Market Trends of Global Bladder Cancer Therapeutics and Diagnostics Industry
This section covers the major market trends shaping the Bladder Cancer Therapeutics & Diagnostics Market according to our research experts:
Cystoscopy is Anticipated to be the Dominant Segment in Studied Market Over the Forecast Period
Cystoscopy is a procedure used to observe the interiors of the bladder and urethra using a telescope. A cystoscope is a specialized endoscope that is inserted through the urethra into the bladder to allow direct visual inspection of the urothelium. Cystoscopy is cost-effective. The segment is driven by rising in the adoption of cystoscopy, the rising prevalence of bladder cancer, and product launches by the key market players.
According to the study published in the World Journal of Urology in January 2022, titled "Explainable artificial intelligence (XAI): closing the gap between image analysis and navigation in complex invasive diagnostic procedures" approximately 1.2 million flexible cystoscopy procedures are conducted annually in the United States. Thus, increasing the adoption of cystoscopy in the diagnosis of bladder cancer is expected to boost the market growth.
Additionally, the strategic initiatives taken by the market players are also expected to propel the growth of the market segment. For instance, in May 2020, Ambu Inc. launched a new single-use cystoscope. Through this urologists have fast access to a single-use cystoscope for operations such as bladder cancer surveillance, stent removal, and other common cystoscopy procedures with the Ambu scope 4 cysto. Additionally, technological advancements in cystoscopy devices are likely to support the growth of the market. For instance, in February 2022, Photocure ASA reported United States Food and Drug Administration (FDA) approved its new and improved Blue Light Light system to be used in Blue Light Cystoscopy (BLC) procedures for the diagnosis of non-muscle-invasive bladder cancer (NMIBC). Thus, all aforementioned factors are expected to post the segment growth over the forecast period.
North America to Dominate the Market Over the Forecast Period
The North American region holds the largest share due to rising R&D activities and well-established healthcare infrastructure in the region. Additionally, the presence of a large number of biologics companies and biopharmaceutical companies is contributing to the large size and excellent growth of the bladder cancer therapeutics and diagnostics market.
According to the American Cancer Society, January 2022 updates, in 2022, there are around 81,180 new cases of bladder cancer (61,700 in men and 19,480 in women in the United States. Hence, with the growing prevalence of bladder cancer, the demand for its diagnosis and treatment is expected to increase thereby boosting the market growth.
Additionally, various strategies adopted by the key market players support the market growth over the forecast period. For instance, in August 2021, the United States Food and Drug Administration approved nivolumab (Opdivo, Bristol-Myers Squibb Co.) for the adjuvant treatment of individuals with urothelial carcinoma (UC). Bladder Cancer patients who are at high risk of recurrence following radical resection. Additionally, in February 2022, Astellas Pharma Inc. and Seagen Inc. reported preliminary findings from Cohort H of the EV-103 study, which is testing PADCEV (enfortumab vedotin-jeff) as a monotherapy in patients with muscle-invasive bladder cancer (MIBC) who are ineligible for cisplatin-based treatment.
Thus, all aforementioned factors are expected to boost the market growth in the North American region over the forecast period.
