Prostate Cancer Therapeutics Market to Clock a CAGR of 8.19% Between 2017 and 2024
The global prostate cancer therapeutics market is highly consolidated with a handful of large players, namely Pfizer Inc., Janssen Biotech Inc., and Amgen that hold majority market share, says Transparency Market Research (TMR) in a new market study. These companies are engaged in research and development, manufacture, and commercial availability of new drugs. Acquisitions and strategic alliances are some other growth strategies adopted by key players in the prostate cancer therapeutics market. For example, in 2016, Pfizer Inc. announced the successful completion of acquisition of Medivation Inc., the latter’s portfolio includes Xtandi – a leading hormone therapy in the U.S.
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According to estimates presented by TMR, the global prostate cancer therapeutics market is likely to clock a CAGR of 8.19% between 2017 and 2024 vis-à-vis revenue. At this rate, the opportunities in the market are expected to be worth US$17,535.3 mn by the end of 2024 from US$10,107.6 mn in 2017. By therapy type, hormone therapy is currently most attractive and is predicted to stay this way over the forecast period. Hospital pharmacy is the leading distribution channel segment as it stocks various medicines needed at different stage of treatment.
Majorly fuelling the global prostate cancer therapeutics market is rising incidence of prostate cancer. As per data published by Cancer Research – a U.K. based government institute, 11,287 prostate cancer deaths were reported in the country in 2014. Prostate cancer is a serious health condition among men that impacts quality of life to a high degree. Although the real cause of prostate cancer remains unknown, obesity and past history of cancer are some key factors associated with the condition. Regular screening, early diagnosis, and advances in medical science have enabled increased survival rate of prostate cancer.
Advances in medical science leading to launch of promising treatment options is fuelling the prostate cancer therapeutics market. Various diagnostic techniques have enabled detection of prostate cancer at an early stage. Measurement of prostate-specific antigen (PSA) has enabled early detection of prostate cancer. Some other promising therapies in phase II and phase III clinical trials for prostate cancer detection include hormonal agents, cytotoxic agents, and other antiprostate-specific membrane antigen therapies.
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Furthermore, as per the Mayo Foundation for Medical Education and Research, a combination of anti-cytotoxic T-lymphocyte-associated antigen and hormonal therapies can stir targeted immune response against prostate tumors.
Development of new drugs and novel therapeutic biological products are aiding the prostate cancer therapeutics market. Prominent players are aggressively engaged in R&D for developing novel therapeutics to enhance survival rate of prostate cancer patients. At present, several molecular agents are in early phase clinical trials for the treatment of prostate cancer. In addition, high adoption of hormone-refractory prostate cancer drug due to fewer side effects is providing new prospects to prostate cancer therapeutics market.
Apart from this, in developed countries, increased life expectancy has led to the rise in geriatric population that are at higher risk of developing prostate cancer. Hence, growing geriatric population along with sedentary lifestyle are some prime factors behind increasing prevalence of prostate cancer.
On the other hand, high cost of treatment of prostate cancer is holding back the growth of the prostate cancer therapeutics market. High costs of targeted therapies and other immunotherapies is unaffordable by a large population especially in developing and underdeveloped economies. In addition, reluctance toward adoption of premium treatments is another factor challenging the market’s growth. Most oncologists do not opt for systemic therapies for early state prostate cancer due to negative perception toward systemic therapy.
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