Prostate cancer is one of the most common cancers diagnosed among men worldwide. Castrate resistant prostate cancer (CRPC) refers to prostate cancer that continues to progress even after androgen deprivation therapy through surgical or chemical castration. Products like chemotherapy drugs, hormone therapy drugs, immunotherapy, and radiation therapy are used for treating CRPC. The increasing prevalence of prostate cancer worldwide coupled with rising awareness regarding treatment options for advanced stages such as CRPC is expected to drive the demand for therapeutic products over the forecast period.
The global Castrate Resistant Prostate Cancer Market is estimated to be valued at US$ 11.12 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the castrate resistant prostate cancer market is the increasing prevalence of prostate cancer worldwide. According to the World Cancer Research Fund International, in 2020, approximately 1.4 million new cases of prostate cancer were diagnosed globally and there were almost 375,000 deaths from the disease. Moreover, the rising awareness regarding treatment options for advanced stages such as CRPC is also contributing to the growth of the market. According to the report, the increasing availability of therapeutic products for CRPC such as chemotherapy drugs, hormone therapy drugs, immunotherapy and radiation therapy is also fueling the market growth over the forecast period.
SWOT Analysis
Strength:
- Rising prevalence of prostate cancer globally increasing demand for treatment options.
- Increasing R&D investments by key players for development of novel and effective treatment drugs and therapies.
- Growing awareness about prostate cancer and its treatment availability.
Weakness:
- High cost of CRPC treatment drugs posing affordability challenges for patients especially in low-income countries.
- Limited efficacy of existing treatment options necessitating development of better therapeutic approaches.
Opportunity:
- Untapped growth potential in developing regions of Asia Pacific and Latin America.
- Focus on development of personalized medicine for CRPC to improve treatment outcomes.
Threats:
- Stiff competition among existing players may limit price margins and profitability.
- Patent expiry of major drug brands opening door for biosimilars and generics.
Key Takeaways
The Global Castrate Resistant Prostate Cancer Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 11.12 Bn from US$ 9.78 Bn in 2022, growing at a CAGR of 6.6% during the forecast period.
Regional analysis: North America currently dominate the global CRPC market driven by increasing incidence of prostate cancer and presence of advanced healthcare facilities. The region accounted for over 35% of the global market share in 2022. Asia Pacific region is expected to witness fastest growth owing to growing geriatric population, improving access to healthcare and rise in medical tourism.
Key players: Key players operating in the Castrate Resistant Prostate Cancer market are Bucher Vaslin, Pera Pellenc, Scharfenberger, Zambelli Enotech, ENOTOOLS, Criveller Group, Della Toffola, Gruppo Bertolaso, Fabbri, Mori Luigi & C. Bucher Vaslin offers a range of machines, tools and accessories for grape harvest and winemaking process. Pera Pellenc specializes in manufacturing of solutions for precision viticulture and winemaking.
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