One of the major drivers for the growth of the U.S. prostate cancer treatment devices market is the adoption of technologically advanced prostate cancer treatment devices in healthcare settings to provide better treatment to patients. In addition, advancements in treatment protocols have created a significant demand for more automated prostate cancer treatment devices. Therefore, due to these factors, the market is expected to generate $157.1 million revenue by 2030, progressing at a CAGR of 5.6% during the forecast period (2020–2030).
The ongoing COVID-19 pandemic has slowed down the growth of the U.S. prostate cancer treatment devices market. Moreover, the pandemic has put health services under a mounting pressure, with an increasing number of infected individuals. Manufacturers and contract manufacturing organizations (CMOs) are struggling to keep manufacturing plants open and staffed due to partial lockdown imposed by the respective governments in the U.S., as a result, the volume of devices being manufactured has dropped. Also, transportation of these devices has been delayed as flights to/from impacted geographies are cancelled for undefined time period.
Radiation Category Holds the Largest Share
The U.S. prostate cancer treatment devices market on the basis of type is classified into radiation, surgery, cryotherapy, high-intensity focused ultrasound (HIFU), and others. Of these, the radiation category accounted for the largest revenue share in 2019. This is attributed to high availability of these devices, significant deployment of different radiation therapy systems, and presence of various players offering these devices in the market.
Further, the U.S. prostate cancer treatment devices market in terms of end user is categorized into hospitals, specialty centers, and others. The hospitals category accounted for majority of the share in 2019, and is expected to maintain the same trend during the forecast period. According to the American Hospital Association (AHA), in 2018, there were 6,146 hospitals in the U.S. Market growth in the hospitals category is primarily due to the presence of large number of hospitals in various states and increasing sales of the devices by key companies directly to these healthcare settings.
Among all the states of the U.S., California held the largest share in the prostate cancer treatment devices market. This is mainly attributed to the large number of hospitals and specialty centers, rise in prevalence of prostate cancer, and availability of advanced treatment for diseases. For instance, according to the American Cancer Society, in 2020, California would witness highest cases of prostate cancer, that is, 20,160 new cases, followed by Florida and Texas with 13,950 and 12,110 cases, respectively.
Key Players Creating Lucrative Growth Opportunities through Mergers and Acquisitions
A number of players in the U.S. prostate cancer treatment devices market are consistently focusing on strategic agreements, mergers, and acquisitions, to increase their market share and presence. For example, in August 2020, Varian Medical Systems Inc. announced a definitive agreement to merge with Siemens Healthineers AG in an all-cash transaction valued at $16.4 billion on a fully diluted basis. The combined company is expected to offer an integrated platform of end-to-end oncology solutions to address the entire continuum of cancer care, from screening and diagnosis to care delivery and post-treatment survivorship.
Similarly, in May 2020, GenesisCare completed the acquisition of major U.S. oncology services provider 21st Century Oncology, marking its entry into the U.S. This follows GenesisCare’s successful expansion into Spain and the U.K. over the past five years. GenesisCare also announced an investment of $300 million in the U.S. for installation of advanced equipment.
Some of the major players operating in the U.S. prostate cancer treatment devices market are SonaCare Medical LLC, EDAP TMS SA, Profound Medical Corporation, Eckert & Ziegler AG, HealthTronics Inc., Boston Scientific Corporation, Elekta AB, Accuray Incorporated, Varian Medical Systems Inc., Becton, Dickinson and Company, Intuitive Surgical Inc., ViewRay Inc., Provision Healthcare, Isoray Inc., and Theragenics Corporation.