Prostate Cancer Therapeutics Market Projected to Grow at 6.9% CAGR, Reaching USD 21.7 Billion by 2031: TMR Study

Wilmington, Delaware, United States, July 10, 2023 (GLOBE NEWSWIRE) — The global prostate cancer therapeutics market is projected to expand at a CAGR of 6.9% from 2022 to 2031 to reach US$ 21.7 Bn by 2031. In 2021, the market size was valued at US$ 11.14 Bn.

Family history and ethnic background and lifestyle and dietary risk factors are likely to increase burden of prostate cancer around the globe. Recent market trends indicate that the adoption of targeted therapy in the patient population has increased significantly.

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Furthermore, companies operating in the market are witnessing considerable increase in revenues from rise in demand for treatment for androgen-independent prostate cancer. Rapid increase in R&D activities is likely to pave the way to novel therapies for androgen-independent disease in the patient population.

Growth in prostate cancer awareness among the general public is expected to augment the demand for prostate-specific antigen (PSA) screening, which is likely to bolster market development. Ongoing clinical studies in radiation therapy and radiopharmaceutical therapy presents significant growth avenues for market players in the next few years. Key regulatory agencies in developed and developed countries have approved several drugs to treat advanced stages of prostate cancer. For instance, the US Food and Drug Administration (FDA) has approved a number of anticancer drugs. Systemic chemotherapy is becoming a well-established treatment of prostate cancer at the initial stage.

Key Findings of Study

Continuous R&D Activities in Hormone Therapy to Benefit Patients

Introduction of luteinizing hormone-releasing hormone (LH-RH) agonists and antagonists has created considerable opportunities for market players. Based on the type of therapy, the hormone therapy segment is projected to expand at a rapid pace during the forecast period. Increase in demand for advanced androgen-dependent prostate cancer is anticipated to strengthen the segment. Companies are focusing on enhancing the efficacy of LH-RH antagonists in the patient population. Pressing need to develop novel therapies that can reduce recurrence of prostate cancer presents significant opportunities for biopharmaceutical companies operating in the prostate cancer therapeutics market.

Considerable Demand for Prostate Cancer Treatments at Hospitals

Based on distribution channel, the hospital pharmacies segment is projected to account for dominant market share during the forecast period. Rise in number of patients hospitalized for prostate cancer treatment is expected to augment the market value in the next few years. Patients benefit from easy reimbursement procedure.

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Key Growth Drivers of Prostate Cancer Therapeutics Market

• Increase in global prevalence of prostate cancer is a key driver of the prostate cancer therapeutics industry. High burden of the cancer could be ascribed to rapidly aging population and continuous economic growth in industrialized nations. These demographic and economic trends, which include obesity, fitness, diabetes mellitus, and dietary patterns, are likely to contribute to substantial risks of developing cancer.
• Significant advancement in biologic therapy is also a key factor that is expected to drive the prostate cancer therapeutics market in the next few years. For instance, rapid innovation in treatments for metastatic prostate cancer is likely to augment the market size.

Regional Landscape

North America is projected to be a lucrative market during the forecast period. Rise in prevalence of prostate cancer and significant adoption of licensed treatments in the region are expected to augment market value in the region. The U.S. accounted for significant market share in 2021. Presence of leading market players in the region is anticipated to favor market development in North America in the near future.

Europe accounted for the second-leading share of the global prostate cancer therapeutics market in 2021. Surge in public awareness about prostate cancer and rise in adoption of hormone therapy are trends that are expected to fuel the market in the region. Increase in demand for androgen receptor inhibitors among patients suffering from advanced prostate cancer is anticipated to create lucrative growth opportunities for the market in Europe during the forecast period. Men with advanced stage of prostate cancer who are non-responsive to a hormone therapy or surgical treatment is a key trend that presents significant opportunities for market players in the region

Asia Pacific is a lucrative market for prostate cancer therapeutics. The patient population in the region is seeking advanced androgen deprivation therapy (ADT), which is likely to spur market growth in the region. Patients in China and Japan are rapidly adopting hormone treatment products.

Competition Landscape

Prominent companies operating in the market are

• AbbVie, Inc.
• Amgen, Inc.
• AstraZeneca
• Bayer AG
• Endo Pharmaceuticals, Inc.
• Ipsen Pharma
• Johnson & Johnson Services
• Sanofi
• Pfizer Inc.
• Dendreon Pharmaceuticals LLC

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Segmentation

The global prostate cancer therapeutics market has been segmented based on

Therapy

• Hormone Therapy
• Luteinizing Hormone-Releasing Hormone Agonists
• Luteinizing Hormone-Releasing Hormone Antagonists
• Antiandrogens
• Chemotherapy
• Systemic Chemotherapy
• Regional Chemotherapy
• Biologic Therapy
• Targeted Therapy

Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Sales
• Others

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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