Prostate Cancer - Market Insights, Competitive Landscape, and Market Forecast - 2030

Prostate Cancer - Market Insights, Competitive Landscape, and Market Forecast - 2030

Prostate Cancer Market By Product Type (Diagnosis [Blood Test, Imaging Test, Biopsy, And Others] And Treatment [Therapeutics {Chemotherapy, Hormonal Therapy, And Others}, Radiation Therapy, Surgery, And Others]), End-User (Hospitals, Speciality Clinics, Diagnostic Centers, And Others), And By Geography Is Expected To Grow At A Steady Cagr Forecast till 2030 Owing To The Rising Incidence For Prostate Cancer And Growing Awareness On Prostate Cancer Among Men

The global prostate cancer market was valued at USD 8,250 million in 2023, growing at a CAGR of 4.96% during the forecast period from 2024 to 2030 to reach USD 11,011 million by 2030. The demand for prostate cancer diagnostics and therapeutics is primarily being boosted by the increasing incidence of prostate cancer across the world, the rising number of risk factors for prostate cancer, growing technological advancements in prostate cancer diagnostics, government, and non-government awareness initiatives, and increasing product development activities among others are further contributing in the overall growth of the prostate cancer market during the forecast period from 2024-2030.

Prostate Cancer Market Dynamics:

Prostate cancer is the second most commonly occurring cancer in men and the fourth most common cancer. The data published by Global Cancer Observatory (2023) says that globally around 1.41 million new cases of prostate cancer were reported in 2020 and by 2040 this number is expected to reach 2.24 million. As per the same source, Europe (473,344) recorded the highest incidence of prostate cancer in 2020, followed by Asia (371,225), North America (239,574), Latin America and the Caribbean (214,522), and Africa (93,173).

As per Prostate Cancer UK (2023), every year on average 52,000 men are diagnosed with prostate cancer in the United Kingdom and this makes 143 men every day. The source further stated that nearly 47,000 men are diagnosed with prostate cancer every year in England.

The American Cancer Society (2023) highlights the relationship between old age and prostate cancer and says that the risk for prostate cancer rises rapidly after age 50 and about 6 in 10 cases of prostate cancer are reported in men older than 65. Thereby, the increasing population of aged men susceptible to prostate cancer is going to increase the demand for prostate cancer diagnostics and therapeutics. For instance, according to WHO 2022, it has been expected that, globally by 2030, out of 6 at least 1 person will have his/her age 60 years or above. As per the same source, by 2050, the number of people aged 60 years or above will reach around 2.1 billion.

The increasing number of research and development activities for prostate cancer is expected to escalate the market for the same. For instance, in March 2023 Pfizer Inc. and Astellas Pharma Inc. announced positive topline results from the Phase III EMBARK trial evaluating XTANDI® (enzalutamide) in men with non-metastatic hormone-sensitive prostate cancer with high-risk biochemical recurrence (BCR).

However, risks associated with prostate cancer diagnostics and therapeutics and the stigmatization of prostate cancer may restrict the growth of the overall prostate cancer market.

The Prostate Cancer market was largely impacted during the COVID-19 pandemic owing to lockdown impositions as a measure to prevent the spread of COVID-19 infection which led to the closure of oncology departments in hospitals, clinics, and other medical facilities leading to disruption in diagnosis and treatment services for prostate cancer. The manufacturing, processing, supply, distribution, import, export, and other related activities of the prostate cancer market were severely hampered, thereby negatively impacting the growth of the prostate cancer market. Nevertheless, the prostate cancer market is in a recovery phase owing to the introduction of vaccines against COVID-19 and the resumption of activities across all sectors including healthcare and pharmaceutical, thereby providing ample opportunities for the prostate cancer market to grow at significant revenue during the forecast period.

Prostate Cancer Market Segment Analysis:

Prostate Cancer market by Product Type (Diagnosis [Blood Test, Imaging Test, Biopsy, and Others] and Treatment [Therapeutics {Chemotherapy, Hormonal Therapy, and Others}, Radiation Therapy, Surgery, and Others]), End-User (Hospitals, Speciality Clinics, Diagnostic Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product type segment of the Prostate Cancer market, the blood test category under-diagnosis is expected to amass a significant revenue share in the year 2023. The prostate-specific antigen (PSA) blood test is largely used for detecting the presence of prostate cancer. It is the first test authorized by healthcare professionals for men who are presenting symptoms that might be related to prostate cancer. The test is also suitable for use in individuals with no symptoms.

The rise in the level of PSA usually 4 ng/mL or higher particularly in men aged 50 or above indicates the presence of prostate cancer. As per the American Cancer Society, men with a PSA level ranging between 4 and 10 which is often referred to as borderline range have about a 1 in 4 chance of having prostate cancer, and if the PSA level is more than 10, the chance of having prostate cancer is over 50%.

PSA blood test can help in the detection of early signs of cancer and allows for timely treatment and a greater chance of survival. Many physicians thereby recommend annual prostate-specific antigen tests (PSA) for males aged 50 years or above.

Sangia total prostate-specific antigen (PSA) by Opko Health Inc. quantitatively measures total PSA from a fingerstick of whole blood collected by a healthcare professional and is used in conjunction with a digital rectal exam as an aid in the detection of prostate cancer in men aged 50 years and older.

The test can also be used in patients who have undergone tumor removal surgery to check if cancer has recurred or not. It can also be used to determine whether the cancer is growing or shrinking post-treatment with hormones or radiation.

Therefore, considering the advantages associated with a blood test and their growing usage, this product category is expected to generate considerable revenue thereby pushing the overall growth of the global prostate cancer market during the forecast period.

North America is expected to dominate the overall Prostate Cancer Market:

Among all the regions, North America is estimated to account for the largest share of the Prostate Cancer market in the year 2023. Owing to the significance of key growth factors such as the increasing patient population suffering from prostate cancer, sophisticated healthcare infrastructure, government programs, presence of key players, and fast regulatory approval for new products, among others, the market for prostate cancer is expected to register a significant growth in the region.

According to Global Cancer Observatory 2020, it was estimated that there were about 454 thousand cases of prostate cancer diagnosed in the US in 2020. The source further stated that by 2040 around 696 thousand new cases are going to be reported in the United States. As per Centers for Disease Control and Prevention 2023, nearly 224,733 new cases of prostate cancer were reported in 2019 making it the second most common cancer among men in the United States.

The role of government and non-government organizations in creating awareness regarding the disease in the region is going to positively impact the market for prostate cancer. ZERO Prostate Cancer is the leading national nonprofit organization based in the United States whose mission is to end prostate cancer and help all who are impacted. It offers support to prostate cancer patients by educating them about the disease and by providing diagnostic and treatment facilities to the individuals. It also provides financial assistance to patients who cannot afford prostate cancer treatment.

The increasing number of product development activities in the region is going to accelerate the growth of the prostate cancer market. For example, in November 2022, a Leuprolide acetate injection by Amneal Pharmaceuticals was approved by the US Food and Drug Administration for patients with advanced prostate cancer.

Hence, the above-mentioned factors are going to increase the growth of the prostate cancer market in the region.

Prostate Cancer Market Key Players:

Some of the key market players operating in the Prostate Cancer market include Proteomedix, A3P Biomedical, GE HealthCare, Soteria Medical BV, Bio-Techne, F. Hoffmann-La Roche Ltd., Indica Labs Inc., OPKO HEALTH, INC., miR Scientific, LLC, MINOMIC®, Novartis AG, Johnson and Johnson Services, Inc., Astellas Pharma Inc., Cipla, AstraZeneca, Bayer AG, Zydus Cadila, Pfizer Inc., Avenda Health, The Sanpower Group, and others.

Recent Developmental Activities in the Prostate Cancer Market:

In February 2023, Orion Corporation received Japan’s Ministry of Health, Labor and Welfare (MHLW) approval for the oral androgen receptor inhibitor (ARi) darolutamide plus ADT in combination with docetaxel in the indication of metastatic prostate cancer.

In March 2022, Novartis announced that the US Food and Drug Administration (FDA) approved PluvictoTM for the treatment of adult patients with a certain type of advanced cancer called prostate-specific membrane antigen–positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC) that has spread to other parts of the body.

In December 2021, OPKO Health, Inc., received the US FDA approval for 4Kscore Test.

Key Takeaways from the Prostate Cancer Market Report Study

Market size analysis for current prostate cancer market size (2023), and market forecast for 6 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the prostate cancer market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global prostate cancer market.

Various opportunities available for the other competitor in the prostate cancer market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current prostate cancer market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for prostate cancer market growth in the coming future?

Target Audience who can be benefited from this Prostate Cancer Market Report Study

Prostate Cancer products providers

Research organizations and consulting companies

Prostate Cancer- related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in Prostate Cancer

Various End-users who want to know more about the Prostate Cancer market and the latest innovations and developments in the Prostate Cancer market.

Frequently Asked Questions for the Prostate Cancer Market:

1. What is prostate cancer?

Prostate cancer is a cancer of the prostate gland which is a part of the male reproductive system.

2. What is the market for global prostate cancer?

The global prostate cancer market was valued at USD 8,250 million in 2023, growing at a CAGR of 4.96% during the forecast period from 2024 to 2030 to reach USD 11,011 million by 2030.

3. What are the drivers for the global prostate cancer market?

The growth of the prostate cancer market is primarily being boosted by the increasing number of cases of prostate cancer, the rising number of risks factors associated with prostate cancer, growing awareness regarding prostate cancer among men, increasing research and development activities, increasing technological advancements such as the incorporation of artificial intelligence (AI) in prostate cancer diagnosis, and government and non-government initiatives for prostate cancer among others are contributing to the overall growth of the prostate cancer market during the forecast period from 2024-2030.

4. Who are the key players operating in the global prostate cancer market?

Some of the key market players operating in the prostate cancer market include Proteomedix, A3P Biomedical, GE HealthCare, Soteria Medical BV, Bio-Techne, F. Hoffmann-La Roche Ltd., Indica Labs Inc., OPKO HEALTH, INC., miR Scientific, LLC, MINOMIC®, Novartis AG, Johnson and Johnson Services, Inc., Astellas Pharma Inc., Cipla, AstraZeneca, Bayer AG, Zydus Cadila, Pfizer Inc., Avenda Health, The Sanpower Group, and others.

5. Which region has the highest share in the prostate cancer market?

North America is expected to dominate the overall prostate cancer market during the forecast period from 2024-2030. Factors such as the increasing men population suffering from prostate cancer, the growing burden of aged men, high disposable income, sophisticated healthcare infrastructure, regulatory approval for new products, and high awareness are driving the growth of the prostate cancer market in the region.