Prostate Cancer Therapeutics Market Size to Surpass US$ 24.9 BN By 2030

The global Prostate Cancer Therapeutics market is estimated to develop at a compound annual growth rate (CAGR) of 9.4%. The global Prostate Cancer Therapeutics market size was valued at USD 24.9 billion in 2021, and it is predicted to exceed USD 24.9 billion by 2030. The study investigates several elements and their consequences on the growth of the Prostate Cancer Therapeutics market.

The prostate cancer therapeutics market is anticipated to experience significant growth avenues in the upcoming years. The market growth can be attributed to the increasing cases of prostate cancer at the alarming rate. The American Cancer Society has found ~2.6 Mn. fresh cases of prostate cancer in the year 2019. This serves as a prominent factor to influence the patients to avail prostate cancer therapeutics.

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The rapid technological advancements in the field of oncology have led to the early diagnosis of prostate cancer among patients. This factor is likely to serve as the key factor to propel notable growth opportunities in the market.

On the flip side, the growth opportunities in the prostate cancer therapeutics market can be hampered due to the reluctance of the patients for the premium cancer drugs and therapies. However, there has been a significant increase in the investment by the private and public sectors for the R & D activities. This has boosted the number of these research activities conducted by the key players. Owing to these factors, there has been a noteworthy increase in the market growth trajectory.

Report Scope of the Prostate Cancer Therapeutics Market

Emergence of Novel Diagnostic Techniques for Early Detection of Cancer Projected to Develop Growth Prospects in Market

There has been a noticeable increase in various new diagnostic techniques for the detection of prostate cancer at the initial stage. Further, the measurement of the prostate-specific antigen (PSA) level is crucial to diagnose the prostate cancer among people. Hormonal agents, new cytotoxic therapies, and some other anti-prostate-specific membrane antigen therapies are included in the phase II as well as phase III trials. As per the research conducted by the MFMER (Mayo Foundation for Medical Education and Research), a blend of hormonal along with anti-cytotoxic T-lymphocyte-associated antigen (CTLA) strategies for treatment is likely to stimulate the immune response for prostate tumors.

Developed economies in the world have increased the healthy standard of living that has bolstered the population of geriatric population. This population is more prone to prostate cancer. As per the Prostate Cancer Foundation, the majority of the cases of prostate cancer have been diagnosed among men over the age of 65 years. Thus, the growing incidence of urological disorder at an early age, sedentary lifestyle of the people from developed countries, and constantly rising geriatric population are likely to increase the cases of prostate cancer across the globe. These factors are anticipated to propel the demand opportunities in the prostate cancer therapeutics market.

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Global Prostate Cancer Therapeutics Market: Drivers & Restraints

Increase in healthy living in developed economies has increased the geriatric population, which, in turn, has led to high incidence of prostate cancer. According to the Prostate Cancer Foundation, a majority of prostate cancer cases are diagnosed in men over 65. Hence, consistent increase in the geriatric population, sedentary lifestyle of people in developed countries, and incidence of urological disorder at an early age augment the prevalence of prostate cancer, globally. This propels the need for and demand for prostate cancer therapeutics. According to the Urology Care Foundation, around 1 in 7 men are diagnosed with prostate cancer, and approximately 1 in 35 men succumb to this disease.

Various emerging diagnostic techniques have revolutionized prostate cancer detection at an early phase. Measurement of prostate-specific antigen (PSA) level has helped the diagnosis of prostate cancer. Promising new therapies in phase II and phase III trials include new cytotoxic agents, hormonal agents, and other antiprostate-specific membrane antigen therapies. According to the Mayo Foundation for Medical Education and Research (MFMER), a combination of hormonal and anti-cytotoxic T-lymphocyte-associated antigen (CTLA) treatment strategies can provoke a focused immune response against prostate tumors.

Prominent players in the prostate cancer treatment market are emphasizing on R&D and manufacture of therapeutics for the long-term survival of patients. Castration resistant prostate cancer (CRPC) has driven the approvals of effective & potent systemic agents as first and second-line treatments. Currently, a number of molecular agents are in the early phase of clinical trials for the treatment of prostate cancer.

Prostate cancer therapeutics include various forms of treatments such as hormonal therapy, chemotherapy, and biological & targeted therapy. However, the high cost of targeted therapies & other immunotherapies is expected to be a major restraint of the global market. According to the Global Oncology Trend Report, global pricing associated with oncology drugs and supportive care medicines increased by 11.5% in 2015, wherein, the U.S. accounted for ~46% of the global revenue in the oncology market.

High costs associated with targeted therapies for prostate cancer hamper the adoption of these therapies among the population. Low awareness about technological advancements in the therapeutic area of prostate cancer in developing countries is likely to restrain the prostate cancer therapeutics market during the forecast period. Chemotherapy exhibits poor response rates in later stage prostate cancer, and hence, it was reserved as a palliation for patients with hormone-refractory disease. Most oncologists do not consider systemic therapies in early-stage prostate cancer due to negative perception toward early systemic therapy.

Global Prostate Cancer Therapeutics Market: Regional Segmentation

• In terms of region, the global prostate cancer therapeutics market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
• North America
  • North America was a major market for prostate cancer therapeutics in 2018. The demand for prostate cancer therapeutic products is high in the region due to a rise in the disease prevalence. However, growth of the market in North America is attributed to the launch of promising emerging therapies in the biologic and hormone therapy segments. The expected launch of some pipeline products is likely to drive the market in the region during the forecast period.
•  Europe
  • Manufacturers are anticipated to focus on hormone therapy segments such as antiandrogens in the prostate cancer therapeutics market in Europe. The hormone therapy segment is expected to continue to be a potentially viable segment for investment during the forecast period. The expected launch of pipeline products late in the forecast period is likely to boost market growth. However, restrictions on the use of few drugs by the European Medicines Agency for the treatment of prostate cancer are anticipated to hamper the market in the region 2019 and 2027.
•  Asia Pacific
  • Manufacturers in the prostate cancer therapeutics market in Asia Pacific are anticipated to focus on therapies such as antiandrogens and luteinizing hormone-releasing hormone antagonists. The hormone therapies segment is expected to continue to be a potentially-viable segment for investment during the forecast period. Rise in awareness programs by associations and companies is a major factor likely to boost the growth of the market in the region in the near future.

Some of the prominent players in the Prostate Cancer Therapeutics market include:

• Amgen, Inc.
• Johnson & Johnson (Janssen Biotech, Inc.)
• Pfizer, Inc. 
• AstraZeneca
• AbbVie, Inc.
• Bayer AG
• Ipsen Group
• Sanofi
• Endo Pharmaceuticals, Inc.
• Sanpower Group (Dendreon Corporation).

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:

• Global Prostate Cancer Therapeutics Market, by Therapy
  • Hormone Therapy
    • Luteinizing Hormone-releasing Hormone Analogs
    • Luteinizing Hormone-releasing Hormone Antagonists
    • Antiandrogens
  • Chemotherapy
    • Systemic Chemotherapy
    • Regional Chemotherapy
  • Biologic Therapy
  • Targeted Therapy
• Global Prostate Cancer Therapeutics Market, by Distribution Channel
  • Hospital Pharmacies
  • Retail Pharmacies
  • Online sales
  • Others

Regional Segmentation

• Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
• Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
• North America [United States, Canada, Mexico]
• South America [Brazil, Argentina, Columbia, Chile, Peru]
• Middle East & Africa [GCC, North Africa, South Africa]

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Key Questions Answered in Prostate Cancer Therapeutics Market Report

What will be the sales/revenue generated by Prostate Cancer Therapeutics across all regions during the forecast period?

What are the opportunities in the global Prostate Cancer Therapeutics market?

What are the major drivers, restraints, opportunities, and threats in the market?

Which regional market is set to expand at the fastest CAGR during the forecast period?

Which application is expected to generate the highest revenue globally in 2030? Which segment is projected to expand at the highest CAGR during the forecast period?

What is the market position of different companies operating in the global market?

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