Global Prostate Cancer Therapeutics 2022-2028

Global Prostate Cancer Therapeutics 2022-2028

The global prostate cancer therapeutics market is estimated to grow at a CAGR of 10.2% during the forecast period. The major factors that are primarily driving the market growth include a significant prevalence of prostate cancer that increases the demand for efficient therapies for the treatment of cancer. For instance, as per the World Cancer Research Fund (WCRF), prostate cancer is the second most commonly occurring cancer in men and the fourth most commonly occurring cancer overall. There were 1.3 million new cases of prostate cancer were reported across the globe in 2018.

Moreover, increasing the adoption of innovative technologies for the diagnosis of prostate cancer is expected to fuel market growth. The incorporation of multiparametric MRI (mp-MRI) can significantly improve the detection of tumor and also provide confirmation whether there is a need for tissue biopsy. Cancer, if diagnosed, needed to be treated in order to improve quality of life of the patient; thereby, spurs the market growth. Further, players operating in the market are investing in R&D for the development of new therapeutics to treat such tumors, which further fuels the growth of the global prostate cancer therapeutics industry.

Segment Outlook

The global prostate cancer therapeutics market is segmented on the basis of therapy. The report covers the study of major drugs that are classified into four major therapies including hormonal therapy, chemotherapy, immunotherapy, and targeted therapy. The increasing number of drugs in pipeline is expected to spur the growth of the market in the near future.

Regional Outlook

Geographically, the global prostate cancer therapeutics market is segmented on the basis of four major regions, including North America, Europe, Asia-Pacific, and RoW. Significant incidence rates of prostate cancer and the initiatives to create awareness for prostate cancer are primarily driving the growth of the market. For instance, Prostate Cancer Awareness Month is recognized in some countries, such as the US, Canada, and Australia in September. In addition, the organizations offer grants for prostate cancer research. For instance, Prostate Cancer Foundation donates 84% of every dollar on prostate cancer research. This, in turn, is encouraging the advances in efficient treatment for prostate cancer.

North America is anticipated to gain significant share in the market

North America is anticipated to hold a significant share in the market in 2018 owing to the significant prevalence of prostate cancer and high awareness about cancer in the region. For instance, as per the American Cancer Society, prostate cancer is one of the most common cancers in American men. The American Cancer Society’s estimates for prostate cancer that nearly 174,650 new cases of prostate cancer will be reported by the end of 2019.

Prostate cancer is the second leading cause of cancer mortality in American men, behind lung cancer. Prostate cancer develops mainly in older men and African-American men. Nearly 6 cases in 10 are diagnosed in men aged 65 or older, and it is rare before age 40. The average age at the time of diagnosis is nearly 66. This significant prevalence of prostate cancer is contributing to the demand for highly efficient treatment, which in turn, is boosting the growth of the prostate cancer therapeutics market in the region. Additionally, the presence of well-developed healthcare infrastructure further gives a boost to the regional growth of the market.

Competitive Landscape

Some of the major players in the global prostate cancer therapeutics market include Sanofi S.A., Bayer AG, Astellas Pharma Inc., Merck KGaA, F. Hoffmann-La Roche Ltd., Johnson & Johnson Services, Inc., and AstraZeneca PLC. Mergers and acquisitions, product launches and partnerships and collaborations are considered as crucial strategies adopted by the companies to expand their presence across the globe and gain a competitive advantage over other competitors. For instance, in October 2018, MDNA Life Sciences Inc. (MDNA), the molecular diagnostics company declared that the Mitomic Prostate Test (MPT) is ready for release in the UK. It is a liquid biopsy test intended for the early detection of prostate cancer in advance of biopsy and is independent of PSA and age.

It is the world’s first non-PSA linked test which is made available in real-time PCR kit format and delivers unparalleled performance in the early detection of clinically significant prostate cancer. The kit is designed for use with real-time PCR platforms that are significantly used in clinical laboratories across the globe. Each kit contains all necessary reagents to process up to 21 patient samples at a time using a quick and easy workflow. It is designed to detect early signs of prostate cancer and achieves considerable cost savings by eliminating the need for unnecessary biopsies.

The Report Covers

Market value data analysis of 2021 and forecast to 2028.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global prostate cancer diagnostics and therapeutics market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.