The prostate health market has been anticipated to expand at a noteworthy speed throughout the forecast period.
The prostate health market has been anticipated to expand at a noteworthy speed throughout the forecast period. The growth avenues in the global market are attributed to the increasing cases of benign prostate hyperplasia across the world. Along with this, increasing obesity, rising count of cases of prostate cancer, and increasing incidence of prostatitis are also serving as vital factors to boost the growth avenues in the global market in the near future.
The prostate (prostate gland) is basically an organ of the reproductive system of a male. There are three most commonly found forms of prostate disease including, prostate cancer, a non-cancerous enlargement of prostate (BPH), and inflammation (prostatitis). Among these, benign prostatic hyperplasia (BPH) has been defined as a medical condition that affects men and involves non-cancerous enlargement of the prostate gland.
On the other hand, BPH rarely shows at sort of symptoms before 40 years of age and the risk of BPD contracting also increases with the age. A great many people are affected due to this condition and surgery and medications are used to provide treatment against this medical situation. So, these factors are likely to drive the growth avenues in the prostate health market in the coming years.
Prostate Health Market – Key Drivers
The prostate health market has been estimated to grow with the increased number of grants, funds, and investments for R & D activities for BPH treatment. Along with this, rising demand for hormone therapy drugs and various emerging therapies against prostate cancer have also been expected to fuel the expansion opportunities in the global market in the following years.
In recent years, there has been a noteworthy increase in the prevalence of obesity around the world. It further leads to various mechanisms. Some of these include, altered endocrine status, oxidative stress, increased inflammation process, increased intra-abdominal pressure, and increased sympathetic nervous activity. These conditions for leads to the development of BPH. Prostate cancer is the most commonly found issue in men and its risk increases with the advancement in age. Thus, based on these factors, the prostate health market has been projected to grow at the rapid pace in the near future.
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Prostate Health Market – Recent Developments and Key Players
The prostate health market has been fragmented moderately. The global market has been commonly characterized with the presence of some local as well as international players. Further, these players have been projected to concentrate on different strategies in order to achieve a share in the global market, develop brand awareness, and penetrate the developing markets. Along with these efforts, these players are focusing to enhance their services to gain a larger consumer base. Mergers and acquisitions, novel product launches, expansion of company networks, and agreements or partnerships are some of the other noteworthy factors that are likely to fuel the market growth in the following years.
For instance, Israeli medical device manufacturer company named Butterfly Medical has raised around USD 7 million in a series B round in October 2020. This initiative aims to develop the anatomically shaped nitinol implant that is positioned in the prostatic urethra in order to relieve BPH symptoms.
Some of the key players in the prostate health market are:
- GlaxoSmithKline plc.
- Eli Lilly and Company
- Astellas Pharma Inc.
- Pfizer Inc.
- Merck & Co., Inc.
- Abbott
Prostate Health Market – Regional Assessment
The prostate health market is segmented into five major regional areas, that include, North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa. North America is likely to hold a noticeable share in the global market due to the increasing target population. Along with this, the strong presence of the medical device manufacturers, prostate cancer, and prostatitis, and high incidence of BPH are also working as noteworthy factors to bolster the growth avenues in the prostate health market.
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