer. In addition to this, artificial intelligence is fast emerging as a significant trend in the global market, with its increasing use in cancer prognosis and diagnosis, thanks to its unprecedented level of accuracy.

Market Restraints:

Significant costs in association with targeted therapies for treating prostate cancer slow down the uptake of these therapies worldwide. Lower awareness level with regard to technological innovations in the therapeutic area in emerging countries is also likely to hamper the growth of the prostate cancer diagnosis and therapeutics market.

Chemotherapy generally displays poor response levels in later-stage of prostate cancer, and therefore, it is used as palliation for those with the hormone-refractory disease. The majority of the oncologists make no use of systemic therapies in the early phase of prostate cancer owing to the negative perception of early systemic therapy.

Prostate Cancer Diagnosis and Therapy Market COVID 19 Analysis

The COVID-19 outbreak's significant impact has led to numerous severe repercussions on people's health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.

Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the global populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets. These factors will most likely be unfavorable for the prostate cancer diagnostics and therapy market in the years to come.

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Prostate Cancer Diagnosis and Therapy Market Segmentation

The market for Prostate Cancer Diagnosis and Therapy has been considered for type, product, component, and end user.

By Type

The primary types outlined in the market study are small cell carcinoma, prostatic adenocarcinoma, and more. The types of therapy are hormone therapy (luteinizing hormone-releasing hormone antagonists, antiandrogens and luteinizing hormone-releasing hormone analogs), chemotherapy (regional chemotherapy and systemic chemotherapy), biologic therapy, as well as targeted therapy.

By Product

The product-based key segments can be analyzers, consumables and reagents.

By Component

The main components studied in the report include therapy as well as diagnosis.

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By End-User

The key market end users as mentioned in the MRFR report are hospitals & clinics, specialty centers, and more. Despite the soaring number of ambulatory surgical centers that offer therapies for treating prostate cancer, hospitals and clinics still remain the most popular medium of health care. This has resulted in significant demand of prostate cancer therapeutics via hospital and clinics, which account for more than half of the market share.

Prostate Cancer Diagnosis and Therapy Market Regional Insights

The regional distribution of the Prostate Cancer Diagnosis and Therapy Market comprises Asia Pacific/APAC, the Americas, the Middle East & Africa/MEA as well as Europe.

Since the year 2018, Americas has remained the most lucrative market, as a result of the significant number of prostate cancer cases and the expansive geriatric population here. The well-developed healthcare infrastructure and the quick rate at which prostate cancer is treated in the early stages helps enhance the market size even further. The rich knowledge level with regard to prostate cancer diagnosis and therapy, particularly in the United States/US also facilitates market advancement in the region.

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As the second lead in the global market, Europe can continue thriving during the assessment period, with the immense growth in the elderly populace combined with the mounting awareness level with regard to cancer among people. The market growth in Europe is also the result of the several initiatives taken by the government with regard to prostate cancer.

There is a high possibility that the APAC market can obtain the fastest expansion rate in the forthcoming period, on account of the several health insurance plans and schemes and the improving financial conditions of the people. The consistent growth of the healthcare sector across China and India along with the alarming increase in obesity levels and the consequent rise in cases of prostate cancer are also presumed to be favorable for the APAC market in the long run.

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