Home Healthcare IT Prostate Cancer Treatment Market Astounding 4.1% CAGR During Forecast Period

Prostate Cancer Treatment Market

Prostate Cancer Treatment Market Size, Share & Trends Analysis Report By Drug Type (Chemotherapy, Biological Therapy, Hormone Therapy, Others), By Distribution Channel (Hospitals Pharmacies, Drug Stores and Retail Pharmacies, Online Pharmacies) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRHI55383DR
Study Period 2019-2031 CAGR 4.1%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 8.08 Billion
Forecast Year 2031 Forecast Year Market Size USD 11.6 Billion
Largest Market North America Fastest Growing Market Europe

Market Overview

The global prostate cancer treatment market size was valued at USD 8.08 billion in 2022. It is estimated to reach USD 11.6 billion by 2031, growing at a CAGR of 4.1% during the forecast period (2023–2031). The increase in the prevalence of prostate cancer and the rise in the geriatric population stimulate market growth.

A gland in the male reproductive system is the prostate. It is in front of the rectum, the lowest portion of the colon, and immediately beneath the bladder, the organ that stores and excretes urine. It is around the size of a walnut and covers a portion of the urethra, the tube that empties the bladder of pee. The prostate gland produces semen fluid. One type of cancer that affects the male reproductive system is prostate cancer. Normal cells in the prostate gland multiply uncontrolled, which is the beginning of prostate cancer. Men over 65 who are geriatric are more likely to have it. Age, race, and family history are all risk factors for prostate cancer.

Radiation therapy, surgery, chemotherapy, biological therapy, and hormone therapy are all options for treatment. Depending on the cancer's stage, the course of treatment for prostate cancer might be chosen. Urologists and radiation oncologists are two medical specialists who deal with prostate cancer.

Market Dynamics

Global Prostate Cancer Treatment Market Drivers

Increase in the Prevalence of Prostate Cancer

One of the non-skin cancers that are most frequently diagnosed in the United States is prostate cancer. It ranks as the third most common cause of mortality globally. It is among the most prevalent diseases and causes of cancer deaths in many developing and Western nations. Additionally, in recent years, the incidence and frequency of prostate cancer have been alarmingly increasing in wealthy nations. In 2018, 1,276,106 new instances of prostate cancer were reported globally, with industrialized nations having a greater prevalence. Men diagnosed with prostate cancer have increased by 40% during the past 20 years. The Prostate Specific Antigen (PSA) test's growing use in case-finding asymptomatic males is responsible for this. Prostate cancer will be diagnosed in between 185,700 and 201,700 men in Australia in 2017, according to the Movember Foundation, Australia. As a result, it is anticipated that there will be a rise in demand for pharmaceuticals used to treat prostate cancer, which will fuel the expansion of the global market.

Rise in Geriatric Population

Male seniors are most frequently diagnosed with prostate cancer. Prostate cancer treatment for older men is increasing due to longer life expectancies and more frequent PSA screenings. The risk increased after 50 in white men without a family history of prostate cancer and after 40 in black men and men with a family history of prostate cancer. The American Cancer Society estimates that 6 out of 10 new cases of the disease will be found in men 65 and older in 2019, whereas cases in men under 40 are uncommon. Furthermore, according to the National Cancer Institute, the typical age of diagnosis for prostate cancer is 66 years old. Therefore, it is anticipated that an increase in the elderly population will increase demand for medications used to treat prostate cancer, supporting the market's expansion.

Global Prostate Cancer Treatment Market Restraint

Prostate Cancer Medication Side Effects

Chemotherapy medications try to kill rapidly proliferating cells, but their use has negative effects because they cannot distinguish between malignant and healthy cells. The most frequent adverse effect is anemia caused by damage to bone marrow's blood-forming cells. Additionally, the injury to the hair follicles causes hair loss. Other significant negative effects of using these medications include nausea, constipation, issues with fertility, and changes in libido. Other negative side effects of prostate cancer therapy medications include rashes, itching, mouth sores, weight loss, and nerve and muscle issues like numbness, discomfort, and tingling. Therefore, using medications to treat prostate cancer results in severe side effects that limit the growth of the global market.

Global Prostate Cancer Treatment Market Opportunities

Growth Opportunities in Emerging Markets

Due to the availability of improved pharmaceutical industry infrastructure, growth in pharmaceutical industries, and rise in demand for prostate cancer treatment products, opportunities in untapped, emerging markets are anticipated to drive the market growth for prostate cancer treatments. Due to the increase in demand for improved sophisticated manufacturing systems and large government investments to upgrade healthcare infrastructure, the healthcare business is growing rapidly in emerging nations. Another factor supporting this industry's expansion is the concentration of pharmaceutical firms in rising economies like China, India, and others.

Regional Analysis

Based on region, the global prostate cancer treatment market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global prostate cancer treatment market shareholder and is estimated to exhibit a CAGR of 3.7% over the forecast period. Major key companies, including Bristol-Myers Squibb Company, Johnson and Johnson, Pfizer Inc., AbbVie Inc., and others, significantly influence the growth of prostate cancer treatment. Along with these factors, the expansion of the North American market is also aided by an increase in the prevalence of prostate cancer, an increase in the demand for pharmaceuticals used to treat the disease, the availability of cutting-edge healthcare facilities with qualified medical staff, and an increase in the number of R&D facilities. Launching a few pipeline medications is anticipated to fuel the local market during the projection period. For instance, the Pluvicto medication, which will be used to treat adult patients with prostate cancer, received FDA approval for an advanced accelerator application in March 2022. Throughout the projection period, the market is expected to be driven by a solid pipeline and government backing for innovation.

Europe is anticipated to exhibit a CAGR of 4% over the forecast period. Throughout the projection period, the market for prostate cancer treatments in European nations is anticipated to expand steadily. The market in this region is expected to grow as a result of the rising demand for prostate cancer treatment products, the strong presence of key players like AstraZeneca plc, Bayer AG, F. Hoffmann-La Roche AG, Ferring Pharmaceuticals Inc., GlaxoSmithKline Plc., Ipsen Pharma, and others, and the rising adoption of these products. Additionally, the rise in prostate cancer prevalence, the existence of a strong pharmaceutical industry infrastructure, the accessibility of qualified specialists, and the rise in the senior population are the other major growth drivers in the European market.

Asia-Pacific has emerged as one of the fastest-growing regions in the global market. The prostate cancer treatment market has plenty of attractive potential in this region, which is also expected to grow fastest over the forecast period. The high population base, high disposable incomes, increased consumer awareness of prostate cancer treatment options, and increasing rates of prostate cancer in the region's diverse nations all contribute to the market growth in this area. Due to improvements in healthcare infrastructure, more access to treatment, a growing R&D sector, a spike in healthcare reforms, and technical breakthroughs in the industry, Asia-Pacific is anticipated to have the fastest market growth over the projection period.

Additionally, the increased attention that top manufacturers are paying to grow their geographic footprint in developing Asia-Pacific nations offers the market growth excellent growth prospects. Due to its large population, considerable demand for modern medical facilities, and increased RandD activities in the pharma sector.

In LAMEA, the market for treating prostate cancer is still in its infancy due to a dearth of pharmaceutical enterprises with cutting-edge manufacturing facilities and trained staff. Because of the expansion of the target population, the rise in demand for pharmaceuticals used to treat prostate cancer, and the development of the healthcare system, LAMEA is expected to offer profitable growth opportunities for the main players. Furthermore, the rising prevalence of prostate cancer in LAMEA has accelerated the adoption of prostate cancer treatment options, fueling the market's growth.

Report Scope

Report Metric Details
Segmentations
By Drug Type
  1. Chemotherapy
  2. Biological Therapy
  3. Hormone Therapy
  4. Others
By Distribution Channel
  1. Hospitals Pharmacies
  2. Drug Stores and Retail Pharmacies
  3. Online Pharmacies
Company Profiles Astellas Pharma Inc. AstraZeneca plc Bayer AG Bristol-Myers Squibb Company F. Hoffmann-La Roche AG Ferring Pharmaceuticals Inc. GlaxoSmithKline Plc Ipsen Pharma Johnson and Johnson Takeda Pharmaceutical Company Ltd.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global prostate cancer treatment market is bifurcated into drug types and distribution channels.

Based on the drug type, the global prostate cancer treatment market is bifurcated into chemotherapy, biological therapy, hormone therapy, and others.

The hormone therapy segment dominates the global market and is projected to exhibit a CAGR of 4.1% over the forecast period. Hormone treatment uses hormones to halt or delay the growth of cancer cells. It is sometimes referred to as endocrine therapy, hormonal therapy, androgen suppression therapy, or hormone treatment. To slow down or stop the growth of prostate cancer cells, hormone therapy for men with prostate cancer aims to lower levels of hormones such as androgens in males. Most of the medications used in hormonal therapy are anti-androgens, luteinizing hormone-releasing hormone (LHRH) antagonists, and luteinizing hormone-releasing hormone (LHRH) antagonists. Xtandi is one of the most widely used medications, and not simply because more individuals are receiving treatment for prostate cancer; instead, more patients are taking it for longer periods; the typical length is now nine months. In 2021, the drug brought in more than 3 billion dollars. More urologists are expected to continue recommending the treatment, which will assist Xtandi's long-term revenue stream.

Based on distribution channels, the global prostate cancer treatment market is segmented into hospital pharmacies, drug stores and retail pharmacies, and online pharmacies. 

The hospital pharmacies segment dominates the global market and is predicted to exhibit a CAGR of 4.2% during the forecast period. The hospital pharmacy is a specialist area located on a hospital's grounds. It includes preparing, storing, compounding, and delivering medications and medical equipment and counseling patients and healthcare professionals on how to use them safely and effectively. The market expansion of this sector is driven by an increase in the number of patients receiving treatment for prostate cancer who are hospitalized, a rise in the number of hospital pharmacies, and an improvement in the design of hospital pharmacies in growing nations like China and India. Hospital pharmacies and pharmacists are significant market players because they oversee pharmaceuticals in a demanding hospital environment where prompt access to medications and supplies is essential.

Furthermore, because these pharmacies offer both in-patient and out-patient services, patients can easily get help for various ailments. Additionally, these pharmacies work to reduce clinical decision-making errors and prioritize making money from pharmaceutical sales while attempting to reduce prescription costs generally.

Market Size By Drug Type

Recent Developments

  • June 2023- FDA approves novel prostate cancer therapy: Neeraj Agarwal, MD, FASCO, Presidential Endowed Chair of Cancer Research at Huntsman Cancer Institute, has gained FDA approval for a new prostate cancer treatment. The new treatment combines two cancer drugs, enzalutamide and talazoparib.
  • June 2023- The Food and Drug Administration (FDA) has approved Lynparza® (olaparib) in combination with abiraterone and prednisone or prednisolone for the treatment of adults with deleterious or suspected deleterious BRCA-mutated metastatic castration-resistant prostate cancer (mCRPC).

Top Key Players

Prostate Cancer Treatment Market Share of Key Players

Astellas Pharma Inc. AstraZeneca plc Bayer AG Bristol-Myers Squibb Company F. Hoffmann-La Roche AG Ferring Pharmaceuticals Inc. GlaxoSmithKline Plc Ipsen Pharma Johnson and Johnson Takeda Pharmaceutical Company Ltd.

Frequently Asked Questions (FAQs)

How big is the prostate cancer treatment market?
The global prostate cancer treatment market was valued at USD 8.08 billion in 2022. It is estimated to reach USD 11.6 billion by 2031, growing at a CAGR of 4.1% during the forecast period (2023–2031). The increase in the prevalence of prostate cancer and the rise in the geriatric population stimulate market growth.
North America region has the largest market share in the prostate cancer treatment market.
The key players in the global prostate cancer treatment market include Astellas Pharma Inc., AstraZeneca plc, Bayer AG, Bristol-Myers Squibb Company, F. Hoffmann-La Roche AG
Growth opportunities in emerging markets is opportunity in market.
The global prostate cancer treatment market is bifurcated into drug types and distribution channels.


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