Global Prostate Cancer Therapeutics Market, By Drug Class (Hormonal Therapy, Chemotherapy, Immunotherapy, Targeted Therapy), End-Users (Clinic, Hospital, Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Sales, Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Prostate Cancer Therapeutics Market Overview
The Prostate Cancer Therapeutics Market size was estimated at USD 11.7 billion in 2022 and is projected to reach USD 20.3 billion in 2027 at a CAGR of 8.10% during the forecast period 2023-2030.
Prostate cancer is a type of cancer that occurs in the prostate gland, which is a small gland located in the male reproductive system. In prostate cancer, abnormal cells in the prostate gland start to grow and divide uncontrollably, leading to the formation of a tumor. Prostate cancer is a significant health concern, as it is the sixth leading cause of death in males and the eleventh leading cause of death from any disease. There are several treatment options available for prostate cancer, including radiation therapy, chemotherapy, hormone therapy, surgery, and biological therapy. The choice of treatment depends on various factors, such as the stage of cancer, the patient's age and overall health, and the potential side effects of the treatment.
One of the major challenges is the high cost associated with the treatment of prostate cancer. This can make it difficult for patients to afford the necessary treatment, which can impede the growth rate of the market. Another challenge is the less success rate in clinical trials for oncology drugs. This means that many drugs that are developed for the treatment of prostate cancer may not be effective, which can slow down the growth of the market. Additionally, adverse effects involved with prostate cancer therapeutics can also hinder the growth rate of the market. These adverse effects can include nausea, vomiting, fatigue, and other side effects that can make it difficult for patients to tolerate the treatment.
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Due to the sudden emergence of the COVID-19 infection, diagnostic and surgical procedures for cancer care were halted, leading to a delay in cancer diagnosis and treatment. Studies have shown that cancer patients, including those with prostate cancer, are more susceptible to COVID-19 than individuals without cancer. This is because cancer patients are in an immunosuppressive state caused by malignancy and anticancer treatment, which weakens their immune system and makes them more vulnerable to infections. As a result, prostate cancer patients are advised to stay at home and avoid all non-emergent diagnoses and treatment to reduce their risk of exposure to COVID-19.
Delvens Industry Expert's Standpoint
One of the major drivers is the increase in the number of cases of prostate cancer and cardiovascular disorders. This has led to a higher demand for prostate cancer treatments and has resulted in the expansion of the market. Another significant factor is the rising healthcare expenditure. As healthcare spending increases, more resources are allocated towards the development and distribution of prostate cancer therapeutics. Government funding and initiatives by public and private organizations to spread awareness about prostate cancer are also contributing to the growth of the market. This is because increased awareness leads to earlier detection and treatment of prostate cancer, which in turn drives demand for therapeutics. Technical innovations in screening and diagnostic tests are also positively impacting the market's growth rate. These innovations allow for earlier and more accurate detection of prostate cancer, which can lead to more effective treatment and better patient outcomes. Changes in lifestyle, such as increased exercise and healthier diets, are also contributing to the growth of the market. This is because a healthier lifestyle can reduce the risk of developing prostate cancer, which in turn reduces the demand for therapeutics. Developments in genomics and proteomics are also cushioning the growth rate of the market. These developments allow for more personalized and targeted treatments, which can lead to better patient outcomes and increased demand for therapeutics. The emergence of strong pipeline drugs and new prostate cancer treatments is another significant factor that is driving the growth of the market. These new treatments offer more options for patients and can lead to increased demand for therapeutics. Finally, the growing geriatric population is also contributing to the growth of the market. As the population ages, the incidence of prostate cancer increases, which in turn drives demand for therapeutics.
Key Findings
- On the basis of Drug Class, the drugs in this class majorly act as luteinizing hormone-releasing hormone (LHRH) antagonists, luteinizing hormone-releasing hormone (LHRH) agonists, and anti-androgen. LHRH antagonists work by blocking the production of testosterone, which is a hormone that fuels the growth of prostate cancer cells. Anti-androgens work by blocking the action of testosterone on prostate cancer cells. Xtandi is one of the most commonly used drugs in hormonal therapy for prostate cancer treatment. The drug is not only popular because more patients are receiving prostate cancer treatment, but also because more patients are taking it for longer durations, with the average duration being nine months.
- On the basis of Distribution channel, Hospital pharmacies and pharmacists play a crucial role in the healthcare industry as they manage pharmaceuticals in a critical hospital setting that requires quick access to drugs and supplies. They are responsible for ensuring that the right medication is available to patients at the right time, in the right dosage, and in the right form. Hospital pharmacies provide both in-patient and out-patient services, which means that they cater to the needs of patients who are admitted to the hospital as well as those who visit the hospital for consultation or treatment. This makes it convenient for patients to receive the necessary medication and treatment for a wide variety of illnesses. Hospital pharmacies are also focused on reducing clinical decision-making errors, which can have serious consequences for patients.
- On the basis of Modality, they employ various strategies to minimize the risk of errors, such as implementing computerized physician order entry systems, using barcode scanning technology, and providing medication reconciliation services. Hospital pharmacies aim to generate income from medicine purchases while also striving to lower the overall cost of prescriptions. They achieve this by negotiating with drug manufacturers to obtain the best prices, implementing cost-saving measures such as generic substitution, and providing medication therapy management services to optimize drug therapy and reduce waste.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is a region that is expected to have a major share in the Prostate Cancer Diagnostics and Therapy Market. This is due to the increasing prevalence of prostate cancer in the region, which is a major factor driving the growth of the market.
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Prostate Cancer Therapeutics Market Regional Analysis
North America to Dominate the Market
- North America is a region that is expected to have a major share in the Prostate Cancer Diagnostics and Therapy Market.
- Prostate cancer is one of the most common types of cancer in men in North America, and the incidence of this disease is increasing every year.
Prostate Cancer Therapeutics Market Competitive Landscape
- Bayer AG
- AstraZeneca PLC
- Sanofi-Aventis
- Thermo Fisher Scientific
- F. Hoffmann-La Roche Ltd.
- Johnson & Johnson Services, Inc.
- Astellas Pharma Inc.
- Eli Lilly and Company
- Sanofi
- Ipsen Pharma
- AstraZeneca
- Valeant Pharmaceuticals International, Inc.
- Merck & Co., Inc.
- Pfizer Inc.
- Bristol-Myers Squibb Company
- Takeda Pharmaceutical Company Ltd,
- GlaxoSmithKline Plc
- Ipsen Pharma
- Ferring Pharmaceuticals Inc
Prostate Cancer Therapeutics Market Recent Developments
- In January 2021, U.S. Food and Drug Administration (FDA) have approved a new drug named Relugolix which is expected to modify the treatment for advanced prostate cancer. The medicine relugolix (Orgovyx) was found to be more successful at lowering testosterone levels in men with advanced prostate cancer in a substantial clinical trial.
- In June 2021, Novartis AG has announced that the U.S. Food and Drug Administration (FDA) have granted Breakthrough Therapy designation (BTD) to 177Lu-PSMA-617 in patients with metastatic castration-resistant prostate cancer (mCRPC). Breakthrough Therapy designation is given to drugs that are being studied for critical illnesses and show early clinical evidence of a significant improvement over current therapy.
Reasons to Acquire in the Prostate Cancer Therapeutics Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Prostate Cancer Therapeutics Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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The Prostate Cancer Therapeutics Market 2021 research report gives emerging industry data, global segments and regional outlook.
This report covers up all details such as size, share, value, growth, restraints, and opportunities for the year 2020 to 2027.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the prostate cancer therapeutics market includes Astellas, Inc., AstraZeneca plc, Bayer AG, Bristol Myers Squibb (BMS), Johnson & Johnson, and Sanofi S.A. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Prostate Cancer Therapeutics Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/prostate-cancer-therapeutics-market/download-sampleMarket DynamicsThe market of the prostate gland therapies is likely to grow at the significant pace owing to the rising prevalence of prostate cancer, growing geriatric population, and strong product pipeline.
However, unfavorable reimbursement policies and the high cost of the treatment are expected to curb the market growth.This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis.
