Prostate Cancer – Explanation
Prostate cancer is exclusive to men, it is a tumor that commonly develops in the male reproductive system. The disease is named after the gland where the formation of cancerous tumor takes place in a human male. This disease is common in men who are aged above 50. However, it is not known for sure that it can happen to only older men even the younger ones can fall prey to this. Recently, the instances of men suffering from prostate cancer have risen drastically. Due to this, the global prostate cancer market is gaining a lot of impetus.
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In simple terms, prostate cancer is a kind of cancer that develops in the prostate gland. Mostly, these tumors take a very long time to grow completely, although, in some cases they may develop rapidly. This cancer may or may not spread elsewhere in the body. But if it does, it spreads to the bones and lymph nodes. It is very difficult to identify this disease in its initial stages as it shows no symptoms. However, in the critical stages, symptoms like pelvis pain, difficulty in urination and bloody urine surface.
The global prostate cancer market is growing at a tremendous speed and the medical industry is also on tip toes to find a permanent solution to this issue.
Market Scenario
Looking at the modern day lifestyle, it will be only wise to assume that the global prostate cancer market will grow by leaps and bounds in the coming years. When it comes to revenues the market is expected to earn a revenue of around USD 11.46 billion. During the forecast period of 2018-2022, the market will move ahead at the CAGR of 6.4%.
There are a whole lot of growth drivers that contribute towards the success and development of this market. Amongst these a chief aspect that happens to be behind the success is the increased acceptance of a number of technologies for screening and diagnostic tests. With the usage of devices like MRI the process of detection of the tumor is enhanced & quickened. Hence such treatment methodologies work in the favor of the market.
Furthermore, the big brands of this market are investing into research and development methodologies in the hope to bring out better devices and means of disease control. These two are the major factors that drive the growth of the market.
Market Segmentation
The worldwide prostate cancer market has been divided into three equal parts. They can be listed as product types, regions and end-users.
On the basis of product types, the market has been segmented into therapeutic vaccines, hormone therapy and targeted therapies.
Geographically, the prostate cancer market spans across various regions of the world like North America, Asia Pacific, Europe and Rest of the World. Amongst all of these, North America holds the largest market share. It is because this country has been successful in developing many devices that have made the detection and cure of this disease easier.
Lastly, when it comes to end-users the market has been segregated into clinics and hospitals.
Innovations
The usage of Indocyanine green to treat prostate cancer is one of the most important developments in the global prostate cancer market. A recent study showed that by insertion of this dye the cancer cells can be eliminated effectively.
Key Players & Major Strategies
Some of the longstanding players of this industry can be listed as Endo Pharmaceuticals Inc., Bayer Pharma AG, Progenics and Tolmar Inc. The major strategies used by these players to level their game are acquisition and heavy investment in research & development activities.
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