Prostate Cancer Therapeutics Market to Surge Past US$ 15.5 Billion by 2025
The Global Prostate Cancer Therapeutics Market, by drug type (Hormonal Therapy, Anti-androgens, Immunotherapy, Targeted Therapy, and Chemotherapy) and by distribution channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies) was valued at US$ 8,738.2 million in 2017 and is projected to exhibit a CAGR of 7.4% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights.
Prostate cancer is a serious health issue among men and has a large socioeconomic impact on the society. In 2017, the American Cancer Society estimated around 161,360 new diagnoses of prostate cancer in the U.S., leading to 26,730 fatalities. The most common sites for prostate cancer to metastasize are the seminal vesicles, the lymph nodes, the lungs, and various bones around the hips and the pelvic region. The various treatment for these new tumor is expected to create highly lucrative growth scenario for the prostate cancer therapeutics market.
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Furthermore, research, development and approval of new therapies by companies is also contributing to the growth of prostate cancer therapeutics. For instance, Eligard developed by Tolmar Pharmaceuticals, Inc. is marketed in the U.S., Australia, and New Zealand by Tolmar, and by the following partners in the remaining territories: Astellas (Europe, Asia, and MENA), Sanofi (Canada), Key Oncologics (South Africa) and HanAll (South Korea) for the palliative treatment of advanced prostate cancer. These key developments in the prostate cancer therapeutics enable to change the market dynamics over a given period of forecast for efficient treatment.
The complexity of the treatment of prostate cancer at different stages has influenced the medical industry to establish clinical evidences for novel therapies and significantly increase their influence to capture the untapped potential of prostate cancer therapeutics market, functioning as a key development opportunity that will propel the market growth. Presently, Sipuleucel-T, brand name Provenge (made by Dendreon Corporation) is an immune cell based vaccine, the only vaccine available which has resulted in increased overall survival in hormone-refractory prostate cancer patients. Increase in the prevalence of prostate cancer and robust development of biosimilars by manufacturers to ensure affordable treatment to the patients is also a major factor to drive growth of the prostate cancer therapeutics market. As per data published by the World Cancer Research Fund International, over 1.1 million cases of prostate cancer were reported worldwide in 2012, which accounts for around 8% of the total tumor cases.
Approvals of Zytiga and Xtandi in 2013 and 2014, respectively, for the first-line treatment of metastatic castration-resistant prostate cancer patients in Europe and the U.S., and for the treatment of docetaxel-resistant patients in Japan, has contributed to the increase in sales of both products. However, many of the drugs indicated for use in non-metastatic patients, or prescribed in combination with already-costly therapies in metastatic castration-resistant patients, are unaffordable for patients in emerging economies and also in developed economies (for uninsured patients). High cost of therapy hinders the preference for biologics, deterring the market growth in terms of revenue.
Browse 29 Market Data Tables and 33 Figures spread through 160 Pages and in-depth TOC on “Prostate Cancer Therapeutics Market, by Drug Type (Hormonal Therapy, Anti-androgens, Immunotherapy, Targeted Therapy, and Chemotherapy) and By Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies) – Global Forecast to 2025”
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In Canada, Prostate Cancer Foundation of Canada supports research, cure, and prevention of prostate cancer through an online portal. This portal provides detailed information regarding symptoms, diagnosis, and commercially available treatment options. Such portals offer free access of the services from prostate cancer support groups through monthly peer meetings, special educational events, community health fairs and more to people all around the world, which is resulting in growth of the prostate cancer therapeutics market.
Key takeaways of the Prostate Cancer Therapeutics Market:
The global prostate cancer therapeutics market is expected to expand at a CAGR of 7.4% during the forecast period (2017–2025) as there exists a largely untapped and highly lucrative market especially in Asia Pacific, Latin America, Middle East and Africa. Hormone Therapy is widely preferred, as it helps to shrink the prostate and any cancer that has spread, and makes the treatment more effective
Hospital Pharmacies is the major distribution channel of prostate cancer therapeutics that drives the growth owing to it being the primary care center for prostate cancer. Some of the major players involved in global prostate cancer therapeutics market are Johnson & Johnson, Astella, Inc, Sanofi-Aventis, Bayer AG, AstraZeneca Plc, Pfizer Inc., Dendreon Corporation (Sanpower Group Co. Ltd.), Ipsen Group, Tolmar Pharmaceuticals Inc, Endo Pharmaceuticals, AbbVie, Inc.
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