Prostate Cancer Therapeutics Market Dynamics: Addressing Challenges in Drug Development
The global prostate cancer therapeutics market size is expected to reach USD 21.48 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.4% from 2023 to 2030. The growth of the market is attributed to the escalating prevalence of prostate cancer which in turn increases the demand for novel therapeutics. For instance, as per the ACS in 2022, prostate cancer is expected to have 268,490 new cases and lead to the death of 34,500 people worldwide. It affects roughly one out of every eight men at some point in their lives and is more common in older men.
A surge in government funding and increased public and private sector initiatives to enhance knowledge, and awareness about the availability of medicines amongst the public are projected to accelerate market growth. Furthermore, a rising preference for online drug purchasing over traditional methods, an increase in the number of internet users, and a rise in awareness regarding online pharmacies are expected to enhance the treatment adoption rate.
Gather more insights about the market drivers, restrains and growth of the Global Prostate Cancer Therapeutics Market
As per the American Cancer Society, in 2022, prostate cancer is the second leading cause of death in the male population of the U.S. Around one man in every 41 dies from prostate cancer. Although prostate cancer is a deadly disease, the mortality rate from the disease is low. The availability of a supportive regulatory landscape is expected to drive the adoption of novel products such as 177Lu-PSMA-617, which is precision medicine for patients that have not been cured with multiple rounds of treatment. The product received FDA approval in March 2022 for the treatment of mCRPC.
Targeted and biological therapy, chemotherapy, and hormonal therapy are some of the methods used to treat the condition. The high cost of targeted therapies and other immunotherapies is projected to act as a significant limitation on the global market. Low awareness of technological advancements in the therapeutic area in developing countries is expected to become a restrain for the market.
New trials are being conducted by institutes such as MRC Clinical Trials Unit at UCL. A June 2022, publication by the institute highlights secondary cancer tumor type of prostate cancer patients are benefited more from the use of chemotherapy such as docetaxel with an enhanced survival rate of 39%. These studies are creating a more effective way of providing a personalized medicine approach to prostate cancer patients so that they experience fewer side effects.
Prostate Cancer Therapeutics Market Report Highlights
- By drug class, the hormonal therapy segment held the largest share and is expected to be the fastest-growing segment due to the availability and efficient mechanism of action for treating the diseased condition completely
- Xtandi drug is expected to grow at the fastest rate over the forecast period due to the high adoption of the drug and usage of the drug for longer periods of time
- North America dominated the market in 2022 and is anticipated to be the fastest-growing region owing to an increase in the disease's prevalence, and a strong need for prostate cancer therapeutic products in the region
- Key market players operating in the market are focusing on developing novel products to meet the demand and provide efficient treatment options
List of Key Players of Prostate Cancer Therapeutics Market
- Johnson & Johnson Services, Inc.
- Astellas Pharma Inc.
- Eli Lilly and Company
- Sanofi
- Ipsen Pharma
- Bayer AG
- AstraZeneca
- Valeant Pharmaceuticals International, Inc.
- Merck & Co., Inc.
- Pfizer Inc.
Order a free sample PDF of the Prostate Cancer Therapeutics Market Intelligence Study, published by Grand View Research.
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