The prostate is a compound tubuloalveolar exocrine gland of the male reproductive system. Prostate cancer is fairly common across the globe, and most prostate cancers develop slowly. However, in some cases, the aggressive nature of progression in prostate cancers has been observed recently. The market encapsulates products that address disease management and slows disease progression.
The advent of technological empowerment drives growth in the therapeutics market of prostate cancer in developing new medications, drug formulations, and drug sequences. To achieve optimal cancer treatment, recent studies in prostate cancer therapeutics have incorporated different bioinformatics and computational biology applications to achieve enhanced survival time, less toxicity, increased progression-free survival, increased efficacy, and lower cost.
The rising prevalence of prostate cancer and mortality associated with it has nudged the demand for new medications or strategies of disease management. Ad per the statistical report by the National Cancer Institute under the National Institute of Health (the U.S.) estimates that out of roughly 200,000 cases that were reported in 2020, there were 34,000 deaths from prostate cancer, representing a mortality rate of 5.5%. Additionally, the market growth can be linked to the increased geriatric population, which, in turn, has led to a high incidence of prostate cancer. The majority of cases of prostate cancer are diagnosed in men over 65, according to the Prostate Cancer Foundation.
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Developments from key players are continuously supporting the market. For instance, in December 2019, Pfizer introduced XTANDI (enzalutamide) and received the U.S. FDA approval for the treatment of metastatic castration-sensitive prostate cancer. In July 2019, Bayers AG received authorization for commercialization of its product by the European Commission in the European Union (EU) for the new prostate cancer therapeutic, NUBEQA (darolutamide), a non-steroidal androgen receptor inhibitor.
Impact of COVID-19
COVID-19 is a global public health emergency that has affected almost every industry. The pandemic and global lockdown scenario has impacted the prostate cancer market significantly. During the pandemic, to avoid any exposure to the COVID positive patients, the healthcare for the cancer patients have been put on hold, thus delaying treatment. Further, the global supply chain is broken due to the lockdown; hence, the supply of therapeutic products for prostate cancer has been unorganized and uncertain, further surging the product price. However, despite these restraints, the market is expected to witness a boost once the lockdown opens.
Prostate Cancer Therapeutics Market: Segmentation
By Type of Therapy
By Distribution Channel
Central and South America and the Caribbean
The Middle East and Africa
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* Customer Behaviour Analysis
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