The global prostate health market is set for significant expansion over the next decade, projected to grow from USD 38.6 billion in 2023 to an impressive USD 92.9 billion by 2033. According to recent industry analysis, the market is expected to register a robust compound annual growth rate (CAGR) of 9.2% during the forecast period from 2023 to 2033.
The market growth is being driven by several key factors, including the rising incidence of prostate-related conditions, an aging global population, and increasing awareness about prostate health. Advances in diagnostic technologies, innovative treatment solutions, and a growing focus on preventive healthcare are also contributing to the market’s expansion.
Currently, the key drivers of the global Prostate Health market are:
- High prevalence of prostate-related ailments
- An increasingly expensive yet modern healthcare infrastructure
- Rising awareness among patients and physicians
- The global boom in the geriatric population
Prostate Cancer Emerges as the Modern Man’s Bane: Market Prospects Could Boom
As global prostate cancer rises at an abysmal 7% per year, the need for Prostate Health treatment modalities is at an all-time high. Factors such as significantly evolving lifestyles, obesity, and other unhealthy practices have been bolstering the prevalence of diseases such as Benign Prostatic Hyperplasia (BPH). Globally, the geriatric population has been growing in number. As age increases, one is at greater risk of developing prostate-related illnesses such as prostate cancer. In recent times, prostate cancer has one of the most prevalent cancers among men. This has led to the development of innovations such as the prostate cancer phase III pipeline. This includes prostate-specific membrane antigen targeting as well as the development of kinase and immune checkpoint inhibitors.
Consumer Preference for Benign Prostatic Hyperplasia Medications Wane; Possible Side Effects Emerge as Key Cause
Both surgical and non-invasive options for Benign Prostatic Hyperplasia (BPH) have been associated with an array of potential side effects. This could include orthostatic hypotension, retrograde ejaculation, rhinitis, dizziness, impotence, and waning libido. Since Benign Prostatic Hyperplasia medications generally contain alpha-blockers, and 5-ARIs (5-alpha reductase inhibitors). Hence, drug interactions could be observed with neuroactive steroids, which might result in psychological issues.
Start-ups Emerge as Key Victors in the Race to Fill Market Gaps
The resurgence of the Prostate Health market can be attributed primarily to innovative startups attempting to fill existing market gaps. For instance, Bastion health, a United States-based startup has been attempting to increase prostate disease diagnosis rates. The company is doing this by facilitating online appointments as well as providing at-home diagnosis kits. Hence, existing key market players have to innovate and develop less invasive, more consumer-friendly treatment and diagnosis modalities to keep pace.
Key Market Developments:
- Butterfly Medical 2020 raised over US$ 7 million as a part of its Series B financing. The company aims to develop an anatomically designed nitinol implant. This implant is designed to be placed in the prostatic urethra to ameliorate BPH symptoms.
- Zenflow recently amassed over US$ 31.4 million in series A funding. This is aimed at developing and sustaining their minimally invasive BPH treatment method. Their innovative solution can open the urethra, alleviating BPH-related concerns.
- ProArc Medical raised around US$ 2.2 million in the form of grants. This is to be channeled into research and development of ProArc’s ClearRing BPH implant.
Key Market Players:
- AbbVie, Inc.
- Amgen, Inc.
- AstraZeneca
- Bayer AG
- Dendreon Pharmaceuticals LLC
- Endo Pharmaceuticals, Inc.
- Ipsen Pharma
- Johnson & Johnson Services
- Pfizer, Inc.
- Sanofi
Key Segments
By Disease Indication:
- Prostate Cancer
- Benign Prostate Hyperplasia
- Prostatitis
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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