The Prostate Health Market is poised for a significant surge, fueled by growing awareness and a rising need for effective solutions. According to a recent analysis by Future Market Insights (FMI), a leading market research firm, the market is anticipated to reach a staggering US$92.9 billion by 2033. This translates to a remarkable increase from its 2023 valuation of US$38.6 billion, reflecting a robust Compound Annual Growth Rate (CAGR) of 9.2% projected over the next ten years.
The Global Prostate Health Industry is a major section of the healthcare landscape that focuses on the diagnosis, treatment, and prevention of prostate-related diseases. The expected increase in industry value is the result of numerous main factors determining its trajectory.
Growing Awareness There is a palpable increase in global awareness surrounding prostate health issues, with individuals and healthcare providers alike recognizing the importance of proactive care and early detection.
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According to major regulatory bodies around the world (such as the WHO, MHRA, TGA, and EMA), cancer patients are at a higher risk of COVID-19 infection than adults with good prostate health, and screening, diagnostic exams, and surgical procedures in hospitals and cancer centers are severely limited or postponed.
As a result, caregivers and hospitals can expect elective surgeries and screening procedures to be delayed.
However, the market has gradually increased since the second half of 2020, owing to an increase in the number of oncology appointments and a rise in the adoption of prostate health therapies, among other things, as a result of efforts to clear backlogs and new cases, which further shapes the Global Prostate Health Industry’s future trends.
An increase in demand for prostate cancer treatment and management, as well as an increase in the use of hormonal agents in non-metastatic castration-resistant (nmCRPC) and metastatic hormone nave (mHNPC) prostate cancer settings, are other factors that contribute to the demand for prostate health treatment.
Furthermore, the untapped potential of developing economies presents lucrative Global Prostate Health Industry opportunities during the forecast period.
Prolonged treatment times and a lack of demand for prostate cancer medical treatment drugs in developing countries, on the other hand, are expected to reduce the size of the Global Prostate Health Industry.
Although both drugs and surgery can treat BPH and improve prostate health, they are not without risks. Alpha-blocker side effects include dizziness, orthostatic hypotension, and rhinitis.
These are especially concerning in the elderly, as they can result in significant morbidities such as falls, and the resulting injuries are expected to have an impact on prostate cancer treatment adoption trends.
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Prostate Health Market Key Takeaways:
- Prostate cancer is expected to account for the largest share of the prostate health market based on disease indication, owing to significant growth in the geriatric population and a large target patient population.
- In the type market, neurostimulation devices are expected to have the highest prostate health market share.
- The hospital pharmacies segment is expected to lead the prostate cancer treatment market due to the strong presence of hospital pharmacies around the world and the convenience offered by hospital pharmacies.
- The rapidly growing patient population for benign prostatic hyperplasia in the region, particularly in Japan, China, South Korea, Hong Kong, and Taiwan, is a critical factor for Asia-Pacific market growth.
“USFDA took steps to boost the growth of the cancer therapy market by approving drugs that are still in the clinical stage, thereby speeding up clinical trials and investments in R&D by businesses and research organizations can be credited to market growth in the United States which is a major contributor to the North American prostate health market.
Moreover, favorable reimbursement policies, a strong healthcare infrastructure, and some other emerging trends in the Global Prostate Health Industry such as product launches have also contributed to the market’s rapid growth.” asserts an FMI analyst.
Global Prostate Health Industry Competitive Landscape:
AstraZeneca plc, Bristol-Myers Squibb Company, Astellas Pharma Inc., F. Hoffmann-La Roche AG, Bayer AG, erring Pharmaceuticals Inc., Ferring Pharmaceuticals Inc., Ipsen Pharma, Johnson & Johnson, Takeda Pharmaceutical Company Ltd., and GlaxoSmithKline Plc are among the key players in the Global Prostate Health Industry.
Within the global prostate cancer diagnostic market, there are several significant drug and equipment manufacturers, and their status as a significant player is primarily based on specific product markets.
Players have been looking for novel ways to expand their market through innovative prostate product launches.
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Recent developments in the Prostate Health Market are as follows:
- The first commercial production of Axumin (fluciclovine) in Italy was announced by Blue Earth Diagnostics, with the first Italian patients being dosed.
- Myovant partnered with Pfizer to commercialize Orgovyx (relugolix), a prostate cancer drug.
- In the United States, Dr Reddy introduced generic Abiraterone Acetate Tablets USP, 250 mg, which is a therapeutic equivalent generic version of Zytiga (abiraterone acetate) for prostate cancer.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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