Prostate Cancer Devices Market REPORT OVERVIEW
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The global prostate cancer devices market was USD 3062.5 million in 2021 and is projected to touch USD 10034.33 million by 2031, exhibiting a CAGR of 11.4% during forecast period
The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Prostate cancer is small-sized cancer. It starts in the prostate gland at the bladder base in men. This cancer is common among men globally. Most prostate cancers grow slowly and have no early symptoms. It is a severe disease, but an early diagnosis can raise the chances of survival for the patients. The treatment options for men with prostate cancer include: brachytherapy, radiotherapy, hormonotherapy, chemotherapy, high intensity focused ultrasound (HIFU), surgery, and cryotherapy. In addition, after skin cancer, prostate cancer is the most common type of cancer among the male population.
The demand for prostate cancer devices is increasing due to the adoption of robotic prostatectomy. Limited players in the market and the growing pharmaceutical expenditure by emerging markets are expected to boost the market growth. Increasing technological advancements in healthcare sector are expected to propel market growth. Further, the rising number of government initiatives globally incites the product demand. The increasing number of prostate cancer patients seeking possible treatment is expected to prompt prostate cancer device demand. In addition, highest preference of patients for device during treatment is anticipated to accelerate prostate cancer devices market growth.
COVID 19 Impact: Lockdown Restrictions to Hamper Market Growth
Due to the COVID-19 pandemic, the prostate cancer devices market witnessed slow growth during the forecast period. Strict lockdown restrictions to control the spread of virus encouraged postponing in-person clinic visits and conducting doctors' visits through teleconference or phone. Furthermore, prostate cancer screening, biopsies, and imaging were suspended or delayed to protect cancer patients from the coronavirus.
However, prostate cancer devices market is expected to show positive results after the withdrawl of restrictions imposed by government. The recovery of the market is also attributed to new strategies adopted by the leading key players to stay in competition.
LATEST TRENDS
"Growing Adoption of Robotic Prostatectomy to Boost Market Trend"
Rising adoption of robotic prostatectomy is one of the newest trends to boost the market growth. Increasing aging population and rise in research and development in the oncology therapeutic area are predicted to increase product demand. robot-assisted radical prostatectomy (R.P.) is witnessing a high adoption rate in healthcare. In the process, robotic surgical equipment removes the entire prostate. The surgery approach has an advantage in reducing pain, less blood loss, smaller incisions, less hospital stay, and a lower transfusion rate than conventional open surgery with a similar cure rate.
Prostate Cancer Devices Market SEGMENTATION
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- By Type
Based on type, the market is classified into robotic surgery devices, EBRT devices, HIFU devices, cryotherphy devices, and brachytherapy.
Robotic surgery is the leading part of the type segment.
- By Application
On the basis of application, the market is divided into ambulatory surgical centers and hospitals.
Hospitals are the leading application part of the application segment.
DRIVING FACTORS
"Increasing Technological Advancements to Accelerate Market Demand for Product"
Increasing number of cancer cases is expected to accelerate prostate cancer devices demand. Robotic prostatectomy is a type of minimally invasive surgery that uses automatic surgical equipment to remove the entire prostate. The availability of more automated, advanced, and efficient clinical tools is accelerating product demand. Moreover, advanced precise forms of treatments such as stereotactic, brachytherapy, and radiosurgery are expected to in augment the growth of the devices. Further, the cyberknife platform is a robotic non-invasive radiation therapy capable of treating cancerous and prostate glands. In addition, radiation therapy is highly preferred over other devices for better treatment. These factors are responsible for accelerating prostate cancer devices market growth during the forecast period.
"Growing Number of Government Initiatives to Incite Market Growth"
Increasing healthcare spending is growing the affordability of the treatment and management of diseases which is expected to boost prostate cancer devices market growth. Various governments annually spends a notable portion of its GDP on the services of healthcare. Further, government regulations for people's health and safety and the increasing development of new technologies are anticipated to increase product demand globally. In addition, rising research and development programs coupled with increasing advanced facilities for treatments are expected to boost product demand. Growing pharmaceutical expenditures is expected to incite market growth.
RESTRAINING FACTORS
High costs associated with healthcare devices are anticipated to hamper prostate cancer devices market growth. Further, lack of knowledge and high maintenance costs are also expected to hamper the market growth during the forecast period.
Prostate Cancer Devices Market REGIONAL INSIGHTS
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Latin America is expected to register the highest prostate cancer devices market share due to low healthcare expenditures in the region. High prevalence of lifestyle diseases is anticipated to increase product demand. Further, growing awareness about early diagnosis among population is expected to augment market growth. In addition, presence of leading market players is expected to propel demand for such devices in the healthcare sector.
Asia Pacific is showing significant growth due to the increasing rate of cancer diagnoses in countries such as China and India. In addition, increasing healthcare expenditure and rising government initiatives are predicted to boost the market growth.
Middle East and Africa region is expected to witness considerable growth due to rising heathcare expenditures and government regulations.
KEY INDUSTRY PLAYERS
"Latest Product Launches By Leading Players to Stay Competitive"
The report gives information about the list of market players and their recent development in the industry. The information includes previously attempted takeovers and mergers, partnerships, acquisitions, technological developments, and production lines. This research looks into the latest products that companies have developed, regions companies conduct their operations in, adoption rates for new technologies and automation, revenue generated from keeping up with rivalry and competing for market share, and making a difference with their products.
List of Market Players Profiled
- Intuitive Surgical (U.S.)
- Varian Medical Systems (U.K.)
- Elekta (Sweden)
- Accuray (U.S.)
- Bard Medical (B.D.)(U.S.)
- Eckert & Ziegler (Germany)
- Healthtronics (U.S.)
- EDAP TMS (France)
- SonaCare Medical (U.S.)
- Galil Medical (BTG) (U.S.)
INDUSTRIAL DEVELOPMENT
April 2022 – Intuitive launched the latest app for robotic-assisted surgery. It includes digital and data support strategies. It also captures the surgeon's ergonomic preferences. This application helps in serving single or integrated, personalized customers through the Vinci surgeons platform.
May 2020 - EDAP TMS announced an exclusive agreement with Exact imaging. The agreement is about Exact Imaging's new launch of high resolution and micro-ultrasound imagining technologies. Further, the technology represents a complete end-to-end solution.
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 3062.5 Million in 2021 |
Market Size Value By |
US$ 10034.33 Million by 2031 |
Growth Rate |
CAGR of 11.4% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the prostate cancer devices market expected to touch by 2031?
The global prostate cancer devices market is expected to reach USD 10034.33 million by the end of 2031.
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What CAGR is the prostate cancer devices market expected to exhibit by 2031?
The prostate cancer devices market is expected to exhibit a CAGR of 11.4% by 2031.
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Which are the driving factors of the prostate cancer devices market?
Drivers of this prostate cancer devices market are the Increasing Technological Advancements and Growing Number of Government Initiatives
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Which are the top companies operating in the prostate cancer devices market?
The top companies operating in the prostate cancer devices market include Intuitive Surgical (U.S.), Varian Medical Systems (U.K.), Elekta (Sweden), Accuray (U.S.), Bard Medical (B.D.)(U.S.), Eckert & Ziegler (Germany), Healthtronics (U.S.), EDAP TMS (France), SonaCare Medical (U.S.), Galil Medical (BTG) (U.S.)
