Prostate Cancer Diagnostics Market Overview
The global Prostate Cancer Diagnostics Market is growing continually at a rapid pace, mainly due to the increasing prevalence of the condition. Besides, serious risk factors of prostate cancer, including race, age, and genetics, alongside, the changing & sedentary lifestyle and growing obesity disorders are driving the growth of the market, leading to the occurrence of this type of cancer.
Also, the emergence of novel medicines & therapies is accelerating market growth, giving the best was valued at USD 5.9 billion in 2022 and is projected to grow from USD 6.34 Billion in 2023 to USD 10.52 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.50% during the forecast period (2023 – 2030). The rise in the funding support from the public and private sector in the field of drug development are fostering market growth. The demand for sophisticated devices is, in turn, contributing to the growth of the market to a great extent.
Conversely, low awareness among people about the availability and the benefits of prostate cancer treatment and loss of patent protection for drugs impede market growth. Also, the high production cost of the devices & medicines required for the management of the disease alongside, the skepticism of physicians towards the advancement & efficacies of the treatments is estimated to obstruct the growth of the global prostate cancer market. Similarly, the high cost associated with the treatment of prostate cancer and side-effects of surgeries such as urinary incontinence and impotence along with the surgical risks like heart attack, stroke, and blood clots are restricting the growth of the market. Nevertheless, seminal efforts & investments by the key market players would support the market growth, bringing about innovative drugs & therapies for the treatments.
Prostate Cancer Diagnostics Market Segmentation
The report is segmented into three market dynamics to widen the scope of understanding,
By Product Type : Targeted Therapies, Hormone Therapy, and Therapeutic Vaccines, among others.
By End-user : Clinics and Hospitals, among others.
Prostate Cancer Diagnostics Market Regional Analysis
North America leads the global prostate cancer market with the largest share. Factors such as the rising prevalence of cancer, increasing numbers of geriatric population, alongside the increasing R&D activities to discover breakthrough therapies and medicines drive the regional market growth. Besides, the presence of well-developed economies, many large players, and proliferating healthcare sector, predominantly foster the market growth in the region. In Sync with the same growth trends, the prostate cancer market in North America is likely to maintain its market position in the coming years.
Europe takes the second leading position in the global prostate cancer market, heading with the well-proliferated healthcare sectors and the resurging economy in the region. Moreover, the rising prevalence of the prostate cancer alongside, the strong growth in Germany and France markets drive the regional market growth at a large scale. The availability of innovative & advanced treatment facilities, and rising skilled medical professionals, commutatively act as a major tailwind impacting the regional market growth. With the rising numbers of aging populaces, the European prostate cancer market is estimated to register a phenomenal CAGR throughout the forecast period.
The prostate cancer market in the Asia Pacific region is emerging as a lucrative market globally. Factors such as the spreading awareness about the healthcare and availability of new treatment methods act as significant growth propellers. Also, increasing demand for the latest treatment methods and the rapidly developing healthcare technology influences the market growth in the region.
Prostate Cancer Diagnostics Market Major Players
Prostate Cancer Diagnostics Market Players include Bayer Pharma AG (Berlin), OncoGenex Pharmaceuticals Inc. (US), Progenics Pharmaceuticals, Inc. (US), OncBioMune Pharmaceuticals Inc. (US), TOLMAR Inc. (US), Endo Pharmaceuticals Inc., and Tokai Pharmaceuticals, Inc., among others.
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