Biochemicals control market has witnessed significant rise over the decades owing to technological advancement in healthcare industries. In a growing healthcare market where profits and growth prospects run together, many companies are vying to plunge into this untapped market. Though the healthcare industry has seen immense technological innovation over the years, the market is getting complex owing to emergence of critical healthcare illness. One such healthcare illness that has strongly affected the mankind is prostate cancer. Cases has been seen where biochemical recurrence has led to biochemical relapse, thus leading to re-emergence of prostate cancer among survivors.
According to a recent study conducted by University of Wisconsin Carbone Cancer Center in Madison, USA, 35% of prostate cancer survivors are susceptible to biochemical relapse within 10 years of receiving treatment. Also, as per the World Cancer Research Fund International, prostate cancer is one of the major cause of concern globally, recording more than 1.1 million cases in 2012. Of these, 68% of the cases are recorded in developed regions. North America is the prominent region where mortality rate from prostate cancer is scaling the peak. Search for effective yet reliable technological innovation for biochemicals control in prostate cancer is offering new business horizons to healthcare industries.
Biochemicals Control Market: Drivers & Restraints
The biochemicals control market is expected to grow exponentially during the forecast period, primarily due to the changing lifestyle, physical inactivity and prognosis of patients with biochemical relapse of prostate cancer treatment are some of the key drivers of this market. High prevalence of prostate cancer among middle class population is another significant driver for biochemicals control market. Though the market seems optimistic in coming years, preference for alternative treatment, high costs of treatment, along with stringent regulatory procedures in some of the key nations can led to some negative impact on this industry. However, this million dollar industry is expected to witness upward trend during the forecast period 2015–2025, primarily due to rise in effective prostate cancer treatment.
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Biochemicals Control Market: Segmentation
Biochemicals market is broadly classified on the basis of therapy and regional prevalence.
Various therapies are used depending upon the feasibility of prostatic cancer conditions. Among all types of prostatic cancer, hormone therapy is the widely accepted treatment method. It blocks the testosterone signaling pathway at the androgen receptor. This therapy is followed by adjuvant chemo-hormonal therapy, and combined chemo-hormonal therapy methods. Though these treatment options are viable and has proved effective, companies are emphasizing on R&D to offer innovative and robust healthcare solutions for biochemicals control market.
Biochemicals Control Market: Region-wise Outlook
Demands for biochemical control market is expected to generate from developed economies including North America and Europe. Increasing prevalence of prostate related cancer, government focus towards providing reliable healthcare solution, increasing healthcare expenditure and key innovations driven by some of the key industry leaders in the region is expected to boost the overall sales of prostate cancer therapies in North America and Europe. More than 40% of the demand for biochemical control is expected to generate from North America and Europe. Asia Pacific and Latin America are next in trail. Increasing healthcare expenditure is one of the key driving factor in Asia Pacific. Around 15% of all prostate cancers diagnosed globally are from Asia Pacific. Increase in irregular lifestyle in most parts of Asia Pacific is expected to entrap more people in coming years. Healthcare solutions to battle prostate cancer is widely needed globally.
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Biochemicals Control Market: Key Players
Some of the key market players in prostate cancer treatment and biochemical control are GlaxoSmithKline, Accord Healthcare Inc., Biologics Inc., BioZyme Inc, Juno Therapeutics, etc.