Global Prostate Cancer Diagnostics & Therapy Market - Segmented by Type, Diagnosis, Treatment, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The prostate cancer diagnostics market is expected to witness a CAGR of 6.1% during the forecast period (2018-2023). North America was leading the global market with the largest revenue share in 2016.
High Prevalence Rate of Prostate Cancer
The high prevalence rate of prostate cancer is a key factor, which is driving the global market for the prostate cancer. Prostate cancer is the second-leading cause of death in the United States. According to National Cancer Institute, it is estimated that there were around 161,360 new cases of prostate cancer and an estimated 26,730 people will die due to it. Based on these statistics, we can see that the prevalence rate of prostate cancer is increasing across the world and hence, it is driving the market.
The other factors include innovation in drugs and developments in genomics and proteomics, rise in the funding in both public and private sectors, in the field of drug development, technological advancement in oncology diagnostics and therapeutics area.
Increasing Cost of the Prostate Cancer Drugs
There are many new drugs that have increased the life expectancy of prostate cancer patients and have been approved by the Food & Drug Administration. But these drugs are having a high cost, which is a threat for the patients and the insurers, both. These expensive drugs are not being paid by the insurance companies and the reimbursement level for them is very low. Hence, only few people are capable of affording these drugs. Therefore, because of this high cost, the use of generic drugs is more, and hence, it is hindering the growth of the prostate cancer drugs market.
The other factors include, low success rate of clinical trials and side effects of the treatments.
The United States Dominates the Market
North America is the leading global market with the largest revenue share in 2016. Due to the rising prevalence of the diseases and high mortality rate of the prostate cancer in the United States, North America is dominating the market. Asia-Pacific is also projected to be the fastest growing region, due to the improving healthcare infrastructure and the growing investments by the key market players.
Key Developments in the Market