The growing investments in healthcare infrastructure, as well as in research and development activities, would lead to an optimistic future for the market.
As the name suggests, penile cancer is a rare type of cancer that affects the penis, the male reproductive organ. The rising global prevalence of cancer is a major factor driving the penile cancer treatment market growth. Rising healthcare infrastructure development expenditure, rising cases of human papillomavirus infection, and an increase in special designation from regulatory authorities are all factors driving the market growth.
Furthermore, increased penile cancer treatment adoption in emerging economies such as China, India, and others will create new opportunities for the penile cancer treatment market.
| Report Attribute | Details |
|---|---|
| Penile Cancer Treatment Market Value (2022) | US$ 2.52 Billion |
| Penile Cancer Treatment Market Anticipated Value (2032) | US$ 9.33 Billion |
| Penile Cancer Treatment Market Projected Growth Rate (2022 to 2032) | 14% |
Penile cancer is a disease in which cancerous cells forms into tissues of the penis, a male sex organ which helps body to pass sperms and excrete urine from body. Penile cancer is generally caused by body fluid that gets entangled into the skin. If these body fluids are not washed off on regular basis, it may produce cancer-causing effects.
Acquired immune deficiency syndrome (AIDS) and human papilloma virus (HPV) are the most common viruses that cause penile cancer. Other causes include frequent tobacco use, poor hygiene, and other skin diseases. Smokers and older men are more prone to suffer from penile cancer.
Signs and symptoms of penile cancer include bleeding, lumps, redness, sores among others. According to United Nations Programme on HIV/AIDS (UNAIDS), 15.5 Mn patients are on antiretroviral therapy (as of June 2015), 36.9 Mn people globally were living with HIV (as of December 2014), 2 Mn patients became newly infected with HIV (as of December 2014), and 1.2 Mn people died from AIDS-related illness (as of December 2014).
This has encouraged pharmaceutical companies to invest in penile cancer treatment market and develop drugs for penile cancer.
According to research studies conducted by the American Cancer Society, patients suffering from squamous cell cancer of the penis, the most common penile malignancy, behave similarly to squamous cell cancer of other parts of the body.
Surgery is the most commonly used method of treating penile cancer. If cancer has spread to the bones, radiation therapy may be prescribed instead of surgery. In terms of therapy type segmentation, the radiation therapy segment is expected to generate the most revenue.
Chemotherapy is used to treat larger tumors or cancer that has spread to other parts of the body. MRI is the best way to get a clear picture of penile cancerous cells. At the initial stage of penile cancer diagnosis, an MRI is usually followed by a CT scan. PET is a relatively new technique used to assess the biological activity of tumors.
All these treatment methods are likely to propel market growth.
Due to an increasing population suffering from human immunodeficiency virus in countries such as India, Asia-Pacific is expected to be the dominant region in the global penile cancer market in the future. North America is expected to offer lucrative growth opportunities for the overall penile cancer treatment market because of the increasing prevalence of penile cancer patients in countries such as the United States and Canada, as well as the availability of cost-effective drugs in these countries.
The presence of developed healthcare infrastructure facilities in these countries may also contribute to the growth of the North American penile cancer treatment market.
The global penile cancer market is extremely competitive, with several well-established players present. Many of these players are expected to account for a significant portion of the overall market in the future. In the coming years, research and development activities could be a key growth strategy for the leading penile cancer market players.
Growth strategies such as new product launches could help well-established players in the penile cancer market gain a competitive advantage over their competitors. Novartis AG, GlaxoSmithKline PLC, Merck & Co Inc., Pfizer Inc., and F. Hoffmann-La Roche Ltd are some of the major players in the global penile cancer treatment market.
Merck & Co. Inc. launched a new vaccine against human papillomavirus called Gardasil 9 in 2018, which was approved by the FDA. This vaccine has shown promise in the treatment of cervical cancer, which may lead to penile cancer in men.
Increasing incidence of penile cancer is a major driver for the growth of global penile cancer treatment market. Advancement in technology coupled with personalized medicine, and cost effective treatment procedures for penile cancer will drive penile cancer market across the globe.
However, lack of inadequate reimbursement policies, healthcare literacy, and commercially less availability of drugs for the treatment of penile cancer are the factors which will hamper the growth of global penile cancer treatment market over the forecasted period.
Research studies conducted by American Cancer Society has shown that patients suffering with squamous cell cancer of penis, the most common penile malignancy, acts similarly to squamous cell cancer of other parts of body. Surgery is the most preferred way of treatment for penile cancer.
Radiation therapy can be prescribed instead of surgery if cancer has spread to the bones. Radiation therapy segment is expected to be the highest revenue generating in terms of therapy type segmentation. Chemotherapy is prescribed for some larger tumors or if the cancer has spread to other parts of body extensively.
MRI is a best way to understand exact picture of penile cancerous cells. MRI followed by CT scan is generally performed at initial stage of diagnosis of penile cancer. PET is comparatively new technique which is performed for screening the biological activity of tumor.
Biopsy should be performed in patients suffering with penile cancer with lesions.
Geographically, global breast biopsy device market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, Middle East and Africa (MEA). APEJ followed by MEA dominates global penile cancer treatment market owing to large pool of patient suffering with HIV, and increasing awareness about penile cancer.
Thus, penile cancer treatment market in APEJ and MEA are expected to grow with significant CAGR over the forecasted period. However penile cancer incidences are rare in North America and Europe. According to American Cancer Society, penile cancer occurs in less than one man in 100, 000 and accounts for less than 1% of cancers in men in the U.S.
Key companies operational in global penile cancer treatment market include Merck & Co., Inc., GlaxoSmithKline plc, Pfizer Inc., Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd, Novartis AG, and others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global penile cancer treatment market is segmented based on type of disease, therapy and diagnostic test.
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Penile Cancer Treatment Market
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