The prostate cancer therapeutics market is anticipated to experience significant growth avenues in the upcoming years.
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 ~1.6 Mn. fresh cases of prostate cancer in the year 2017. This serves as a prominent factor to influence the patients to avail prostate cancer therapeutics.
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.
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As per the research report by Transparency Market Research, the prostate cancer therapeutics market is estimated to expand at a CAGR of ~8% and reach the valuation of US$ 19.6 Bn. during the forecast period from 2019 to 2027.
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.
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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.
Some of the key players operating in the prostate cancer therapeutics market include Pfizer, Inc., Amgen, Inc., Johnson & Johnson, AstraZeneca, Sanpower Group, Endo Pharmaceuticals, Inc., Sanofi, Ipsen Group, and Bayer AG.
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Growing R & D Activities in Therapeutics Projected to Generate Significant Growth Opportunities
The key market players in the prostate cancer therapeutics market are putting emphasis on different R & D activities along with the manufacturing of the therapeutics in order to increase the long-term survival of the patients. Further, CRPC (castration-resistant prostate cancer) has also driven the approvals for the potent and effective systemic agents as the first as well as second-line treatments. At present, a large number of molecular agents are at the initial stage of the clinical trials against prostate cancer treatment.
High costs of the targeted therapies for the prostate cancer are likely to restrict the adoption of these advanced therapies by the consumers. Lack of awareness related to the technological advancements in prostate cancer therapeutics in developing countries is estimated to curtail the growth opportunities in the prostate cancer therapeutics market.
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