The global market for prostate cancer diagnosis & treatment is projected to have a CAGR of around 9.5% during the forecast period. Various pivotal factors drive the global market such as the rising incidence and prevalence rate of prostate cancer, and growing investment/grants from government and private players across the globe. According to the American Cancer Society, prostate cancer is one of the most common types of cancer in men. About 1 in 9 men are likely to be diagnosed with prostate cancer during their lifetime. The American Cancer Society estimated that around 174,650 new cases and nearly 31,620 mortalities occurred in 2019 in the US. Moreover, the increasing adoption of innovative technologies for the diagnosis of prostate cancer is expected to fuel market growth. The incorporation of multiparametric MRI (mp-MRI) can significantly improve the detection of tumors and confirm whether there is a need for tissue biopsy. 

Moreover, government organizations have been investing in R&D for new development in treatments to target tumors. For instance, in 2019, the American Cancer Society, Inc. had invested around $35.5 million to explore better treatment opportunities and to improve the quality of life for prostate cancer patients. The rising US FDA approvals for prostate cancer drugs have a positive influence on the growth of the market. In May 2020, the FDA approved rucaparib, a new medication to treat patients with advanced prostate cancer. Additionally, another drug Olaparib was approved by the FDA for certain metastatic prostate cancers that are not responsive to hormone therapy. However, the high cost of global prostate cancer drugs and their side effects and unfavorable reimbursement policies are expected to negatively affect the growth of the global prostate cancer diagnosis and treatment market.

Impact of COVID-19 on Global Prostate Cancer Diagnosis and Treatment Market.

The global prostate cancer diagnosis and treatment market hardly hit by the COVID-19 outbreak. The patients affected with prostate cancer are more prone to get affected with Coronavirus, so during the lockdown, they were advised to stay home and avoid all non-emergent diagnoses and treatment. Also, at the time of the COVID-19 pandemic, there was a decrease in cancer diagnosis has been witnessed. Besides, due to a halt in cancer diagnosis and treatments, the market has registered negative growth. Major economies especially the US has suffered a lot during the pandemic as the region has higher patients base affected with various cancers, due to lockdown there was less visit in hospitals for treatments, and the region get negatively impacted. Post COVID-19 it is expected that the market will grow with the “W” shape recovery method, by the increase in demands for cancer treatments & drugs.

Segmental Outlook  

The global prostate cancer diagnosis & treatment market is segmented based on diagnostic techniques and therapy. On the basis of diagnosis techniques, the market is bifurcated into prostate specific antigen test (PSA), and digital rectal exam (DRE). Based on therapy, the market is classified into hormonal therapy, chemotherapy, immunotherapy, radiation therapy, and targeted therapy.

Global Prostate cancer diagnosis & treatment Market Share by Diagnosis Techniques, 2020 (%)

The PSA segment projected to hold a significant share in the global prostate cancer diagnosis and treatment market 

Based on diagnosis techniques, the PSA segment projected to have a considerable share in the market, and it is projected to grow at a rapid pace during the forecast period. The rising prevalence of prostate cancer cases creates the demand for prostate-specific antigen (PSA) test, which in turn, further drive the growth of the market. PSA is a protein produced by normal, as well as malignant, cells of the prostate gland. The PSA test measures the level of PSA that may indicate the presence of prostate cancer in a man’s blood. The increasing number of people being affected by prostate cancer creates the popularity of PSA testing among hospitals and clinics. Thus, the use of the PSA test in prostate cancer diagnosis, and the adoption of these tests in end-user industries such as hospitals and clinics drive the growth of the market. 

Regional Outlook 

Geographically, the global prostate cancer diagnosis & treatment market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). Among these, Asia-Pacific is estimated to be the fastest growing region during the forecast period. The high prevalence of prostate cancer in the region coupled with the rapidly evolving healthcare infrastructure in major economies such as China and India are fueling the growth of the prostate cancer diagnosis & treatment market. Besides, the growing awareness about prostate cancer diagnosis and treatments, developing R&D sector, and technological advancements in healthcare further drives the market growth in the region.

Global Prostate Cancer Diagnosis & Treatment Market Growth, By Region 2021-2027

North America is projected to Dominate the Prostate Cancer Diagnosis & Treatment Market

Geographically, North America estimated to hold the largest share in the global market due to a significant rise in the incidence and prevalence rates of prostate cancer along with the government initiatives to create awareness for prostate cancer. For instance, Prostate Cancer Awareness Month is observed in the US and Canada in September every year. In addition, the organizations offer grants for prostate cancer research. For instance, in September 2019, Prostate Cancer Foundation collaborated with Pfizer Global Medical Grants to fund approximately $2.0 million in research grants through a Competitive Research Grants Program, which was focused on investigating talazoparib, a poly (ADP-ribose) polymerase (PARP) inhibitor, in prostate cancer.  

Market Players Outlook

The key players in the prostate cancer diagnosis & treatment market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market are Tolmar Pharmaceuticals Inc., Dendreon Pharmaceuticals LLC, Abbvie Inc., Astellas Pharma Inc., Bayer AG, AstraZeneca PLC, Ipsen SA, Sanofi, Bristol-Myers Squibb Co., among others. These players operate in a highly competitive market and thus adopt various strategies to remain competitive in the market. Mergers and acquisitions, partnerships, collaborations, product launch/approvals, geographical expansion, among others are some of the strategies that are widely adopted by the market players. For instance, in May 2020, AstraZeneca Plc and Merck & Co Inc’s Lynparza drug has been approved by the US FDA. The drug is used for the treatment of prostate cancer. The Lynparza belongs to the category of PARP inhibitors and leads the class of these inhibitors. Additionally, the new drug can reduce the risk of disease progression or death by 66%. 

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global prostate cancer diagnosis & treatment market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.