Newark, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the prostate health market will grow the USD 34.84 billion in 2022 and reach USD 82.64 billion by 2032. In just eight years, the rising need for hormone therapy medications, changes in endocrine function, oxidative stress, an uptick in the inflammatory process, and a surge in physician awareness is helping to stimulate market growth. Further, the increasing expenditures by governments of different nations to improve healthcare infrastructure, coupled with the adoption of novel screening & diagnostic technologies, are also anticipated to drive market growth during the forecast period.
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Key Insight of the Prostate Health Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the prostate health market. Key factors favoring the growth of the prostate health market in North America include the increase in the disease's prevalence, increasing awareness among people about over-the-counter medicines, online pharmacies, and a strong need for prostate cancer therapeutic products are helping to stimulate the market growth. Further, the availability of multiple treatment options, the presence of major key players, and increasing government support are expected to drive market growth in this region.
The e-commerce stores segment is expected to augment the prostate health market during the forecast period.
The e-commerce stores segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the developing infrastructure facilities and increasing internet users.
The prostate cancer segment market size 11.19 billion in 2022
The prostate cancer segment is anticipated to dominate the market over the forecast period owing to the rise in the number of cases of prostate cancer & cardiovascular disorders. Further, by 2032, the benign prostate hyperplasia (BPH) segment will likely dominate the market due to the high prevalence of BPH and the increasing preference for minimally invasive surgeries. Additionally, the increase in the prevalence of benign prostatic hyperplasia and the growing urological illnesses linked with benign prostate hyperplasia is also helping to boost the segment's market growth.
The therapeutics segment is anticipated to dominate the market by 36.12% in 2032.
The therapeutics segment is anticipated to dominate the market in the forthcoming years, owing to the adoption of novel screening and diagnostic technologies. Further, by 2032, the radiation therapy segment will likely dominate the market due to the raised government's increased investment to improve the new developments in radiation therapy. Additionally, raising awareness about the advantages of radiotherapy for cancer therapy is also helping to boost the segment's market growth. However, radiotherapy, also called radiation therapy, utilizes ionizing radiation that delivers targeted beams of radiation to kill & destroy cancer cells.
Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 34.84 Billion |
| Market Size in 2032 | USD 82.64 Billion |
| CAGR | 9.02% |
| No. of Pages in Report | 236 |
| Segments Covered | Key Segments are distribution channel, disease indication, treatment, regions |
| Drivers | The rising demand for hormone therapy drugs |
| Opportunities | The new treatment therapy and technique for prostate cancer |
| Restraints | The adverse effects of prostate cancer therapeutics |
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Advancement in market
For instance, in August 2021, HALO Diagnostics extended the availability of a minimally invasive, radiation-free, and image-guided treatment that targets & destroys cancer cells. TULSA-PRO is a technique performed in the magnetic resonance imaging (MRI) suite by Profound Medical Corp (Profound). It utilizes a combination of real-time MRI & robotically managed transurethral ultrasound technology to locate & eradicate cancer cells using ablation. HALO Dx extends the number of personalized services it can deliver to patients with cancer by introducing TULSA-PRO.
Market Dynamics
Driver: The aging population:
The increasing prevalence of benign prostatic hyperplasia is one of the driving factors of market growth. Further, the prevalence of prostate cancer is rising globally due to several risk factors, such as a sedentary lifestyle, unhealthy diet, and genetic predisposition, which are propelling the market growth during the forecast period. Moreover, the developments in genomics and proteomics, increasing customer awareness, the growing preference for B-TURP for BPH therapy, an increase in the disease's prevalence, and the ever-increasing geriatric population are expected to drive market growth over the forecast period.
Restraint: The high cost of treatment:
The high cost of treatments, such as immunotherapies and targeted therapies, can make them inaccessible to many patients, which are restraining factors of market growth. Further, prostate cancer treatment can be expensive, and not all patients can access affordable treatment options. These factors are hindering market growth. Also, less awareness and prolonged treatment durations are hampering the market growth.
Opportunity: The rising funding for research in BPH treatment:
A rise in investments, funds, and grants for research in BPH therapy is an opportunity factor for market growth. Further, the advancements in the techniques utilized for the development of biomarker-based diagnostics, the increasing prevalence of urological disorders across the globe, favorable reimbursement policies, and a rising number of trained surgeons are also helping to propel the market growth. However, the adoption of minimally invasive surgeries has increased significantly due to different advantages such as less blood loss, less post-operative pain, reduced hospital stay, and faster recovery. These factors are also helping to boost the market growth.
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Some of the major players operating in the prostate health market are:
• Amgen Inc.
• Abbott Laboratories
• Bayer AG
• Astellas Pharma Inc.
• Endo Pharmaceuticals Inc.
• AstraZeneca PLC
• Ferring Pharmaceuticals Inc.
• Bristol-Myers Squibb Co.
• Merck & Co. Inc.
• Siemens Healthcare AG.
• Eli Lilly and Company
• Johnson & Johnson
• GlaxoSmithKline PLC
Key Segments cover in the market:
By Distribution Channel:
• E-Commerce Stores
• Pharmacy
• Others
By Disease Indication:
• Benign Prostate Hyperplasia (BPH)
• Prostate Cancer
• Alpha Blockers
• Prostatitis
By Treatment:
• Radiation Therapy
• Hormone ADT
• AR Directed Therapies
• Cytotoxic Agents
• Therapeutics
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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