The global prostate cancer diagnosis & treatment market is anticipated to grow at a CAGR of around 9.5% during the forecast period (2021-2027). The major factor attributing to the growth of the market include the increase in the aging population and a high prevalence rate of prostate cancer. Prostate cancer is the second most common type of cancer in the male population. The International Agency for Research on Cancer estimates that globally, 1 in 5 people develop cancer during their lifetime, and 1 in 8 men and 1 in 11 women die from the disease. Additionally, according to the data published by GLOBOCAN in 2020, the global burden of cancer burden has risen to 19.3 million cases and 10 million cancer deaths. As prostate cancer is more common in the elderly population the rising aging is the population in the world is also expected to propel market growth. For instance, as per World Population Ageing Report 2019, there were 703 million persons aged 65 years or over in the global population. This number is projected to double to 1.5 billion in 2050.
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Strategic initiatives, such as mergers and acquisitions, the development of technologically advanced devices, and a rising number of product launches are expected to boost the growth of the prostate cancer diagnostic market during the forecast period. New product launches are anticipated to impact market growth positively. For instance, in Feb 2021, Bayers AG’s new drug Nubeqa (darolutamide) for the treatment of men with non-metastatic castration-resistant prostate cancer (nmCRPC) has been approved by the Chinese National Medical Products Administration (NMPA). On the other hand, in May 2020, Astellas Pharma Inc announced that their product XTANDI (enzalutamide), an oral androgen receptor signaling inhibitor has been approved by the Japan Ministry of Health, Labour and Welfare (MHLW). The new product is used for the treatment of prostate cancer patients with distant metastasis based on the result of ARCHES trial. However, despite all these, the high cost of prostate cancer treatment hinders the market growth.
Market Coverage
o By Diagnostic Techniques
o By Therapy
o North America
o Europe
o Asia-Pacific
o Rest of the World
Key questions addressed by the report:
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
Global Prostate Cancer Diagnosis & Treatment Market Report Segment
By Diagnostic Techniques
By Therapy
Global Prostate Cancer Diagnosis & Treatment Market Report Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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