Prostate Cancer Diagnostics Market Trends, Latest Innovations and Technological Growth Report 2020
Global Prostate Cancer Diagnostics Market: Information by Type (Prostatic Adenocarcinoma, Small Cell Carcinoma and others), By Component (Therapy and Diagnosis), By End User (Specialty Centers, Hospitals & Clinics and others) and by Region (Americas, Europe, Asia-Pacific, and Middle East & Africa) - Forecast till 2025
Global Prostate Cancer Diagnostics Market is expected to register a CAGR of 5.10% during the forecast period, with a market value of USD 18,417.72 Million by 2025.
Prostate cancer is one of the most commonly occurring cancers in men above 55 years of age. More than 80% of the male population are suffering from either one of the prostate cancers (prostatic adenocarcinoma, sarcomas, transitional cell carcinoma, and squamous cell carcinoma) across the globe.
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The key factors such as a rise in incidence & prevalence rate of prostate cancer, increasing expenditure on oncology medicine research, reimbursements, and growing health insurance are anticipated to drive the growth of the market during the forecast period. However, factors such as high cost and side-effects associated with treatment restrain the market growth.
The Global Prostate Cancer Diagnostics Market is segmented into type, component, and end-user. By type, the market has been segmented into prostatic adenocarcinoma, small cell carcinoma, and others. Based on the product, the market has been segmented into reagents, analyzers, and consumables. Based on the components, the global Prostate Cancer Diagnostics Market has been categorized as therapy and diagnosis. The therapy segment is further is sub-segmented into hormonal therapy, chemotherapy, radiotherapy drugs, and immunotherapy. Hormonal therapy is segmented into anti-androgens, LHRH analogs, and LHRH antagonists. Chemotherapy is segmented into docetaxel, cabazitaxel, and others. The diagnosis is sub-segmented into diagnostic imaging, tissue biopsy, and others.
On the basis of end-user, the market has been segmented into specialty centers, hospitals & clinics, and others.
The Global Prostate Cancer Diagnostics Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas are expected to hold the largest share of the global Prostate Cancer Diagnostics Market owing to the increasing prevalence of prostate cancer and increasing FDA approvals for the treatment products to support the growth of the market. For instance, in December 2019, Astellas Pharma Inc. received FDA approval for supplemental New Drug Application (sNDA) for XTANDI (enzalutamide) for the treatment of patients with metastatic castration-sensitive prostate cancer (mCSPC). Hence, increasing product approvals in the region are expected to support regional market growth.
The European market holds the second-largest position in the global Prostate Cancer Diagnostics Market. Factors attributing to the growth of the market include a booming aging population and increasing awareness among the individuals coupled with the various government initiatives to promote the treatment of prostate cancer in the early stages.
Asia-Pacific is estimated to be the fastest-growing region owing to the booming health insurance schemes, rising per capita disposable income, and expanding the healthcare industry in the regional market. Moreover, the rise in the obesity levels in men due to the adaption of Westernized diets have significantly contributed to the rise in the number of prostate cancer cases in the region.
The market in the Middle East and Africa is likely to exhibit healthy growth owing to increasing treatment facilities in the UAE and Saudi Arabia. The rising need to lower the deaths by prostate cancer is one of the key factors boosting the need to improve and increase the number of prostate cancer treatment facilities in the region.
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MRFR recognizes the following companies as the Key Players in the Global Prostate Cancer Diagnostics Market— Dendreon Pharmaceuticals LLC (US), Abbvie Inc. (US), AstraZeneca (UK), Bayer AG (Germany), Sanofi (France), Ipsen Pharma (France), Astellas Pharma Inc. (Japan), Johnson & Johnson Services Inc. (US), Tolmar Pharmaceuticals, Inc.(US), and Ferring BV (Switzerland), among others.