Transparency Market Research (TMR) has published a new report on the prostate cancer therapeutics market for the forecast period of 2019–2027. According to the report, the global prostate cancer therapeutics market was valued at ~US$ 9.6 Bn in 2018, and is projected to expand at a CAGR of ~8% from 2019 to 2027.
To Know More about TMRs Unique Offerings for Prostate Cancer Therapeutics Market, Request a Sample here
Prostate Cancer Therapeutics Market: Overview
- Prostate cancer is the most common non-cutaneous cancer occurring worldwide. New cases of prostate cancer account for one-third of all male cancer diagnoses and 10% of all deaths, globally.
- Increase in cancer screening with prostate-specific antigen (PSA) is in part responsible for high localized staging of the disease at the time of diagnosis.
- A majority of patients eventually become hormone refractory; however, the time in which androgen-insensitive clones emerge could range from months to years from the initiation of androgen-depravation therapy-ADT.
- A number of different treatment modalities have been examined for prostate cancer. Each treatment has potential advantages as well as therapeutic limitations.
- Emerging clinical data regarding long-term safety and early evidence of clinical benefits are likely to lead to development of novel modality of therapy for prostate cancer, which will be available across the globe.
- Vaccines or antibodies administered in combination with radiation, chemotherapy, small-molecule targeted therapy, or perhaps even other immunotherapy could generate substantial synergistic effects.
- Chemotherapy has long been a leading treatment for prostate cancer. When androgen-targeted signaling agents such as abiraterone and enzalutamide first emerged, their relatively favorable toxicity profile combined with efficacy led some to speculate that chemotherapy would no longer be necessary in prostate cancer.
Rise in Prevalence of Prostate Cancer and Launch of Promising Emerging Therapies to Drive Market
- Increase in life expectancy in developed countries has increased the geriatric population, which, in turn, has led to the high incidence of prostate cancer. According to the Prostate Cancer Foundation, a majority of prostate cancer cases are diagnosed in men over 65. Hence, consistent rise in the geriatric population and sedentary lifestyles of people in developed countries augment the prevalence of prostate cancer across the globe. This increases the need and demand for prostate cancer therapeutics. According to the Urology Care Foundation, around 1 in 7 men is diagnosed with prostate cancer, and approximately one in 35 men succumb to the disease.
- Various emerging diagnostic techniques have revolutionized prostate cancer detection at an early stage. The measurement of prostate-specific antigen (PSA) levels has helped the diagnosis of prostate cancer. Promising new therapies in phase II and phase III trials include new cytotoxic agents, hormonal agents, and other antiprostate-specific membrane antigen therapies. According to the Mayo Foundation for Medical Education and Research (MFMER), a combination of hormonal and anti-cytotoxic T-lymphocyte-associated antigen (CTLA) treatment strategies can provoke a focused immune response against prostate tumors.
- Prominent players in the prostate cancer treatment market are emphasizing on R&D and the manufacture of therapeutics for the long-term survival of patients. Castration-resistant prostate cancer (CRPC) has driven the approvals of effective & potent systemic agents as first- and second-line treatments. Currently, numerous molecular agents are in the early phase of clinical trials for the treatment of prostate cancer. As of May 2016, the FDA had approved 13 new indications and four novel drugs in oncology, some of which are considered as first-in-class therapies.
Hormone Therapy to Dominate Market
- In terms of therapy, the global prostate cancer therapeutics market has been classified into hormone therapy (luteinizing hormone-releasing hormone analogs, luteinizing hormone-releasing hormone antagonists, and antiandrogens), chemotherapy (systemic chemotherapy, regional chemotherapy), biologic therapy, and targeted therapy.
- The hormone therapy segment dominated the market in 2018, and the trend is likely to continue during the forecast period.
- Launch of new products in antiandrogens and luteinizing hormone-releasing hormone antagonists are projected to boost the growth of the hormone therapy segment.
Hospital Pharmacies to be Promising Distribution Channels
- In terms of distribution channel, the global prostate cancer therapeutics market has been divided into hospital pharmacies, retail pharmacies, online sales, and others. The hospital pharmacies segment is projected to be a highly lucrative segment of the global prostate cancer therapeutics market during the forecast period.
- The hospital pharmacies segment is anticipated to grow at a rapid pace, as a majority of prostate cancer treatments are performed in hospitals, and these settings offer easy reimbursement procedures.
North America to Dominate Global Prostate Cancer Therapeutics Market
- In terms of region, the global prostate cancer therapeutics market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
- North America dominated the global prostate cancer therapeutics market in 2018, followed by Europe. Rise in the prevalence of prostate cancer among the geriatric population in North America has led to a high number of patients visiting hospitals. Hence, increase in the number of consultation with physicians for prostate cancer therapeutics is also projected to increase market growth in North America during the forecast period. North America’s high market share is attributed to a large number of prostate cancer patients. It is a primary region for players in the global prostate cancer therapeutic products market.
- Europe was the second-largest market for prostate cancer therapeutics in terms of share in 2018. The region has witnessed an increase in the demand for prostate cancer therapeutic products and rising prevalence of the disease. However, the expiration of patents of major drugs is likely to hamper market growth in Europe.
- The prostate cancer therapeutics market in Asia Pacific is projected to expand at a high CAGR from 2019 to 2027. This can be attributed to an increase in awareness about the disease.
Growth Strategies of Key Players in Prostate Cancer Therapeutics Market
- The global prostate cancer therapeutics market is fragmented in terms of number of players. Key players operating in the global market are Amgen, Inc., Johnson & Johnson (Janssen Biotech, Inc.), Pfizer, Inc., AstraZeneca, AbbVie, Inc., Bayer AG, Ipsen Group, Sanofi, Endo Pharmaceuticals, Inc., and Sanpower Group (Dendreon Corporation).
- Pfizer, Inc. was the second-largest shareholder of the global prostate cancer therapeutics market in 2018. It is expected to dominate the global market in terms of supply of prostate cancer therapeutic products.
- Janssen Biotech (Johnson & Johnson) accounted for the third-largest share of the global prostate cancer therapeutics market in 2018. Zytiga was the major brand sold for the treatment of prostate cancer.
Request for Customization in Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=6562