Market Size of Prostate Cancer Diagnostics and Therapy Industry
|2021 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Prostate Cancer Diagnostics & Therapy Market Analysis
The prostate cancer diagnostics and therapy market was expected to register a CAGR of nearly 13.7% during the forecast period.
Cancer diagnosis and treatment care were impacted by the sudden emergence of 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 malignancy and anticancer treatment. Thus, they are majorly suggested to stay at home and avoid all non-emergent diagnoses and treatment. According to the Union for International Cancer Control (UICC) in May 2020, there is a significant decrease in cancer diagnostics rates in the United States during the pandemic. Such decreases in cancer diagnostics are expected to have a short-term decline in demand during the pandemic period. However, the relaxation of the strict regulations is expected to contribute to the reopening of diagnostic clinics and research activities for prostate cancer, thereby contributing to the growth of the market during the post-pandemic period.
The major factor attributing to the growth of the market studied is an aging population and a high prevalence rate of prostate cancer. According to Globocan 2020, prostate cancer is the second most common type of cancer in the male population. As per the data published by the same source, 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 population in the world is also expected to propel market growth. For instance, according to the World Population Prospects 2022 published by the United Nations, the share of global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. Such an increase in the geriatric population who are prone to developing prostate cancer is expected to drive the growth of the market over the forecast period.
Furthermore, the rising product approvals and developments are expected to contribute to the growth of the studied market. For instance,in March 2022, the United States Food and Drug Administration approved Novartis's Pluvicto (lutetium Lu 177 vipivotide tetraxetan) for the treatment of adult patients with a certain type of advanced cancer called prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer. Therefore, these will lead to increased adoption of prostate cancer therapies, driving market growth.
Hence, owing to all the aforementioned factors, 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 are expected to hinder market growth.