Penile Cancer Global Market Report 2024

The penile cancer market size has grown strongly in recent years. It will grow from $22.25 billion in 2023 to $24 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The expansion observed in the historical period can be ascribed to the implementation of early detection systems, a focus on patient-centric care, the augmentation of HPV vaccination programs, and the integration of digital pathology.

The penile cancer market size is expected to see strong growth in the next few years. It will grow to $31.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period can be credited to the adoption of telemedicine and remote monitoring, the implementation of screening programs, advancements in imaging technologies, increased adoption of biosimilars, integration of wearable devices, and the utilization of digital health solutions. Key trends expected in the forecast period include the incorporation of artificial intelligence, technological advancements in surgical techniques, progress in immunotherapy, and the integration of machine learning.

The anticipated increase in the incidence of penile cancer is poised to drive the growth of the penile cancer market in the coming years. Penile cancer, characterized by the development of malignant cells in the penile tissues, is expected to elevate the demand for diagnostic, surgical, and supportive care services, thereby influencing the overall penile cancer market. As of January 2023, reports from the American Cancer Society Inc., a US-based voluntary health organization, predict approximately 2,050 new cases of penile cancer and 470 related deaths by the same year. This surge in incidence underscores the driving force behind the growth of the penile cancer market.

The upward trajectory of healthcare investment is expected to contribute significantly to the expansion of the penile cancer market. Investment in healthcare entails allocating funds for the advancement, innovation, and provision of medical services, technologies, and treatments aimed at enhancing overall health and wellness. Increased healthcare investment supports the development of advanced treatments and research, leading to enhanced detection, treatment, and outcomes in the penile cancer market. Notably, in March 2022, the Australian Government Department of Health and Aged Care announced an allocation of $132 billion in 2022–23, rising to $140 billion by 2025–26, totaling $537 billion over the next four years to fortify the healthcare system for a more robust future. Consequently, the surge in healthcare investment emerges as a key driver fueling the growth of the penile cancer market.

The anticipated rise in the geriatric population is poised to drive the growth of the penile cancer market in the coming years, given that penile cancer predominantly affects older men, and its incidence tends to increase with age. Common treatment modalities for penile cancer include surgery, radiation therapy, and targeted therapy. The elevated risk of penile infection associated with the growing geriatric population is underscored by projections from A Place for Mom, a US-based elderly care company, indicating that by November 2022, there will be 54.1 million individuals aged 65 or older in the US, constituting 16.3% of the total population. The senior population is expected to further increase to 22% by 2040 and 25% by 2060, thereby contributing significantly to the growth of the penile cancer market.

A noteworthy trend in the penile cancer market is the emergence of clinical collaborative guidance, where major companies are actively involved in developing unified, evidence-based guidance on diagnosing, treating, and managing penile cancer. This collaborative effort is exemplified by the joint guidelines released in March 2023 by the European Association of Urology (EAU) and the American Society of Clinical Oncology. These guidelines recommend a multidisciplinary approach for evaluating men with suspected penile cancer and emphasize early detection and diagnosis, with surgery being the primary treatment for early-stage penile cancer, complemented by radiation therapy. The guidelines also highlight the use of chemotherapy for treating advanced penile cancer, with a recommended follow-up care period of at least five years after treatment.

Major companies operating in the penile cancer market are actively focusing on innovative solutions, such as advanced cancer trials, to address unmet medical needs and enhance treatment outcomes. Advanced cancer trials involve testing new treatments, therapies, or medications on patients with late-stage cancer to assess their safety and effectiveness. For instance, the ECOG-ACRIN Cancer Research Group, a US-based scientific organization, enrolled 100 patients in the International Penile Advanced Cancer Trial (InPACT) in May 2023. This trial, dedicated to studying advanced stages of penile cancer, aims to improve treatment outcomes and quality of life for affected individuals by evaluating novel therapies, surgical approaches, and interventions. InPACT seeks to advance medical care and understanding of this rare but serious condition, offering hope to men with advanced cancer of the penis.

Major companies operating in the penile cancer market report are Pfizer Inc., Merck & Co. Inc., Bayer AG, Bristol-Myers Squibb Company, Fresenius Kabi AG, AstraZeneca PLC, GlaxoSmithKline plc., Takeda Pharmaceutical Company Limited, Eli Lilly and Co Ltd., Gilead Sciences Inc., Amgen Inc., BioNTech SE, Teva Pharmaceutical Industries Ltd., Astellas Pharma Inc., Daiichi Sankyo Company Limited, Sandoz International GmbH, Eisai Co. Ltd., Sun Pharmaceutical Industries Ltd., Ipsen S.A, Dr. Reddy's Laboratories Ltd., Intas Pharmaceuticals Limited, Cipla Inc., Hikma Pharmaceuticals PLC, Lupin Limited, Glenmark Pharmaceuticals Ltd., Natco Pharma Limited, Celon Laboratories Ltd., Meda Pharmaceuticals, Actiza Pharmaceutical Private Limited, Celgene Corporation.

North America was the largest region in the penile cancer market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the penile cancer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the penile cancer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary classifications of penile cancer include squamous cell cancer of the penis, adenocarcinoma of the penis, melanoma of the penis, basal cell cancer of the penis, and sarcoma of the penis. Squamous cell carcinoma (SCC) specifically refers to a cancer type originating from the flat, thin squamous cells lining the penis surface. Treatment modalities encompass radiation therapy, chemotherapy, biological therapy, and surgical interventions, utilizing diagnostic methods such as biopsy, ultrasound, and imaging tests. These approaches find application in diverse settings, including hospitals, clinics, and other healthcare facilities.

The penile cancer market research report is one of a series of new reports that provides penile cancer market statistics, including penile cancer industry global market size, regional shares, competitors with a penile cancer market share, detailed penile cancer market segments, market trends and opportunities, and any further data you may need to thrive in the penile cancer industry. This penile cancer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The penile cancer market includes revenues earned by entities by providing services such as screening and diagnosis, treatment options, psychosocial support, multidisciplinary treatment, surgical interventions, and radiation therapy. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.