The availability of automated, efficient, and advanced clinical tools and the emergence of extremely accurate forms of medical treatment such as image-guided radiation therapy (IGRT), stereotactic radiosurgery (SRS), and brachytherapy are pushing up the demand for prostate cancer treatment devices in the U.S. For example, Accuray Incorporated developed CyberKnife S7 System, which is a device equipped with synchronization treatment delivery and real-time artificial intelligence (AI)-driven motion tracking for all stereotactic body radiation therapy (SBRT) and SRS treatments, in June 2020.
This device is the next-generation CyberKnife platform, which is a non-invasive and a robotic radiation therapy device that can treat benign and cancerous tumors all over the body, including those in prostate glands. The increasing incidence of prostate cancer is another major factor boosting the sales of prostate cancer treatment devices in the country. According to the American Cancer Society (ACS), one of the most prevalent types of cancers in male persons in the U.S. is prostate cancer.
Additionally, the organization predicts that the country will witness as many as 191,930 new prostate cancer cases in 2020. With the increasing incidence of prostate cancer, the requirement for several types of treatment equipment such as those used in surgery, cryotherapy, and radiotherapy will surge in the coming years. The soaring number of government initiatives being launched and the surging healthcare expenditure in the country are also propelling the sales of prostate cancer treatment devices.
The federal government spends a huge portion of the country’s GDP on healthcare every year. According to the National Health Expenditure Accounts (NHEA), in the U.S., the healthcare spending increased by 4.3% and reached $3.3 trillion in 2016. In 2017, the healthcare expenditure further rose to 5.4%. The increasing healthcare expenditure is making the management and treatment of many diseases highly affordable by reducing the prices of prostate cancer treatment devices.
The mushrooming sales of these devices are fueling the growth of the U.S. prostate cancer treatment devices market. According to the estimates of the market research firm, P&S Intelligence, the valuation of the market would grow from $95.9 million in 2019 to $157.1 million by 2030. The market will demonstrate a CAGR of 5.6% from 2020 to 2030. Surgery, radiation, high-intensity focused ultrasound (HIFU), and cryotherapy are the main types of prostate cancer treatment devices used in the country.
