Market Size of Prostate Health Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Prostate Health Market Analysis
The prostate health market is expected to register a CAGR of 9.1% over the forecast period.
COVID-19 impacted the prostate health market owing to the disruptions in elective treatment of prostate diseases during the initial phase of the pandemic worldwide. COVID-19 was also reported to have an adverse impact on people with prostate cancer. For instance, the review article published in the Journal of Prostate Cancer and Prostatic Diseases in May 2021 stated that SARS-CoV-2 could possibly damage the prostate and worsen benign prostatic hyperplasia and its related lower urinary tract symptoms through ACE2 signaling, androgen receptors-related mechanisms, inflammation, and metabolic derangement. However, the studied market recovered in the last two years since the restrictions were lifted and elective treatment procedures resumed. The emergence of new variants of COVID-19 has a negligible impact on the prostate health market, and the studied market is expected to register stable growth during the forecast period owing to factors such as rapid technological advances and personalized medicine, rising prevalence of prostate diseases, and increase in research initiatives and funding by government and other agencies.
The market for prostate health is expected to grow during the forecast period owing to the high burden of prostate cancer worldwide and rising awareness among people for early diagnosis. For instance, as per Australian Cancer 2022 statistics, 24.2 thousand new cases of prostate cancer were estimated to be diagnosed in Australia in 2022. Similarly, according to the Canadian Cancer Society, 24.6 thousand Canadian men were expected to be diagnosed with prostate cancer in 2022, representing 20% of all new cancer cases in men in 2022. Therefore, the high burden of prostate cancer is expected to propel the market growth during the forecast period.
Furthermore, the industry's growth is being aided by the rising research activities for the development of innovative treatment by market players. For instance, a report published by Novartis in June 2021 stated that their product 177Lu-PSMA-617 significantly improved overall survival and radiographic progression-free survival for men with metastatic castration-resistant prostate cancer in the Phase III VISION study. Therefore, the rising research activities by market players for the development and launches of innovative treatments for prostate cancer are expected to propel the market growth during the forecast period.
The strategic initiatives by market players, such as acquisitions, launches, and approvals by market players to expand prostate cancer offerings, are expected to propel the market growth. For instance, in April 2022, Teleflex Incorporated launched the UroLift System in Japan for treating benign prostatic hyperplasia (BPH), or enlarged prostate. Also, in December 2021, the United States FDA approved Entadfi (finasteride and tadalafil) for the treatment of benign prostatic hyperplasia (BPH) in men with an enlarged prostate. Moreover, in May 2021, the European Commission approved Astellas' XTANDITM (enzalutamide) for men with metastatic hormone-sensitive prostate cancer.
Therefore, owing to the aforementioned factors, such as the high burden of prostate cancer and rising research and development activities and product approvals and launches by market players, the studied market is anticipated to witness growth over the analysis period. However, the high cost of treatment is expected to restrain the market growth.
