North America And Europe Minimally Invasive Prostate Cancer Surgery Market, by Product Type (Hand (Resectoscope, Linear Cutter, Insufflators, Curved Stapler, Endoscopic Trocars, Prostatic Retractor, Cryoablation Device, and Others), Monitoring & Visualization (Cameras & Video Support, and Endoscopic Trocars with Optical View), Powered (Electrosurgical Unit and Lasers)), By Application (Laparoscopy, Robotics, Brachytherapy, and Cryosurgery), by End User (Hospitals, Specialty Clinics, and Ambulatory Surgical Centers), and by Region (North America, and Europe,) is estimated to be valued at US$ 52.6 Billion in 2023 and is expected to exhibit a CAGR of 12.0% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The major players operating in the market are focused on the approval and launch of new products to expand their product portfolios. For instance, in May 2021, Fanin, a medical device manufacturer and supplier, announced the launch of the Espiner Trocar range for laproscopic surgery, designed for precision and control, providing safe and straightforward access for laproscopic surgery.
North America and Europe Minimally Invasive Prostate Cancer Surgery Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and consequent lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors including the private healthcare sector. The pandemic hampered the entire supply chain of the healthcare industry mainly due to strict lockdowns in several regions. The private healthcare sector is one such sector that was significantly impacted by the COVID-19 pandemic.
Many patients suffering from COVID-19 had a severe respiratory infection that required hospitalization and mechanical ventilation. Governments of various countries are focusing on initiatives to fight against the COVID-19 pandemic and stop the spread of the coronavirus infection by implementing various measures in the countries. Moreover, the governments of various countries have collaborated with universities around the globe to find novel treatments options for COVID-19 and its related complications. For instance, in August 2022, an article published in National Center for Biotechnology Information (NCBI) found substantial deficits in the number of diagnostic and treatment procedures for men with newly diagnosed prostate cancer after the start of the first lockdown in 2020. The number of men diagnosed with prostate cancer decreased by about one-third, and those diagnosed had more advanced disease. Urgent concerted action is required to address the COVID-19-related deficits in prostate cancer services and mitigate their impact on long-term outcomes.
North America and Europe Minimally Invasive Prostate Cancer Surgery Market: Key Developments
Increasing inorganic growth strategies, such as technological advancements, by key market players are expected to aid in the growth of the North America and Europe minimally invasive prostate cancer surgery market. For instance, on January 1, 2023, The world's first prostate cancer focal treatment using a prostate positioning robot in combination with the cryoablation platform was successfully completed by Department of Urology of Gulou Hospital, affiliated with Nanjing University School of Medicine (Gulou Hospital). The Mona Lisa Robotic Prostate Puncture System (Mona Lisa) developed by Shanghai Intbot, a joint venture company in China, together with the cryoablation device developed by AccuTarget MediPharma assists in preserving the patient's prostate gland by increasing positioning precision of the surgical operation and decreasing the risk of damage. The success of this case marks the clinical validation of precise therapy by Mona Lisa in the field of percutaneous puncture, opening up a new horizon for the development of precise and minimally invasive prostate treatment procedures, which is expected to provide more solutions for patients.
Increasing healthcare expenditure is expected to offer lucrative growth opportunities for players in the North America and Europe minimally invasive prostate cancer surgery market. For instance, according to Centers for Medicare & Medicaid Services, healthcare expenditure by the U.S. is projected to reach nearly US$ 6.1 trillion by 2027.
Browse 21 Market Data Tables and 27 Figures spread through 140 Pages and in-depth TOC on “North America And Europe Minimally Invasive Prostate Cancer Surgery Market”- Forecast to 2030, North America And Europe Minimally Invasive Prostate Cancer Surgery Market, by Product Type (Hand (Resectoscope, Linear Cutter, Insufflators, Curved Stapler, Endoscopic Trocars, Prostatic Retractor, Cryoablation Device, and Others), Monitoring & Visualization (Cameras & Video Support, and Endoscopic Trocars with Optical View), Powered (Electrosurgical Unit and Lasers)), By Application (Laparoscopy, Robotics, Brachytherapy, and Cryosurgery), by End User (Hospitals, Specialty Clinics, and Ambulatory Surgical Centers), and by Region (North America, and Europe,)
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Increasing collaborations by key market players are expected to drive the North America and Europe minimally invasive prostate cancer surgery market growth over the forecast period. For instance, in August 2021, Telix Pharmaceuticals Limited, a medical technology company, announced that it had entered into a strategic collaboration agreement with Lightpoint Medical, a U.K.-based medical technology company, to explore and advanced the radioguided surgery for prostate cancer. Lightpoint Medical has developed a device used to detect radiation in patients and guide surgery which is inserted into a surgical port and can then be controlled by the clinician during the procedure.
Key Takeaways of the North America and Europe Minimally Invasive Prostate Cancer Surgery Market:
- The North America and Europe minimally invasive prostate cancer surgery market is expected to exhibit a CAGR of 12.0% during the forecast period due to increasing product launches by key market players. For instance, in November 2020, Abbott, a medical technology company, announced that it had launched Freestyle Libre, the continuous blood glucose monitoring system in India. FreeStyle Libre sensor measures glucose every minute in the interstitial fluid through a small filament that is inserted under the skin and held in a small adhesive pad.
- Among product type, insufflator is estimated to hold a dominant position in the North America and Europe minimally invasive prostate cancer surgery market over the forecast period due to increasing product approvals by regulatory authorities. For instance, on March 24, 2023, Palliare, a medical equipment manufacturer, announced that it had received an approval from the U.S. Food and Drug Administration (FDA) for its new EVA5 insufflator which is purposed for traditional diagnostic and third space therapeutic endoscopy procedures. This extends the EVA family of insufflators to cover a wider range of procedures than that offered by the company’s current EVA15 flagship product alone.
- Among regions, North America is estimated to account for the largest market share in the North America and Europe minimally invasive prostate cancer surgery market due to the increasing prevalence of prostate cancer in North America region over the forecast period. According to American Society of Clinical Oncology (ASCO), prostate cancer is the most common cancer among men, except for skin cancer. In 2023, an estimated 288,300 men in the U.S. will be diagnosed with prostate cancer. Worldwide, an estimated 1,414,259 people were diagnosed with prostate cancer in 2020. It is the fourth most commonly diagnosed cancer in the world
- The major players operating in the North America and Europe minimally invasive prostate cancer surgery market include AngioDynamics, Profound Medical, Medtronic, Johnson & Johnson Services, Inc., Olympus, Siemens Healthcare, Intuitive Surgical Operations, Inc., B. Braun SE, Delta Healthcare, ESC Medicams, Zhejiang Geyi Medical Instrument Co., Ltd., XION, Fulbright Medical Inc., and CONMED Corporation
