The market size of the global Prostate Health market in the year 2021 is valued at 29.81 billion and is predicted to reach 62.40 billion by the year 2030 at an 8.83% CAGR during the forecast period.
Prostate cancer is a type of cancer that can develop in men. The little gland produces seminal fluid. It is the second most significant cause of death for men in the US. Some prostate cancers have a sluggish growth rate, are only found in the prostate gland, and may not show any harm. Others may spread swiftly and cause serious injury, while some may need therapy. Rising obesity, lifestyle disorders, smoking, and the development of cutting-edge prostate cancer diagnosis and treatment techniques contribute to the market's revenue growth. Additionally, growing investments by major corporations and governments of several nations throughout the world in the development of novel medicines and equipment to prevent and treat prostate cancer are also propelling market revenue growth due to the FDA's support of emerging technologies and medications in the pipeline, as well as the market for prostate health, which is anticipated to rise significantly. Over the predicted time range, it is anticipated that government FDA approvals will create numerous growth opportunities for the prostate cancer health industry.
The creation of breakthrough treatments like PSMA-targeted therapy and technological advancements accelerate the market's revenue growth. In addition, it is projected that the market will generate more money as demand for prostate cancer and hormone therapy treatments rises. However, the side effects of BPH and prostate health treatments and drugs prevent market expansion in the short term. Prostate cancer and its therapies, such as surgery, radiation, and hormone therapy, can potentially cause erectile dysfunction. It is projected that these factors will restrain market revenue growth.
The Prostate Health market is segmented on disease indication, treatment and distribution channels. Based on disease indication, the market is segmented into Prostate Cancer, Prostatitis, Alpha Blockers, Benign Prostate Hyperplasia and Others. Based on the treatment, Prostate Health is segmented into Cytotoxic Agents, Hormone ADT, AR Directed Therapies, PARP Inhibitors and Others. Based on end-user, the market is segmented into Hospitals, Specialty Clinics, Homecare and Others. Based on distribution channel, the market is segmented into Pharmacies, E-commerce Stores and Others.
Based on treatment, the Hormone ADT segment is accounted as a major contributor to the Prostate Health market.
Based on the treatment, Prostate Health is segmented into Cytotoxic Agents, Hormone ADT, AR Directed Therapies, PARP Inhibitors and Others. The hormone ADT category held the largest revenue share. Prostate cancer is fueled by the male sex hormone androgens, which can also slow the disease's spread. It is widely accepted that ADT is the first line of treatment for symptomatic metastatic prostate cancer. The most common androgen is testosterone. Androgen Deprivation Therapy (ADT) hormone therapy is used to lower testosterone levels in the body by surgically removing testicles or taking drugs that make testicles inactive. Hormone treatment can be used to treat prostate cancer in various situations, including localized, locally advanced, and metastatic illness, as well as rising PSA levels after localized prostate cancer surgery and radiation therapy, which is anticipated to propel this market's revenue growth.
The e-commerce stores segment witnessed growth at a rapid rate.
Based on distribution channel, the market is segmented into Pharmacies, E-commerce Stores and Others. The e-commerce stores category dominates the market. Online pharmacies are convenient, grow swiftly, and are replacing traditional drugstores. It's easy and convenient for folks who live far from actual pharmacies and older adults to buy prescription drugs online. Additionally, e-commerce stores save money and time. Simply ordering prescription medications online is possible. It is not necessary to go to a pharmacy and wait in line.
The North America Prostate Health market holds a significant revenue share in the region.
The North America Prostate Health market is expected to register the highest market share in revenue in the near future due to the rising frequency of BPH and advancements in therapy. Additionally, favourable reimbursement policies, research funding, a robust healthcare infrastructure, and an increase in product introductions have all contributed to the expansion of the prostate health industry in the area. In addition, Asia Pacific is projected to grow rapidly in the global Prostate Health market. Throughout the projection period, emerging nations in the Asia Pacific, such as China, India, Brazil, and Mexico, are anticipated to increase and present potential prospects for various market players. The need for prostate health solutions in the Asia Pacific is also anticipated to rise as a result of increasing healthcare investments, a rise in physician awareness, and an ageing population.
The key players in the Prostate Health market have shifted their focus toward product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance product portfolio and strengthen their global market footprint. Some major key players in the Prostate Health market are Pfizer Inc., Lily, Bayer AG, Abbolt, GSK plc., Merck KGaA, ProArc, Nucleai, Inc., Sanofi, and AbbVie Inc.