Market Scenario:
Prostate cancer is a slow growing cancer and affects the prostate gland of the male reproductive system. The global prostate cancer market is anticipated to grow at a stable CAGR during the forecasted period owing to the creation of antecedents for its growth.
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Market Dynamics:
Drivers
Growing screening and incidence of prostate cancer coupled with the growing awareness are the prime drivers of the market. According to the American Cancer Society’s 2018 prostate cancer estimates, about 164,690 new cases of prostate cancer accounting to 29,430 deaths are likely to occur in the U.S. Prostate cancer is the second leading cause of cancer death in American men after lung cancer with approximately 1 man in 41 dying of prostate cancer or its complications.
The growth in risk factors such as genetic predisposition, aging, smoking, alcoholism, and others are feeding the market as older population, and African-American men have a greater propensity of developing it. Almost 60 % of cases of prostate cancer occur in men aged 65 or older.
The development of prostate-specific antigen (PSA) testing and development of drugs such as 5α-reductase inhibitors are other drivers of the market. The high 5-year survival rate of 99 % has ensured high expenditure to control prostate cancer. The shift of prostate cancer to the developing world is represented by the fact that it is the most common cancer in males in 85 countries, thereby assuring a large market.
Restraints
The slow growth and dormant nature of prostate cancer and confined nature which may not cause serious harm or complications hamper the market. Some prostate cancer types need minimal or no treatment, which further constrains the market. The side effects of and risks and the high cost of treatment coupled with curative treatment such as prostatectomy is another deterrent to market growth.
Segments:
The report has been segmented by product type, end users, and regions to develop a detailed view of the global prostate cancer market.
Based on product type, the market is segmented by targeted therapies, hormone therapy therapeutic vaccines, and others.
Based on end users, the market is segmented by hospitals, clinics, and others.
Based on regions, the market is segmented by North America, Europe, Asia Pacific, Middle East and Africa.
Regional Analysis:
The Americas led by the U.S. dominates the global prostate cancer market on account of the well-developed healthcare sector, high healthcare expenditure, and excellent insurance penetration.
Europe led by Germany, France, and U.K. Accounts for the second largest market owing to well-developed healthcare infrastructure, large patient pool, and high per capita income. The Asia Pacific is expected to be the fastest growing region led by India and China owing to shift of the disease towards the developing region, huge patient population, growing income and developing economy.
The Middle East & Africa market is anticipated to account for a moderate growth due to poor economic condition, poor healthcare penetration, and social conditions. The Middle East & Africa market is expected to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Major Vendors:
Some of the leading players in this market are OncoGenex Pharmaceuticals Inc. (US), OncBioMune Pharmaceuticals Inc. (US), Endo Pharmaceuticals Inc., Tokai Pharmaceuticals, Inc. Bayer Pharma AG (Berlin), Progenics Pharmaceuticals, Inc. (US), TOLMAR Inc. (US), and others.
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