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Global Prostate Health Market Trends and Growth Forecast by 2032
The Prostate Health Market is predicted to advance vigorously. It is poised to attain a CAGR of 9% during the forecast period 2022-2032, according to the prostate health market report by Future Market Insights (FMI).
Grants for BPH treatment research and the fact that obesity causes several mechanisms, including increased sympathetic nervous activity, increased inflammation process, and oxidative stress, all of which are conducive to the development of BPH, are likely to accelerate prostate health market growth.
Cancer patients are at higher risk of COVID-19 infection than adults with good prostate health, according to major regulatory bodies around the world (such as the WHO, MHRA, TGA, and EMA) and screening, diagnostic exams, and surgical procedures in hospitals and cancer centres are severely limited or postponed.
As a result, caregivers and hospitals can expect delays in elective surgeries and screening procedures.
However, since the second half of 2020, the market has gradually increased due to an increase in the number of oncology appointments and rise in adoption of prostate health therapies, among other things, as a result of efforts to clear backlogs and new cases, which further shapes the prostate health market future trends.
Other factors that contribute to the demand for prostate health treatment include an increase in demand for prostate cancer treatment and management and an increase in the use of hormonal agents in non-metastatic castration-resistant (nmCRPC) and metastatic hormone nave (mHNPC) prostate cancer settings.
Moreover, the developing economies’ untapped potential presents lucrative prostate health market opportunities during the forecast period.
Prolonged treatment times and low demand for prostate cancer medical treatment drugs in developing countries, on the other hand, are expected to shrink the prostate health market size.
Though both drugs and surgery can treat BPH and improve prostate health, they have significant side effects. Dizziness, orthostatic hypotension, and rhinitis are common alpha-blocker side effects.
These are of particular concern in the elderly, as they can result in significant morbidities such as falls, and subsequent injuries are expected to impact the prostate cancer treatment adoption trends.
As per the prostate health market study, the market is forecasted to garner a worth of about US$ 50 Bn by 2026.
- Due to significant growth in the geriatric population and a large target patient population, prostate cancer is expected to account for the largest share of the prostate health market based on disease indication.
- Neurostimulation devices are anticipated to have the highest prostate health market share in the type market.
- Attributing to the strong presence of hospital pharmacies around the world and the convenience offered by hospital pharmacies, the hospital pharmacies segment is projected to lead the prostate cancer treatment market.
- The crucial factor for Asia-Pacific’s market growth can be credited to the rapidly growing patient population for benign prostatic hyperplasia in the region, particularly in Japan, China, South Korea, Hong Kong, and Taiwan.
“USFDA took steps to boost the growth of the cancer therapy market by approving drugs that are still in the clinical stage, thereby speeding up clinical trials and investments in R&D by businesses and research organizations can be credited to market growth in the United States which is a major contributor to the North American prostate health market.
Moreover, favourable reimbursement policies, a strong healthcare infrastructure, and some other emerging trends in the prostate health market such as product launches have also contributed to the market’s rapid growth.” asserts an FMI analyst.
AstraZeneca plc, Bristol-Myers Squibb Company, Astellas Pharma Inc., F. Hoffmann-La Roche AG, Bayer AG, erring Pharmaceuticals Inc., Ferring Pharmaceuticals Inc., Ipsen Pharma, Johnson & Johnson, Takeda Pharmaceutical Company Ltd. and GlaxoSmithKline Plc are among the key players in the prostate health market.
Within the global prostate cancer diagnostic market, there are several significant drug and equipment manufacturers, and their status as a significant players is primarily based on specific product markets.
Players have been looking for novel ways to expand their market through innovative prostate product launches.
Recent developments in the prostate health market are as follows:
- The first commercial production of Axumin (fluciclovine) in Italy was announced by Blue Earth Diagnostics, with the first Italian patients being dosed.
- Myovant partnered with Pfizer to commercialize Orgovyx (relugolix), a prostate cancer drug.
- In the United States, Dr Reddy introduced generic Abiraterone Acetate Tablets USP, 250 mg, which is a therapeutic equivalent generic version of Zytiga (abiraterone acetate) for prostate cancer.