Prostate cancer is a malignant tumor, which arises in the prostate gland of the male reproductive system located below the urinary bladder and in front of the rectum. It occurs in men over the age of 50 and may become life threatening.Treatment options for prostate cancer include observation, radiation therapy, surgery, hormone therapy, and chemotherapy. The global prostate cancer therapeutics market will reach 15.26 billion USD by 2025 from 9.12 billion USD in 2018 with a CAGR of 7.63% during the forecast period.
Growth by Region
North America will be the leading contributor to the market during the forecast period due to increasing prostate cancer patients and high investments in R&D. Asia Pacific and Latin America are predicted to display significant growth in the market due to rising awareness about the disease.
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Drivers vs Constraints
The rising incidences of prostate cancer is fueling the market growth. Adoption of various technologies in diagnostics test is as key factor for the growth of the market. On the other hand, high cost of treatment is hindering the growth of the market.
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Industry Trends and Updates
Clinical Laserthermia Systems and Exact Imaging are joining forces to market image-guided laser surgery to treat prostate cancer and benign prostatic hyperplasia
MDxHealth announced that it has signed a worldwide licensing agreement with Philips for the rights to manufacture and market Philips’ recently validated phosphodiesterase-4D7 prostate cancer biomarker as a prognostic test.