Increasing Geriatric Population Across Globe May Present Imploding Growth Opportunities for Genitourinary Cancers Treatment Market, Expects Fact.MR
Genitourinary cancers treatment pertains to the drugs used to cure or halt progress of cancers found in the urinary and the reproductive system, which include prostate cancer, kidney cancer, bladder cancer, testicular cancer and cancers of the penis. Genitourinary cancers treatment is a specialised branch of oncology that deals with the urinary and the reproductive systems.
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How North America Market’s Growth Shaping Up?
The global genitourinary cancers treatment market is classified into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan and Middle East & Africa. North America dominated by the U.S. accounts for a large share of the global genitourinary cancers treatment market owing to attractive reimbursement, large healthcare expenditure, the local presence of large market players and higher demand. North America is followed by Europe, which is expected to be led by Germany, France and the U.K. The large healthcare infrastructure of Europe is a significant driver of the European genitourinary cancers treatment market.
The genitourinary cancers treatment market is expected to shift in the favour of Asia Pacific and the Middle East & Africa. China and India are expected to hold large shares owing to developing economies, large population base and advancements in healthcare infrastructure. The Middle East and Africa genitourinary cancers treatment market is expected to be dominated by the wealthy gulf economies of Saudi Arabia, Kuwait, UAE and Qatar.
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What Reasons Behind Market’s Substantial Growth Rate?
Increase in the incidence of genitourinary cancers is a prime driver of the genitourinary cancers treatment market. According to the National Cancer Institute, prostate cancer accounted for 164,690 new cases in 2018, thus accounting for 9.5% of all new cancer cases. The American Cancer Society estimates that about 63,340 new cases of kidney cancer are likely to occur in the U.S. in 2018. Moreover, approximately 81,190 new cases of bladder cancer are likely to occur in the U.S. in 2018. The above-mentioned figures indicate that there is significant growth potential for the genitourinary cancers treatment market.
Furthermore, growth in the geriatric population suffering from the risk factors associated with genitourinary cancers is another factor driving the market. The average age of the diagnosis of most genitourinary cancers is 60 years, and the disease rarely occurs before the age of 40. Growth in the geriatric population provides a strong impetus for the growth of the genitourinary cancers treatment market. The number of people across the world aged 60 years and above is expected to increase from 900 million to 2 billion between 2015 and 2050, which represents a growth from 12% to 22% of the total global population, according to a recent World Health Organization report.
Improving survival rates owing to the advent of newer third-generation drugs is also another factor boosting the demand for genitourinary cancers treatment. Other risk factors include substance abuse, pollution and exposure to carcinogens. The growing per-capita income and healthcare expenditure is another driver of the genitourinary cancers treatment market.
On the other hand, factors, such as the high cost of the treatment, lack of awareness and poor screening rates in developing countries, are expected to hamper the growth of the genitourinary treatment market. However, the low inelasticity of demand is expected to drive the adoption of genitourinary cancers treatment.
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