Prostate Health Market growth forecasted to transform from USD 31.8 billion in 2021 to USD 48.9 billion by 2026, driven by a CAGR of 9.0%. The prostate gland (the prostate) is an organ of the male reproductive system. The three most common forms of prostate disease are inflammation (prostatitis), non-cancerous enlargement of the prostate (benign prostatic hyperplasia, or BPH), and prostate cancer. Growth in this market is primarily driven by the increasing prevalence of benign prostatic hyperplasia, increasing obesity, investments, funds, and grants for research in prostate health, an increase in the prevalence of prostate cancer, a surge in demand for hormone therapy drugs, emerging therapies for prostate cancer, and an increasing incidence of prostatitis.
Browse in-depth TOC on “Prostate Health Market”
124 – Tables
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Key Players:
Some of the prominent players operating in the prostate health market are Eli Lilly and Company (US), Pfizer Inc. (US), Merck & Co., Inc. (US), GlaxoSmithKline plc. (UK), Abbott (US), and Astellas Pharma Inc. (Japan), and other players.
Prostate Health Market Dynamics
Driver: Growing prevalence of prostate cancer and BPH
The growing prevalence of prostate cancer and benign prostatic hyperplasia (BPH) is a major driver of the global prostate health market. According to the World Health Organization (WHO), prostate cancer is the most common type of cancer among men, with an estimated 1.3 million new cases and 359,000 deaths reported in 2018. Similarly, BPH is the most common prostate-related disorder, affecting over 200 million men worldwide. The increasing prevalence of these conditions is driving the demand for advanced prostate health-related treatments and products, thus driving the growth of the global prostate health market.
Restraint: Side effects associated with BPH medications
The most common side effects associated with BPH medications include dizziness, headaches, fatigue, decreased libido, and erectile dysfunction. Other side effects can include nausea, diarrhea, and urinary tract infections. In rare cases, more serious side effects may occur, such as hypotension, vision changes, and an increase in the risk of prostate cancer. People should speak to their doctor if they experience any side effects from BPH medications.
Opportunity: Promising product pipeline
The prostate health market is a promising one with a growing number of products in the pipeline. Some of the most promising products include new treatments for prostate cancer, medications that reduce the risk of prostate cancer recurrence, and drugs that can reduce the side effects of prostate treatments. Additionally, there are a number of supplements and herbal remedies that may help to prevent or reduce the risk of prostate cancer. The prostate health market is expected to grow in the coming years as new treatments become available and the demand for treatments and preventative care increases.
Challenges: Product recalls in the global market
Product recalls can create a number of challenges for companies in the global prostate health market. First, a recall can damage a company’s reputation, resulting in a decrease in sales, as consumers may choose to purchase products from more reliable sources. Additionally, a recall can be expensive, as companies must both refund consumers and bear the costs associated with recalling and replacing defective products. Furthermore, a recall can lead to legal issues, as consumers may pursue legal action if they are adversely affected by a recalled product. Finally, recalls can also lead to increased regulatory scrutiny and the imposition of more stringent safety regulations on the industry.
The prostate cancer segment accounted for the largest share of the prostate health market, by disease type.
Based on disease indication, the market is bifurcated into prostate cancer, benign prostate hyperplasia, and prostatitis. Prostate cancer accounted for the largest share of the global market in 2020. Typically, hormone therapy is considered an efficient option as the first line of treatment for prostate cancer. Cancer vaccines, radiopharmaceutical agents, secondary hormone therapies, or chemotherapies follow hormonal therapy as treatment options. Cancerous cells are found to be developing a resistance to these therapies after some months, as a result of which immunotherapies are expected to be adopted extensively for the treatment of prostate cancer in the near future.
North American prostate health market to dominate the market during the forecast period
North America dominated the prostate health market in 2020 and is expected to grow at an 7.6% CAGR during the forecast period. North America has been among the frontrunners in developing prostate health therapies in the healthcare industry. The market growth in the US (a major contributor to the North American prostate health market) can be mainly attributed to the growing target population, the high incidence of BPH, prostate cancer, and prostatitis, and the strong presence of medical device manufacturers. Additionally, favorable reimbursement policies, high disposable incomes, a strong healthcare infrastructure, research funding, and product launches have accelerated the growth of this market.
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