Market Trends of Prostate Health Industry
Radical Prostatectomy is Expected to Witness a Significant Growth Over the Forecast Period
Radical prostatectomy (RP) is a surgery in which the entire prostate gland, as well as some surrounding tissue, are removed. This surgery gives the patient a life expectancy of 10 years or more according to the age group.
The segment is expected to grow during the forecast period owing to the rising demand for robotic-assisted radical prostatectomy and the benefits and success rate of the procedure. For instance, the article published in Frontiers in Surgery in May 2021 stated that patients undergoing radical prostatectomy have a low risk of serious complications. The fastest recovery occurs within the first year after radical prostatectomy, but long-term improvements are conceivable as well.
Furthermore, the rising research studies indicating the benefits and success rate of radical prostatectomy also contribute to the growth of the segment. For instance, a research article published in the Journal of Urology in February 2022 suggested that radical prostatectomy holds a significant cancer-specific mortality advantage over external beam radiotherapy (EBRT) in the combined National Comprehensive Cancer Network high-risk (HR) patients and its subgroup of Johns Hopkins University very high risk (VHR) subgroup patients. Therefore, research studies indicating the advantage of radical prostatectomy (RP) over other procedures are expected to boost the demand for radical prostatectomy during the forecast period.
Additionally, the rising clinical trials with technologically advanced radical prostatectomy devices significantly contribute to the growth of the segment. For instance, in January 2022, Profound Medical Corporation, a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue, successfully treated prostate cancer patients in its first-level clinical trial. The treatment was done with the TULSA procedure (performed with the TULSA-PRO system) with a radical prostatectomy. Such activities boost the demand for radical prostatectomy procedures during the forecast period.
As a result of the aforementioned factors, such as advantages, rising research studies, and launches, the radical prostatectomy segment is expected to witness significant growth throughout the forecast period.
North America is Expected to Hold a Significant Market Share Over the Forecast period
North America is expected to hold a significant market share owing to factors such as the high burden of prostate cancer, high research and development (R&D) spending, product launches, and approvals, along with the high concentration of market players in the region. For instance, as per the American Cancer Society 2023 report, an estimated 288.3 thousand new prostate cancers will be diagnosed in 2023 in the United States. Therefore, the rising number of prostate cancer in the region is expected to propel the market growth during the forecast period.
Additionally, product launches, mergers, acquisitions, and the presence of market players in the region significantly contribute to the growth of the prostate health market. For instance, in October 2021, Amgen acquired Teneobio Inc. The acquisition will enable significant acceleration and efficiency in the discovery and development of new molecules to treat a wide range of important diseases across Amgen's core Prostate cancer therapeutic areas.
Furthermore, with the rising adoption of minimally invasive procedures and successful treatment, the market is expected to grow during the forecast period. For instance, in June 2022, Olympus conducted one of the first commercial treatments of Benign Prostatic Hyperplasia (BPH) in Canada using its minimally invasive iTind procedure. Such initiatives further fuel the market growth.
Therefore, owing to the above-mentioned factors, such as the high burden of prostate cancer, rising R&D spending, and launches and acquisitions to expand the research activities and development of prostate cancer treatment by market players, the growth of the studied market is anticipated in the North America Region.
