Prostate Cancer Diagnostics and Therapy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The prostate cancer diagnostics and therapy market was expected to grow with a CAGR of nearly 6.1% during the forecast period, 2021-2026.

Cancer diagnosis and treatment care are hard hit by the sudden emergence of the COVID-19 infection due to the halt in diagnostic procedures and surgical procedures. Moreover, as per many studies, cancer patients especially prostate cancer patients are more susceptible to coronavirus than individuals without cancer, as they are in an immunosuppressive state caused by the malignancy and anticancer treatment. So, they are majorly suggested to stay at home and avoid all non-emergent diagnoses and treatment. According to the Union for International Cancer Control's (UICC), there is a significant decrease in cancer diagnostics rates in the United States during the pandemic. This is expected to impact the market growth however, this negative growth is anticipated to persist for a short duration.

The major factor attributing to the growth of the market studied is an aging population and a high prevalence rate of prostate cancer. Prostate cancer is the second most common type of cancer in the male population. About 80% of men who reach 80 years of age are diagnosed with it. As per the data published by Globocan 2020, the prevalence of prostate cancer was found to be 1,414,259 or 7.3% of the total cancer cases worldwide. As prostate cancer is more common in the elderly population the rising aging is the population in the world is also expected to propel market growth. For instance, as per World Population Ageing Report 2019, there were 703 million people aged 65 years or over in the world in 2019, and this number of older persons is projected to double and reach 1.5 billion in 2050. In addition, several government bodies are also taking initiatives in order to expand the treatment and diagnostic options. For instance, in 2018, the Australian government and Movember Foundation announced a partnership to combat prostate cancer by investing AUD 12 million in the ground-breaking new research teams focused on conducting life-saving prostate cancer researches and decreasing the number of deaths caused by the disease. Hence, owing to all the aforementioned the market is anticipated to propel at high growth rates. However, the high cost of prostate cancer drugs and the low success rate of clinical trials is expected to hinder the market growth.

Scope of the Report

The prostate gland is located in the pelvis, below the bladder, and in front of the rectum. Prostate cancer begins when normal cells in the prostate begin to multiply uncontrollably. The scope of the study is limited to revenue generated by various diagnostic and therapeutic products used in the management of benign prostatic hyperplasia, prostatic adenocarcinoma, and small cell carcinoma, among other types of prostate cancer. The Prostate Cancer Diagnostics and Therapy Market is segmented by Type (Benign Prostatic Hyperplasia, Prostatic Adenocarcinoma, Small Cell Carcinoma, and Other Types), Modality (Diagnosis and Treatment), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.

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Key Market Trends

The Transrectal Ultrasound (TRUS) Segment is Expected to Grow at Rapid Pace

The transrectal ultrasound (TRUS) guided biopsy is also among the common diagnostic procedure performed for prostate cancer, which is still considered as the viable option. It is quick and convenient to the provider, along with a familiar approach to most of the urologists and a low risk of urinary retention. It is very useful to observe the abnormal areas of the prostate, size, and shape of the prostate. TRUS is considered a viable option in some cases as an important alternative for the early detection of prostate cancer. For patients who cannot undergo MRI procedures, due to claustrophobia, metal implants, or lack of insurance coverage, TRUS is a good option with clinical benefits.

Philips is one of the major companies, which is advancing in both transrectal and transperineal biopsy. BK Medical is among the others, which has established itself well in PSA testing and TRUS as the primary diagnostic pathway, for more than 25 years.

In recent years, the American Urology Association and the European Association of Urology have recommended the TRUS biopsy, which is the most common and useful alternative transperineal approach. In several cases, the patients are often suffering from associated diseases, where the TURS biopsy has a considerable edge over other procedures, thus, it is widely known and accepted. At present, with several new approaches coming up with imaging, the growth of this segment estimated to be steady, during the forecast period.

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