Prostate Cancer Therapeutics Market Forecasts to 2028 – Global Analysis By Type (Medical Devices, Drugs), Drug Class (Chemotherapy, Biologic Therapy, Targeted Therapy, Hormonal Therapy, Cryotherapy), Distribution Channel (Drug Stores & Retail Pharmacies,

Prostate Cancer Therapeutics Market Forecasts to 2028 – Global Analysis By Type (Medical Devices, Drugs), Drug Class (Chemotherapy, Biologic Therapy, Targeted Therapy, Hormonal Therapy, Cryotherapy), Distribution Channel (Drug Stores & Retail Pharmacies, Hospital Pharmacies, Online Sales and Diabetes), End User (Hospital, Specialty Clinics), and By Geography

According to Stratistics MRC, the Global Prostate Cancer Therapeutics Market is accounted for $13.37 billion in 2022 and is expected to reach $22.92 billion by 2028 growing at a CAGR of 9.4% during the forecast period. Prostate cancer is a kind of cancer in which abnormal cells in the prostate gland proliferate and expand uncontrollably. It is the sixth leading cause of death in males, and the eleventh leading cause of death from any disease. Radiation, chemotherapy, hormone therapy, surgery and biological therapy are all options for treating prostate cancer. Prostate cancer is treated and managed with a variety of diagnostic and therapeutic items, including prostatic adenocarcinoma, small cell carcinoma, benign prostatic hyperplasia, and others.

According to the Globocan 2020, an estimated 19,292,789 new cancer cases were diagnosed worldwide, with nearly 9,958,133 deaths due to cancers, globally. Additionally, according to estimates from the International Agency for Research on Cancer (IARC), by 2040, the global burden of cancers is expected to grow to 27.5 million new cancer cases and 16.3 million deaths worldwide. Therefore, rising incidence of cancer cases is expected to propel the need for advanced cancer therapies for the efficient treatment of patients.

Market Dynamics:

Driver:

Launch of promising emerging therapies

Advanced diagnostic tools have transformed the diagnosis of prostate cancer. Prostate-specific antigen (PSA) level measurement has aided in the identification of prostate cancer. Novel cytotoxic medicines, hormonal drugs, and other anti-prostate-specific membrane antigen treatments are some of the promising new therapeutics in phase II and phase III studies. According to the Mayo Foundation for Medical Education and Research (MFMER), a combination of hormonal and anti-cytotoxic T-lymphocyte-associated antigen (CTLA) therapy techniques can induce a targeted immune response against prostate cancers.

Restraint:

Limitations associated with the treatment

Treatments for prostate cancer can have a significant impact on a person's quality of life. Erectile dysfunction, the inability to develop and maintain an erection, incontinence, or the inability to control urine flow or bowel function are also possible side effects of these medications. Moreover, many prostate tumors progress slowly and generate no signs of complications. Consequently, many patients may think of postponing cancer therapy rather than commencing it immediately. This is referred to as active surveillance. The malignancy is continuously evaluated for symptoms of worsening during active surveillance. Treatment will begin if the cancer is confirmed to be worsening.

Opportunity:

Biotechnological advancements in prostate cancer therapeutics

To attain optimal cancer treatment, recent advances in prostate cancer therapeutics have incorporated different bioinformatics and computational biology applications. With a focused strategy, including proteome profiling, exome sequencing, and whole-genome, market players have found a successful approach to develop potential cure and treatment. An excellent example of this can be gained from Biopep Solutions, Inc. This Canada-based company focuses its efforts on the development of BPS-001, which is a complex, multivalent biologic drug that possesses anti-tumor attributes. There is a huge demand for innovation in the prostate cancer therapeutics market for products that have less toxicity, enhanced survival time, increased efficacy, increased progression-free survival, and lower cost.

Threat:

High costs and low awareness

High costs allied with targeted therapies for prostate cancer therapeutics hinder the espousal of these therapies amid the inhabitants. Low consciousness about technical advancements in the therapeutic area of prostate cancer in developing countries is expected to restrain the market during the forecast period. Chemotherapy exhibits poor response rates in later stage prostate cancer, and therefore, it was retained as a palliation for patients with hormone-refractory disease. Most oncologists do not consider systemic therapies in early-stage prostate cancer due to negative perception toward early systemic therapy.

Covid-19 Impact

The COVID-19 outbreak has affected care for non-COVID diseases like cancer. A decline of at least 17% in prostate cancer diagnoses was seen during the first COVID-19 wave. The decrease was most prominent amongst elderly and in low-risk localised cancer. Changes in treatment were temporary and compliant with adapted guidelines. Although delayed diagnoses could result in a less favourable stage distribution, possibly affecting survival, this seems not very likely.

The hospital pharmacies segment is expected to be the largest during the forecast period

The hospital pharmacies segment is estimated to have a lucrative growth, due to the strong presence of hospital pharmacies across the globe, increase in number of hospitalized prostate cancer patients, and convenience offered by hospital pharmacies. The large number of prostate cancer treatments is conducted in hospitals and these settings have simple reimbursement procedures. In addition, hospitals internationally are introducing innovative and efficient techniques, such as drug repositioning, to treat prostate cancer efficiently without dangerous side effects.

The hormonal therapy segment is expected to have the highest CAGR during the forecast period

The hormonal therapy segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the rapid development, availability of generic drugs, increase in prevalence of prostate cancer, surge in demand for hormone therapy drugs, rise in geriatric population, increase in number of pharmaceutical companies, and rise in public awareness toward prostate cancer therapeutics across the globe. Hormonal therapy aims to reduce levels of male hormones, androgens, in the body; thus, stopping them from fuelling prostate cancer cells. Additionally, the therapy is low cost and gives a better market reach.

Region with highest share:

North America is projected to hold the largest market share during the forecast period, due to the presence of major key players, high disposable income, well-developed healthcare infrastructure in this region, and the launch of promising emerging therapies in the biologic and hormone therapy segments. The number of prostate cancer patients is increasing in North America. Moreover, rising prevalence and high mortality rate of prostate cancer in the U.S. are the primary reasons responsible for the dominance of North America in the market.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period due to increasing patient pool, rising investment in the healthcare sector, adoption of new technologies, and growing government support. Manufacturers in the market in Asia Pacific are anticipated to focus on therapies such as antiandrogens and luteinizing hormone-releasing hormone antagonists. In China, major players are collaborating with local & government institutions such as the Chinese Urological Association to conduct research activities for the treatment of prostate cancer.

Key players in the market

Some of the key players profiled in the Prostate Cancer Therapeutics Market include Pfizer, Inc., AstraZeneca Plc., Ipsen Group, Amgen, Inc., AbbVie, Inc., Endo Pharmaceuticals, Inc., Bayer AG, Tolmar Pharmaceuticals Inc., Myovant Sciences Ltd., Johnson & Johnson, Astellas Pharma Inc., Sanofi S.A., Takeda Pharmaceutical Company Limited, Abbott Laboratories, GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd., Novartis AG, Genentech Inc, Bristol-Myers Squibb Company, and Dendreon Pharmaceuticals LLC.

Key Developments:

In June 2021, Novartis AG has announced that the U.S. Food and Drug Administration (FDA) have granted Breakthrough Therapy designation (BTD) to 177Lu-PSMA-617 in patients with metastatic castration-resistant prostate cancer (mCRPC). Breakthrough Therapy designation is given to drugs that are being studied for critical illnesses and show early clinical evidence of a significant improvement over current therapy.

In January 2020, Pfizer and Myovant Sciences announced their collaboration to commercialize relugolix, an oral gonadotropin-releasing hormone receptor antagonist. Relugolix (120 mg) is FDA-approved as ORGOVYX for adult patients with advanced prostate cancer. Thus, it helps in advanced prostate cancer treatment.

Types Covered:
• Medical Devices
• Drugs

Drug Classes Covered:
• Chemotherapy
• Biologic Therapy
• Targeted Therapy
• Hormonal Therapy
• Cryotherapy
• Pipeline Drugs for Hormonal Therapy
• Immunotherapy
• Radiation Therapy

Distribution Channels Covered:
• Drug Stores & Retail Pharmacies
• Hospital Pharmacies
• Online Sales and Diabetes

End Users Covered
• Hospital
• Specialty Clinics

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements