Market Trends of Prostate Cancer Diagnostics and Therapy Industry
This section covers the major market trends shaping the Prostate Cancer Diagnostics & Therapy Market according to our research experts:
The Transrectal Ultrasound (TRUS) Segment is Expected to Grow at Rapid Pace Over the Forecast Period
Transrectal ultrasound is expected to hold a significant share of the market over the forecast period. The transrectal ultrasound (TRUS) guided biopsy is also among the common diagnostic procedures performed for prostate cancer, which is still considered a viable option. It is quick and convenient to the provider, with a familiar approach to most 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, thereby contributing to the growth of the studied segment.
Furthermore, according to the study published in the Journal of Urology, in February 2022, men who have negative TRUS biopsies have an extremely low prostate cancer-specific death rate, especially if their prostate-specific antigen (PSA) is below 10. This raises major concerns regarding the widespread use of MRI-targeting for the first prostate biopsy and advises that MRI-targeting should be reserved for men whose PSA is greater than 10 ng/ml following a negative biopsy. This will lead to increased adoption of transrectal ultrasound for the detection of prostate cancers, thereby driving this segment's growth.
In addition, the rising product launches are expected to contribute to the growth of the studied segment. For instance, in May 2021, RSIP Vision launched a new prostate MRI-to-ultrasound registration tool that provides MRI-to-ultrasound registration using standard MRI scans and trans-rectal ultrasound images. Such advanced solutions will further drive this segment's growth due to the increased adoption of transrectal ultrasound diagnostics in the detection of prostate cancers.
In several cases, the patients often suffer from associated diseases, where the TRUS 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 is estimated to be rapid during the forecast period.
North America is Expected to Retain a Significant Market Share During the Forecast Period
North America is anticipated to hold a significant market share, owing to the factors such as the increasing prevalence of prostate cancer, coupled with the rising awareness and increasing research and development in this region. According to the American Cancer Society, in 2022, an estimated 268,490 new prostate cancer cases was identified were and reported in the United States. In addition according to the same source, about 6 cases in 10 are diagnosed in men who are 65 or older, and it is rare in men under 40. The average age of men at diagnosis is about 66. Such an incidence of prostate cancer is expected to contribute to the growth of the market in this region.
The United States Food and Drug Administration is taking steps to enhance the growth of the cancer therapy market by approving drugs, which are in the clinical phase, thus accelerating clinical developments. Companies and research organizations are investing in research and development (R&D), thereby contributing to the growth of the market.
The rising number of prostate cancer cases is creating huge opportunities for market players. The major market players are focusing on R&D activities to bring new and reliable treatments to the market. For instance, in September 2021, the United States Food and Drug Administration authorized the marketing of software to assist medical professionals who examine body tissues (pathologists) in the detection of areas that are suspicious for cancer as an adjunct (supplement) to the review of digitally-scanned slide images from prostate biopsies (tissue removed from the body). Such initiatives will lead to increased adoption of prostate cancer diagnosis and treatment in the United States, thereby driving market growth.
Market players in North America are focusing on various growth strategies such as new product launches, partnerships, mergers, and acquisitions. For instance, in September 2021, Paige received USFDA approval for the de novo marketing of PaigeProsate, a clinical-grade AI solution for prostate cancer detection. In addition, in January 2021, Myovant partnered with Pfizer to commercialize its prostate cancer drug Orgovyx (relugolix), approved in December 2020.
Therefore, owing to the above-mentioned factors, the market is expected to drive in this region over the forecast period.
