Covid-19 Impact on U.S. Prostate Cancer Treatment Device Market CAGR Rapidly Growing in Coming Years
The U.S. prostate cancer treatment devices market is predicted to advance at a CAGR of 5.6% from 2020 to 2030 and generate a revenue of $157.1 million by 2030. The growing usage of technologically advanced and innovative prostate cancer treatment devices in various healthcare settings for providing better medical treatment to patients is a major factor fueling the growth of the market.
The other key factor propelling the expansion of the market is the rising requirement for automated prostate cancer treatment devices, on account of the rapid advancements in treatment procedures in the country.
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The progress of the U.S. prostate cancer treatment devices market has been considerably slowed down by the COVID-19 pandemic. Moreover, the rapid spread of the virus and the ballooning number of infected persons have augmented the burden on healthcare settings and services. Many states in the country have imposed either partial or complete lockdowns for reducing the spread of the virus and this has resulted in the shutting down of manufacturing plants.
This has, in turn, affected the operations of manufacturing companies and contract manufacturing organizations (CMOs). Apart from this, the pandemic has also affected the transportation sector, with many flights getting delayed or cancelled on account of the lockdowns. This has subsequently affected the transportation of prostate cancer treatment devices from one place to another, thereby hampering the advancement of the market.
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Under the end user segment of the U.S. prostate cancer treatment devices market, the main categories are specialty centers and hospitals. Of these, the hospitals category registered higher share in the market in the years gone by and this trend is likely to continue in the forthcoming years.
As per the American Hospital Association (AHA), there were as many as 6,146 hospitals in the country in 2018. The growth of the hospitals category in the market is mainly because of the existence of several hospitals in several states and the burgeoning sales of the treatment devices by the major manufacturing firms directly to the hospitals.