According to the Market Statsville Group (MSG), the global focal therapy for prostate cancer therapeutics market size is expected to grow from USD 11353.03 million in 2022 to USD 25412.48 million by 2033, at a CAGR of 7.6% from 2023 to 2033. Focal treatment is a new option for treating a specific area of the prostate that has clinically severe illness while leaving the rest of the gland alone. The goal of this therapeutic method is to maintain the oncological advantage of active treatment while minimizing the negative effects of conventional radical therapies. The oncological efficacy of focused treatment has yet to be demonstrated in long-term rigorous studies. The market is growing as a result of factors such as the rising prevalence of prostate cancer, the adoption of novel screening and diagnostic technologies, and government backing for new prostate cancer therapies. Uptake of innovative screening and diagnostic technologies is expected to increase treatment adoption. Recent therapeutic discoveries employ bioinformatics and computational biology technology to provide optimal therapy. On the other hand, the less availability of reimbursement policies by the government is restraining the market growth. Moreover, the introduction of HIFU technology for the treatment of prostate cancer will create a lucrative growth opportunity for the market in the forthcoming years.
The second most frequent cancer in males is prostate cancer. Prostate cancer affects around 1.3 million people globally each year, and 360,000 people died from it in 2018 (3.8% of all men's cancer fatalities). Focal treatment is a different approach that aims to treat only the area of the prostate that has clinically relevant prostate cancer while leaving the rest of the gland alone. The goal is to keep the benefits of treating clinically relevant cancer while limiting the harm produced by whole-gland therapies to the prostate's surrounding components. Initially viewed as an alternative to active surveillance, focal therapy is now viewed as an alternate therapeutic method for patients with intermediate risk localized prostate cancer who would otherwise undergo radical therapy.
This ongoing pandemic further interrupted the demand and supply of industrial products and materials throughout the world, backed by the certain restriction on trade and lockdown imposed by government bodies. There have been significant impacts of the global pandemic on many aspects of cancer care, including doctor-patient relationships, access to therapy, and physicians' therapeutic choices, as well as a wide range of social, economic, and sanitary consequences that have contributed to the escalation of pre-existing health threats. This has eventually had a deleterious influence on cancer mortality. COVID-19, on the other hand, has been associated to greater death rates in cancer patients when compared to non-cancer individuals. The market's major players are concentrating on the development of unique and advanced products. Many firms have goods in their product pipelines that will be released to the market during the projection period.
The various technologies of focal therapy for prostate cancer is available in the market and further the continuous development is conducted by the research centres. The growing prevalence of prostate cancer across the world which tends to increase in the demand of focal therapy to treat prostate cancer. The estimated number of new incidences of prostate cancer in 2020 in the US is approximately 2,281,658 and the mortalities estimated are around 612,390. Globally prostate cancer is the fourth most common cancer in men. In every 7 men, there is 1 incidence of male prostate cancer. Besides, according to Research America.Org, From 2017 to 2018, medical and health research & development (R&D) spending in the US grew by 6.4%, reaching $194.2 billion.
Prostate cancer cases are more common in older men, accounting for almost 60% cases of prostate cancer diagnosed in men aged 65 or older, 90% of cases occur in men 50 years and older and is uncommon before age 40. Western developed nations have a higher prevalence of prostate cancer cases than in developing nations. The US, France, Sweden, Switzerland, Belgium, and other EU nations are one of the countries with the highest prostate cancer incidences every year. In Asia Pacific, Australia is the one with the highest prevalence of prostate cancer. This is augmenting the market for prostate cancer diagnostic and treatment. According to the UK National Health Services, the various risk factors that are associated with the prostate cancer includes increases with age as most cases are diagnosed in men over 50+ of age, ethnic group have influence on risk associated with prostate cancer such as it is more common among men of African-Caribbean and African descent than in men of Asian descent, and obesity is also a risk factor for it, among others.
For some years, funding levels for all health-care services have been declining. Many people have criticized the government and policymakers; for instance, newspapers in the United States have published articles blaming hospitals, physicians, and other health-care providers for their "greed. “The US government has responded by urging Medicare to keep payments under control in order to keep the Medicare trust fund budget neutral. As a result, payments to hospitals and other healthcare providers have decreased across the line in the health-care system. The less availability of reimbursement policies by the government is restraining the market growth.
The primary goal of the Affordable Care Act (ACA) in the US was to control and cut health-care costs by spreading risk among both healthy and unhealthy people. The Affordable Care Act (ACA) also aimed to maintain long-term connections with primary care physicians (PCPs) in order to reduce the use of emergency rooms and allow patients to seek treatment quickly.
The introduction of HIFU technology for the treatment of prostate cancer will create a lucrative growth opportunity for the market in the forthcoming years. Lakewood Ranch Medical Centre is the first hospital in Florida to join with Vitara Health to provide FDA-approved prostate cancer treatment technologies. HIFU (High-Intensity Focused Ultrasound) is a minimally invasive therapy that seeks to eliminate prostate cancer while minimizing adverse effects. Erectile dysfunction and incontinence are common side effects of traditional therapy techniques like surgery or radiation. Through highly targeted tissue ablation, HIFU therapy helps the patient to maintain quality of life by drastically reducing these unpleasant side effects. Patients can return to normal activity within a week after the outpatient operation, and recovery usually does not require opioid treatment. Globally, approximately 60-70k men are treated for prostate cancer using HIFU. Particularly in the US, around 20k people are treated using the same procedure, whereas nearly 25-30k treatments are recorded in Europe for prostate cancer using HIFU.
The study categorizes the focal therapy for prostate cancer therapeutics market based on type and end user area at the regional and global levels.
Based on the type, the market is spilt into radiotherapy, ultrasound, laser ablation, electroporation, microwave heating, cryotherapy, radiofrequency, surgery and hyperthermia. The radiotherapy segment is expected to dominate the market share in 2022 in the global focal therapy for prostate cancer therapeutics market. To destroy cancer cells, radiation treatment employs high-energy photons or particles. Depending on the stage of prostate cancer and other considerations. Radiation treatment can be used to treat both early-stage prostate cancer and more advanced tumors that have migrated beyond the prostate. Can be used alone or in conjunction with other therapies such as hormone deprivation. After surgery, treat recurring prostate cancer. Due to these factors this segment will dominate the market for the upcoming period.
Based on the regions, the global freight procurement technology solutions market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific and South America. North America is projected to account the highest market share in 2022. Due to the increase in the disease's prevalence, and a great demand for prostate cancer treatment items in the region. However, the emergence of potential new drugs in the biologics and hormone treatment categories is due to North American growth. This is due to the high cost of newly licensed medications as well as an increase in illness prevalence in the region. In North America, the number of men diagnosed with prostate cancer is rising. The United States' substantial market share and the high cost of hormone therapy products are linked. Because of the presence of big corporations, the number of therapies offered in the region has expanded. The projected release of several pipeline medications is expected to drive the market in the area throughout the forecast period.
The focal therapy for prostate cancer therapeutics market is extremely cutthroat, and significant competitors in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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