A prominent research firm, Cognizance Market Research added a cutting-edge industry report on the “Global Prostate Cancer Therapeutics Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2022 to 2030.
Global Prostate Cancer Therapeutics Market Analysis
According to cognizance market research, the Global Prostate Cancer Therapeutics Market was valued at US$ 12,798.4 Million in 2022 and is anticipated to reach US$ 23,231.4 Million by the end of 2030 with a CAGR of 7.8% from 2023 to 2030.
What are Prostate Cancer Therapeutics?
Prostate cancer is a widespread form of cancer that affects the prostate gland, mainly impacting older individuals and those with sedentary lifestyles. This disease has gained prominence due to factors like an aging population and lifestyle habits in industrialized countries. The focus on improving patient-centered care through research is expected to drive innovation and lead to more effective treatments. However, factors such as health insurance coverage and payment options could also shape the landscape of prostate cancer care.
Over the past decade, significant advancements have been made in treating prostate cancer. Medications such as enzalutamide, abiraterone acetate, silence-T, cabazitaxel, and radium-233 have played a vital role in enhancing treatment outcomes. Patients often prefer treatments with fewer side effects, like androgen-independent therapies, which could lead to increased production by companies in the industry.
Prostate cancer occurs when abnormal cells in the prostate gland grow uncontrollably. It ranks as the sixth leading cause of death among men and the tenth overall. Treatment options include surgery, hormone therapy, radiation, chemotherapy, and biological therapy. Diagnostic and procedural approaches range from specific types of prostate cancer to non-cancerous conditions.
Out of all types of cancer, prostate cancer significantly affects men, causing a substantial number of male deaths and ranking eleventh overall. The demand for new drugs in the prostate cancer market arises from the need for treatments that offer longer survival, reduced side effects, improved efficacy, and affordability. The market focuses on 21 key drugs across various categories, with 13 drugs currently available and 8 more in development.
Prostate cancer rates have increased by 25% in developed countries and 40% in developing nations. This growth is driven by the factors mentioned earlier, along with the expected launch of new medications and a growing elderly male population. Hormonal therapies play a pivotal role in treating prostate cancer through different methods. Next-generation hormonal therapy has particularly impacted treatment approaches for specific stages of the disease, often involving combinations of advanced therapies.
Global Prostate Cancer Therapeutics Market Outlook
The rising prevalence of prostate cancer serves as the primary catalyst propelling the expansion of the market. The landscape of prostate cancer therapeutics is significantly influenced by the escalating healthcare costs. Nevertheless, there is a simultaneous increase in government funding and initiatives from both private and public organizations to raise awareness. This concerted effort is expected to foster growth in the prostate cancer treatment market. Additional factors contributing to this growth include advancements in screening and diagnostic technologies, coupled with evolving lifestyle patterns. However, the market growth could be tempered by the aging population, developments in genetics and proteomics and the associated challenges they present. On the other hand, the availability of robust new pharmaceuticals and a robust pipeline are poised to accelerate the expansion of the prostate cancer treatment market. The market also stands to benefit from heightened research and development efforts and the introduction of novel drugs throughout the anticipated period from 2022 to 2030. The substantial unmet needs and increased pharmaceutical expenditure in developing nations are anticipated to sustain the growth of the prostate cancer treatment marketplace. While the market is projected to grow, factors such as high treatment costs and a history of underperforming anticancer drugs in clinical trials may curtail its potential. Negative side effects associated with these medications could further impede the growth of the prostate cancer therapy market. Challenges are anticipated to persist due to reduced awareness and prolonged treatment durations during the projected period.
The global pandemic has wielded a significant impact on various facets of cancer care, including physician-patient relationships, therapy accessibility, and treatment decisions. Alongside numerous economic, social, and health-related consequences that have intensified existing vulnerabilities, such as those linked to pollution, the pandemic has also significantly affected various other health concerns. Consequently, cancer mortality rates have experienced a gradual decline. Notably, COVID-19 has been correlated with elevated mortality rates in cancer patients when compared to non-cancer individuals.
Key players in the market are focused on developing novel and cutting-edge products. Over the projected timeframe, numerous companies are expected to introduce products to the market. For instance, a study involving a combination of Keytruda and Lynparza for metastatic castration-resistant prostate cancer was conducted in March 2022. Government support for innovative prostate cancer treatments is propelling market expansion. An example is the authorization of 177Lu-PSMA-617 by the US FDA in March 2022. This groundbreaking treatment, developed by the Society of Nuclear Medicine and Molecular Imaging, has shown a 38% reduction in mortality risk. This innovative therapy leverages PET scans for diagnosing and treating patients with prostate cancer expressing PSMA (prostate-specific membrane antigen).
However, targeted therapy remains inaccessible to the general population due to its elevated cost. For instance, the American Society of Clinical Oncology has highlighted that the cost of cancer medications in the US is notably higher, ranging from two to six times more expensive compared to the rest of the world, and more than twice as expensive as in Europe.
The global market for prostate cancer therapeutics is segmented based on therapy and end users. The therapy categories within the market include hormonal therapy, chemotherapy, biological therapy, and targeted therapy.
Under hormonal therapy, there are subcategories including Luteinizing Hormone-Releasing Hormone (LHRH) Antagonists, Hormone-Releasing Hormone (LHRH) Agonists, and Anti-Androgens. The chemotherapy segment is divided into Taxotere and Jevtana. Targeted therapy encompasses Xofigo and Other targeted therapies. The biologic therapy category includes Provenge and other biologic therapies. The hormone therapy segment led the market in 2022 and is projected to maintain this trend throughout the forecast period. Given its ability to reduce cancer recurrence risk and slow its growth, the hormone therapy market is expected to experience rapid expansion during the forecast period. Notably, new antiandrogens and luteinizing hormone-releasing hormone antagonists like Zytiga and Xtandi are being introduced, which is poised to accelerate growth in the hormone therapy market. Prostate cancer ranks as the second most frequent cancer in men and the fourth most common overall, according to the World Health Organization.
The end-user segments encompass hospitals, specialized clinics, ambulatory surgical centers, and others. Based on end-users, the global market for prostate cancer therapies is further categorized into hospital pharmacies, retail pharmacies, and online sales. The hospital pharmacies segment is anticipated to dominate the market during the forecast period. This dominance is attributed to the significant portion of prostate cancer treatments conducted in hospitals, along with their streamlined reimbursement processes. The hospital pharmacies segment is closely linked to hospital treatments and benefits from mechanisms like the Simple Reimbursement Procedure to Enhance Hospital Pharmacies Segment. The presence of major corporations in the field has contributed to an expansion in the range of therapies offered within this segment.
Geographically, the Global Prostate Cancer Therapeutics Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America held a significant share of nearly 50% of the global prostate cancer treatment market in 2022, and this dominance is expected to persist throughout the forecast period. The reasons behind this include the increased utilization of prostate cancer treatment products, widespread availability of therapeutic medications, the substantial presence of pharmaceutical companies, and a well-developed healthcare infrastructure.
Conversely, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. This growth can be attributed to improvements in healthcare infrastructure, an increasing number of hospitals equipped with advanced medical technologies, a thriving research and development sector, and technological advancements in the region.
Europe emerged as the second-largest market for prostate cancer therapeutics in 2022, largely driven by the high prevalence of the disease and heightened public awareness. The hormone treatment market in Europe experienced growth, with drugs like Zytiga and Xtandi contributing to increased sales. The broader European prostate cancer treatment market is expected to expand due to significant unmet clinical needs and an aging male population.
The Global Prostate Cancer Therapeutics Market demonstrates varying trends across different geographical regions, with North America maintaining its dominant position, Asia-Pacific showing substantial growth potential, and Europe driven by disease prevalence and awareness.
The report offers the revenue of the global prostate cancer therapeutics market for the period 2022-2030, considering 2020 & 2021 as historical years, 2022 as the base year, and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global prostate cancer therapeutics market for the forecast period. The global prostate cancer therapeutics market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the global prostate cancer therapeutics market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the global prostate cancer therapeutics market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global prostate cancer therapeutics market. Secondary research involved a detailed analysis of significant players’ product portfolios. Literature reviews, press releases, annual reports, white papers, and relevant documents have been also studied to understand the global prostate cancer therapeutics market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segments included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the Global Prostate Cancer Therapeutics Market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the global prostate cancer therapeutics market. The subsequent section of the global prostate cancer therapeutics market report highlights the USPs, which include key industry events (product launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenarios.
Global Prostate Cancer Therapeutics Market Competitive Landscape
The “Global Prostate Cancer Therapeutics Market study report will provide valuable insight with an emphasis on the global market including some of the major players such as:
In 2022, Pfizer, Inc. held the second-largest share of the world market for prostate cancer treatments. When it comes to the supply of medicinal items for prostate cancer, it is anticipated to rule the world market. In 2022, Janssen Biotech (Johnson & Johnson) held the third-largest market share for prostate cancer treatments worldwide. The main brand used to treat prostate cancer was Zytiga.
The report explores the competitive scenario of the Global Prostate Cancer Therapeutics Market. Major players operating in the Global Prostate Cancer Therapeutics Market have been identified and profiled for unique commercial attributes. Company overview (company description, product portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the Global Prostate Cancer Therapeutics Market report.
Global Prostate Cancer Therapeutics Market, by Therapy
Global Prostate Cancer Therapeutics Market, by End-user
Sanofi, Astellas Pharma US, Inc., Myovant Sciences Ltd., Ipsen Pharma, AbbVie Inc., Johnson & Johnson Services, Inc., BG Bayer, AstraZeneca, etc.
Trends: rising management of self-care chronic diseases, initiatives taken by the government, etc., Drivers: Growing prostate cancer population, increasing public awareness about prostate cancer therapy, greater R &D investment by drug developers, etc., Opportunities: Growing preference for biosimilar drugs, support from government & insurance providers, etc., challenges: Failure to provide drug and treatment on time, High cost of targeted therapies, and immunotherapies, low awareness of technological advancement among people, etc.
Hormonal Therapy (Therapy Segmentation)
Development of new products& their introduction, approval, agreement, collaborations, and mergers., etc.
Prostate Cancer Therapeutics Market
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