North America and Europe Minimally Invasive Prostate Cancer Surgery Market Analysis (2020 – 2027)
Prostate cancer is associated with high mortality among men. Old age, heredity, lifestyle aspects such as smoking and diet rich in red meat are the major factors increasing the risk of the disease. The following methods are used to diagnose the cancer- digital rectal exam (DRE), prostate biopsy, prostate specific antigen (PSA) blood test, bone scan, ultrasound, CT scan, MRI, lymph node biopsy and ProstaScint monoclonal antibody scan.
Statistics:
North America and Europe minimally invasive prostate cancer surgery market is estimated to account for US$ 86,187.4 Mn in terms of value by the end of 2027.
North America and Europe Minimally Invasive Prostate Cancer Surgery Market: Drivers
Increasing prevalence of prostate cancer is expected to propel growth of North America and Europe minimally invasive prostate cancer surgery market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be around 174,650 men with newly diagnosed prostate cancer in the U.S., registering a 6% increase from 2018.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Statistics:
North America held dominant position in North America and Europe minimally invasive prostate cancer surgery market in 2019, accounting for 60.6% share in terms of value, followed by Europe, respectively.
Figure 1: North America and Europe Minimally Invasive Prostate Cancer Surgery Market Share (%) Value, By Region, 2019
North America and Europe Minimally Invasive Prostate Cancer Surgery Market: Restraints
Inefficiency of surgery in treating advanced stage cancer is expected to hinder growth of North America and Europe minimally invasive prostate cancer surgery market. Surgical procedure is more suitable when the cancer is localized within the prostate gland. However, as the cancer metastases to nearby lymph nodes and bones, surgery becomes incapable of treating it.
Moreover, many surgeons are hesitant in adopting the new robotic technology and prefer the traditional methods, which is also expected to limit the market growth.
Statistics:
North America and Europe minimally invasive prostate cancer surgery market was valued at US$ 34,960.2 Mn in 2019 and is forecast to reach a value of US$ 86,187.4 Mn by 2027 at a CAGR of 11.9% between 2020 and 2027.
Figure 2: North America and Europe Minimally Invasive Prostate Cancer Surgery Market Value (US$ Mn), 2016 – 2027
Market Trends/Key Takeaways
Major players in the market are focused on raising funds to expand their product portfolio. For instance, in September 2019, Profound Medical raised around US$ 8 million to cover a reimbursement study and a Tulsa-Pro clinical trial, building out its sales & marketing infrastructure, R&D and other general corporate purposes.
Major players in the market are focused on R&D of new products to expand their product portfolio. For instance, in October 2018, NeoTract announced that a study evaluating its UroLift (permanent implants, delivered during a minimally invasive transurethral outpatient procedure) treatment for men with enlarged prostate glands showed a 62% improvement in lower urinary tract symptoms.
North America and Europe Minimally Invasive Prostate Cancer Surgery Market: Competitive Landscape
Major players operating in North America and Europe minimally invasive prostate cancer surgery market include, Angiodynamics, Inc., Profound Medical, BSD Medical Corporation, Medtronic Plc, Ethicon Endo-Surgery, Inc., Olympus Corporation, Siemens Healthcare, Intuitive Surgical, Inc., and Teleflex, Inc.
North America and Europe Minimally Invasive Prostate Cancer Surgery Market: Key Developments
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in February 2018, NeoTract, a subsidiary of Teleflex, Inc., received expanded indications from the U.S. FDA for its UroLift prostate treatment.
Major players in the market are also focused on raising funds to expand their product portfolio. For instance, in February 2018, Procept BioRobotics raised UU$ 118 million in an equity round to commercialize its Aquablation treatment for benign prostate hyperplasia.
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