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According to research and consulting firm, GlobalData, the seven major markets of the US, France, Germany, Italy, Spain, the UK, and Japan, the US will continue its current dominance, accounting for 65% of the global arena by 2024.
Dr Valentina Gburcik, GlobalData's director of cardiovascular & metabolic disorders, states that three novel therapies will contribute to the growth of the BPH therapeutics market, including the launch of Nymox's novel first-in-class therapy, NX-1207, in the US and Europe in 2017 and 2019, respectively.
She says: "NX-1207 is a direct prostatic injection indicated for patients with moderate-to-severe BPH. It offers an increased safety profile and improved efficacy in comparison with currently available BPH therapies, and lasts for a mean duration of 3.5 years after a single injection.
"The drug will also be priced at a premium compared with current products, meaning that it will contribute significantly towards the anticipated market expansion following its launch."
She adds that an increasing number of diagnosed BPH cases worldwide, resulting from an aging male population, will further drive the market over the forecast period.