The Prostate Cancer Diagnosis and Therapy Market Size was valued at USD 5.9 billion in 2022 and is projected to grow from USD 6.34 Billion in 2023 to USD 11.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.6% during the forecast period (2024 - 2032). There is a growing awareness among the general public about the importance of early diagnosis, which is driving demand for diagnostic tests. Improvements in technology, such as the development of new imaging techniques and biomarkers, are also contributing to the market growth of the prostate cancer diagnosis and therapy.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Increased demand for certified prostate cancer diagnosis and therapy products to propel Advancements in diagnostic techniques, such as multiparametric magnetic resonance imaging (mpMRI) and improved prostate-specific antigen (PSA) tests, have increased the accuracy of prostate cancer diagnosis, thus leading to a higher demand for prostate cancer diagnosis and therapy. The rising awareness regarding the early diagnosis and treatment of prostate cancer is also expected to fuel the market growth of prostate cancer diagnosis and therapy. Moreover, increasing investment in research and development activities, along with the launch of new and advanced products, is expected to create lucrative opportunities for market players. Thus, it is anticipated that this aspect will accelerate prostate cancer diagnosis and therapy market revenue Globally.
The increasing awareness regarding prostate cancer and its treatments, as well as the launch of various campaigns by governments and non-profit organizations to increase awareness, is also expected to contribute to the prostate cancer diagnosis and therapy market's growth. For instance, September is designated as Prostate Cancer Awareness Month Globally to raise awareness about the significance of early detection and treatment of prostate cancer. This, in turn, is expected to increase the number of people getting screened and treated for prostate cancer, thereby driving the market growth of the prostate cancer diagnosis and therapy.
The expansion of the prostate cancer treatment market is driven by factors such as a rise in the geriatric population, a rise in the prevalence of prostate cancer, an increase in generic products, a rise in awareness about treatment options, increased R&D investment by pharmaceutical companies, strong pipeline drugs, availability of new treatments, increase in demand for treatment and management, and increased use of hormonal agents in non-metastatic and metastatic cases. In addition, developing economies' untapped potential provides further market growth opportunities in the prostate cancer diagnosis and therapy during the forecast period. Thus, this factor is driving the market CAGR.
The market segment of prostate cancer diagnosis and therapy, based on type, includes prostatic adenocarcinoma, and small cell carcinoma. The small cell carcinoma segment held the majority share in 2022 in the prostate cancer diagnosis and therapy market data. Small cell carcinoma is the most commonly used therapy for the treatment of prostate cancer, as it helps to shrink or slow down the growth of cancer by blocking the production or action of hormones that the cancer cells need to grow. Chemotherapy, biological therapy, and targeted therapy are also used to treat prostate cancer, depending on the stage and aggressiveness of cancer.
Figure 2: Prostate cancer diagnosis and therapy Market, by Type, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The prostate cancer diagnosis and therapy market segmentation, based on component, includes therapy and diagnosis. The diagnosis segment dominated the market growth of prostate cancer diagnosis and therapy in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The improved understanding of the molecular mechanisms of prostate cancer and the identification of molecular markers that can guide therapy selection. A personalized medicine approach helps provide more effective and efficient treatment options, leading to improved patient outcomes. Additionally, the increasing availability of diagnostic tools and advances in technology are also driving the market growth of the prostate cancer diagnosis and therapy.
The market data of prostate cancer diagnosis and therapy, based on end-user, includes specialty centers, hospitals & clinics. The hospital & clinics segment dominated the market revenue of prostate cancer diagnosis and therapy in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Hospitals and clinics are the major end-users of prostate cancer diagnosis and therapy, accounting for a significant market share. However, the number of specialty centers is also growing and offering therapies for treating prostate cancer, contributing to the prostate cancer diagnosis and therapy market growth.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America prostate cancer diagnosis and therapy market is expected to exhibit a significant CAGR growth during the study period. This is due to the high incidence of prostate cancer and increased awareness and research and development in the region. The approval of new drugs and treatments, such as the Pluvicto drug, and government support for innovation is expected to drive the market growth during the forecast period.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: PROSTATE CANCER DIAGNOSIS AND THERAPY MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe market for prostate cancer diagnosis and therapy accounts for the second-largest market share. In Europe, the market for prostate cancer diagnosis and therapy are expected to grow significantly due to the increasing number of approvals for new drugs and therapies, a large patient population, and a well-established healthcare infrastructure. The high demand for advanced treatments and therapies is also a critical factor driving the market growth in this region. In addition, the increasing geriatric population and the high prevalence of prostate cancer in Europe are expected to drive the development of the region. Moreover, UK market of prostate cancer diagnosis and therapy held the largest market share, and the Germany market of prostate cancer diagnosis and therapy was the fastest growing market in the region.
Asia Pacific market of prostate cancer diagnosis and therapy is expected to grow at the fastest CAGR from 2022 to 2030. In Asia-Pacific, the market of prostate cancer diagnosis and therapy are expected to grow significantly due to the increasing awareness about prostate cancer, the growing elderly population, and the increasing demand for advanced treatments and therapies. The increasing investments by government and private organizations in the healthcare sector, and the rising demand for advanced medical treatments, are expected to drive the market development in this region. Further, the China market of prostate cancer diagnosis and therapy held the largest market share, and the India market of prostate cancer diagnosis and therapy was the fastest growing market in the region.
Prostate Cancer Diagnosis and Therapy Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the market growth of prostate cancer diagnosis and therapy even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the prostate cancer diagnosis and therapy industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the prostate cancer diagnosis and therapy industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, prostate cancer diagnosis and therapy industry has provided medicine with some of the most significant benefits. The prostate cancer diagnosis and therapy market major player such as Abbvie Inc., AstraZeneca, Bayer AG, Sanofi, IpsenPharma.
RSIP Vision focuses on developing innovative solutions that improve the accuracy and efficiency of medical imaging, helping medical professionals make more informed diagnoses and treatment plans. By utilizing AI, deep learning, and computer vision technologies, RSIP Vision's solutions are designed to provide high-quality, actionable insights from medical images. RSIP Vision has launched a new tool for 3D reconstruction of the ureter. This technology transforms 2D fluoroscopic images into a medical-grade 3D model, which physicians can use for diagnosis, procedural planning, and real-time navigation during urologic procedures.
Pfizer is one of the world's largest research-based pharmaceutical companies, with a focus on developing innovative solutions for the prevention and treatment of various diseases. It operates ly, with a portfolio of prescription medicines, vaccines, and consumer health products, aimed at improving the health and wellness of people around the world. Myovant Sciences, a clinical-stage biopharmaceutical company, partnered with Pfizer in January 2021 to commercialize its FDA-approved prostate cancer drug Orgovyx (relugolix).
Key Companies in the market of Prostate Cancer Diagnosis and Therapy includes
Prostate Cancer Diagnosis and Therapy Industry Developments
April 2022: As a part of the Milton and Carroll Petrie Department of Urology at Mount Sinai, a Mount Sinai Robert F. Smith Mobile Prostate Cancer Screening Unit was launched to address the disparity in prostate cancer outcomes for Black men and increase access to care.
March 2022: The approval of Pluvicto by the US FDA will allow Novartis to offer a new treatment option for adult patients with prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer, a variety of advanced prostate cancer.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 5.9 billion |
| Market Size 2023 | USD 6.34 billion |
| Market Size 2030 | USD 11.1 billion |
| Compound Annual Growth Rate (CAGR) | Â 7.6% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Component, End-User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Abbvie Inc., AstraZeneca, Bayer AG, Sanofi, IpsenPharma |
| Key Market Opportunities | Specialist prostate cancer center in growing countries |
| Key Market Dynamics | Advancement in R&D by private companies and government agency’s |
Prostate cancer Market Highlights:
Frequently Asked Questions (FAQ) :
The prostate cancer diagnosis and therapy market size was valued at USD 5.9 Billion in 2022.
The market is projected to grow at a CAGR of 7.6% during the forecast period, 2024-2032.
North America had the largest share in the market
The key players in the market are Abbvie Inc., AstraZeneca, Bayer AG, Sanofi, IpsenPharma.
The small cell carcinoma category dominated the market in 2022.
The hospital & clinics had the largest share in the market.
The hospital & clinics had the largest share in the market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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