U.S. Prostate Cancer Treatment Device Market: Current Analysis and Forecast (2021-2027)
Emphasis on Types (Radiation, Surgery, HIFU (High-Intensity Focused, Ultrasound), Cryotherapy, and Others); End-User (Hospitals & Clinics, Specialty, And Others); and States
The U.S. prostate cancer treatment device market is predicted to grow at a CAGR of around 5% during the forecast period. Prostate cancer starts when cells in the prostate gland start to grow out of control and the high prevalence of prostate cancer in the nation is anticipated to push up the demand for different treatment devices and therapies such as cryotherapy, surgery, and radiotherapy. In addition, prostate cancer can be cured, when diagnosed and treated in the early stages. There are some major treatment procedures available for prostate cancer such as Prostatic artery embolization (PAE), surgery, radiation, cryotherapy, hormone therapy, and chemotherapy. Furthermore, there are some major factors of driving the growth of this market are the rising geriatric population, the increasing cases of prostate cancer, unhealthy diet, and increased production of testosterone and other hormones. For instance, according to the American Cancer Society (ACS), in 2022, about 268,490 new cases and about 34,500 deaths from prostate cancer have been registered in the U.S.
Insights Presented in the Report
“Amongst Type, radiation segment dominated the market in 2020
Based on Type, the U.S. prostate cancer treatment device market is segmented into radiation, surgery, HIFU (High-Intensity Focused, Ultrasound), cryotherapy, and others. The radiation category device segment accounted for the largest market share with the highest CAGR during the forecast period. owing to factors such as decreased length of hospital stay, and faster recovery. In addition, there are some radiation therapies are available like External radiation therapy, internal radiation therapy, and radiopharmaceutical therapy used to treat prostate cancer. Also, the development and approval of new technologies for the treatment of prostate cancer are anticipated to drive the growth of this segment. For instance, in March 2022, the U.S. FDA approved Novartis Pluvicto as the first targeted radioligand therapy for the treatment of progressive, PSMA-positive metastatic castration-resistant prostate cancer.
“Amongst End-User, the hospitals and clinics segment is likely to capture significant market share during the foreseeable future
Based on end-users, the global market is categorized into hospitals & clinics, specialty centers, and others. In 2020, the hospitals and clinics category held a significant share in the market and is expected to grow with a strong CAGR during the forecast period. This is mainly due to a growing number of hospitals owing to the increasing preference of patients for hospitals-based procedures, availability of skilled healthcare professionals, surgical equipment in hospitals such as HIFU, high-frequency X-ray machines, ease of monitoring the condition of the patient, and favorable reimbursement scenarios are contributing to the growth of the segment.
“California to witness significant growth during the forecast period”
For a better understanding of the market, the report provides a detailed analysis of major states in the U.S. including California, Texas, Florida, New York, Pennsylvania, and others. In 2020, California accounted for a significant market share. This is mainly due to ongoing industrialization and growing consumer inclination toward healthcare, which have fueled manufacturing output levels, positively influencing the U.S. prostate cancer treatment device market industry landscape. In addition, some other factors such as the elderly population, rising cases of prostate cancer, well-established healthcare infrastructure, and high income in this region are some key factors that will drive the market growth rate in this region. Additionally, the growing number of people undergoing diagnosis and treatments due to the rise in prostate cancer also promotes the growth of the industry. For instance, according to NCBI in 2022, the proportion of prostate cancer diagnosed at a distant stage increased from 3.9% to 8.2% over the past decade.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
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Table of Contents
Research Methodology for the U.S. Prostate Cancer Treatment Device Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the U.S. prostate cancer treatment device market were the three major steps undertaken to create and analyze the adoption of the U.S. prostate cancer treatment device market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the U.S. prostate cancer treatment device market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the U.S. prostate cancer treatment device market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the U.S. prostate cancer treatment device market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report by type and end-user. Further country-level analyses were conducted to evaluate the overall adoption of the U.S. prostate cancer treatment device market in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the U.S. prostate cancer treatment device market. Further, we conducted factor analysis using dependent and independent variables such as the increasing digitalization of industries and urbanization in developing countries. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the U.S. prostate cancer treatment device market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the U.S. prostate cancer treatment device market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of the U.S. prostate cancer treatment device market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the S. prostate cancer treatment device market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the U.S. prostate cancer treatment device market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and end-user of the U.S. prostate cancer treatment device market.
The main objective of the U.S. prostate cancer treatment device market Study
The current & future market trends of the U.S. prostate cancer treatment device market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the U.S. prostate cancer treatment device market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and end-user.
- Define and analysis of the regulatory framework for the U.S. prostate cancer treatment device market industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the U.S. prostate cancer treatment device market for the major region
- Major regions studied in the report include major states in the U.S. including California, Texas, Florida, New York, Pennsylvania, and others.
- Company profiles of the U.S. prostate cancer treatment device market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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