Prostate Cancer Minimally Invasive Surgery Market Overview:
Prostate cancer is reportedly the second most fatal type of cancer among men after lung cancer. In 2010 alone over 1.9 million people were diagnosed with prostate cancer. The minimally invasive prostate cancer market in North America and Europe is primarily driven by the rising incidence of prostate cancer, states a report by Transparency Market Research. The report is titled “Prostate Cancer Minimally Invasive Surgery Market in North America and Europe (2011 – 2016)”.According to the report, the North America and Europe prostate cancer minimally invasive surgery market was valued at US$14.2 billion in 2011 and this market is estimated to grow at a strong CAGR of 11.9% from 2011 to 2016. If the CAGR holds true, the regional prostate cancer minimally invasive surgery market will be worth US$24.9 billion by 2016.
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Global Prostate Cancer Minimally Invasive Surgery Market: Drivers and Restraints
The report states that Whites and African Americans are most affected by prostate cancer, with factors such as heredity, old age, obesity, high inclusion of red meat in diet, infection of the prostate gland, and smoking identified as causes of prostate cancer. Prostate cancer is categorized into four stages depending upon its severity: stage I, stage II, stage III, and stage IV. The diagnosis of prostate cancer includes a number of methods such as lymph node biopsy, CT scan and MRI, bone scan, PET and SPECT scans, prostate biopsy, digital rectal exam (DRE), prostascint monoclonal antibody scan, prostate-specific antigen (PSA) blood test, and ultrasound.
By technique, the prostate cancer minimally invasive surgery market is divided into robotic surgery, brachytherapy, cryosurgery, and laparoscopic surgery. Robotic surgery has revolutionized the prostate cancer treatment scenario and this segment led the overall market, being identified as the most significant innovation of the decade in the field. The adoption of surgical robots in minimally invasive surgeries has increased in Europe and North America owing to the many advantages they present. Surgical robots enable increased control during surgical procedures, speedier recovery time and therefore shorter hospital stay, dexterity to surgeons, and reduce the risk of side effects of prostate cancer surgery such as impotency. The one factor that hinders the growth of this segment is its high cost. Today, the price of a surgical robot is nearly US$1.5 million.
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Global Prostate Cancer Minimally Invasive Surgery Market: Key Segments
In terms of surgical devices, the market for prostate cancer minimally invasive surgery is segmented into monitoring and visualizing devices, endosurgical equipment, lasers, and others. Among these, the segment of monitoring and visualizing devices dominated the market in North America and Europe.The prostate cancer minimally invasive surgery market is stimulated by the rise in elderly male populations in both North America and Europe, availability of innovative treatment options, and the massive advantage that this procedure has over other traditional methods. However, high risk of side effects, lack of technological knowledge in some areas, and inefficiency of surgeons in treating advanced-stage prostate cancer are expected to hinder the growth of the market.
Global Prostate Cancer Minimally Invasive Surgery Market: Key Players
Some of the prominent players in the prostate cancer minimally invasive surgery market are Carefusion Corporation, Boston Scientific Corporation, Ethicon Endo Surgery, Covidien, and Intuitive Surgical. These companies held more than 80% of the market in North America and Europe in 2010.
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