The development of the prostate disease therapy market is credited to increment in predominance of prostate malignant growth across the globe. Moreover, flood in mindfulness programs for prostate malignancy treatment, solid arising pipeline medications, and development in geriatric populace are a portion of the components that add to the development of the market.
The global prostate cancer treatment industry was estimated at $6.88 billion in 2018 and is expected to reach $9.90 billion by 2026, growing at a CAGR of 4.6% from 2019 to 2026.
Drivers, restraints, and opportunities-
Ascend in commonness of prostate malignancy, expansion in geriatric populace, and upsurge in government use on the medical services industry fuel the development of the worldwide prostate disease therapy market. Then again, unfavourable impacts related with the utilization of prostate malignancy treatment drugs limit the development somewhat. Be that as it may, advancement in developing business sectors is required to set out a variety of open doors for the central participants in the business.
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COVID-19 scenario:
Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
Prostate cancer is a type of cancer that develops into male reproductive system. Prostate cancer begins when normal cells in the prostate gland start multiplying uncontrollably. It is more prevalent in geriatric men over the age of 65 years. Risk factors for development of prostate cancer are family history, race, and old age. It can be treated by radiation therapy, surgery, chemotherapy, biological therapy, and hormone therapy. The treatment for prostate cancer can be decided on the basis of the stage of cancer. The healthcare professionals such as radiation oncologists and urologists treat prostate cancer.
The hormone therapy segment to maintain its leadership status till 2026-
Based on drug type, the chemical treatment fragment represented almost 50% of the worldwide prostate disease treatment piece of the pie in 2018, and is relied upon to overwhelm during 2019–2026. Expansion sought after for chemical treatment drugs, ascend in persistent mindfulness in regards to chemical treatment therapy for prostate disease, promising pipeline sedates, and advancing strategies for prostate malignancy treatment drive the development of the fragment. Simultaneously, the organic treatment section would develop at the quickest CAGR of 5.5% before the finish of 2026. Expansion in general wellbeing mindfulness coming about into early infection conclusion and therapy, ascend in rate of prostate disease, and top-end mechanical progressions in drug advancement alongside promising pipeline items help the development of the section.
The hospital pharmacy segment to rule the roost during the estimated period-
Based on distribution channel, the hospital pharmacy segment held the largest share in 2018, generating nearly three-fifths of the global prostate cancer treatment market. This is due to surge in number of hospitalized prostate cancer treatment patients, increase in number of hospital pharmacies, and development in the structure of hospital pharmacies. The online pharmacy segment, on the other hand, would cite the fastest CAGR of 6.4% during the study period. This is attributed to rise in preference for online purchasing of drugs over the traditional methods, increase in awareness of online pharmacy, and surge in number of internet users.
North America to maintain its dominance throughout the forecast period-
Based on geography, North America contributed to nearly half of the global prostate cancer treatment market revenue in 2018, and is projected to maintain the lion's share till 2026. Presence of advanced healthcare facilities with trained medical professionals, and rise in number of R&D centers in this region have fueled the growth. Simultaneously, the region across Asia-Pacific is anticipated to register the fastest CAGR of 6.6% by 2026. Surge in healthcare reforms, and technological advancements in the field of healthcare in this province have propelled the growth.
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The Major Key Players Are:
Priceline Group
Travel Leaders Group
Expedia Group
World Travel, Inc.
JTB Americas Group
American Express Travel
Cox & Kings Ltd.
Carlson Wagonlit Travel
TUI Group.
Thomas Cook (India) Limited
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