Pune India, Jan. 13, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the prostate cancer therapeutics market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the prostate cancer therapeutics market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the drug type, distribution channel, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global prostate cancer therapeutics market are Sanofi-Aventis, Bayer AG, Johnson & Johnson, Astella, Inc, AstraZeneca Plc, Pfizer Inc., Ipsen Group, Tolmar Inc, Dendreon Corporation (Sanpower Group Co. Ltd.), Endo Pharmaceuticals, AbbVie, Inc. among other. To achieve a substantial market share in the worldwide prostate cancer therapeutics market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The market's major players are concentrating on creating innovative and cutting-edge items. Numerous businesses have products in their pipeline that are anticipated to hit the market throughout the forecast period. For instance, Merck launched keylynk-010, a trial to test keytruda in combination with lynparza in patients with metastatic castration-resistant prostate cancer, in March 2022. Government funding of novel treatments to treat prostate cancer is accelerating market expansion. For instance, the US FDA approved 177Lu-PSMA-617, a novel therapy for metastatic prostate cancer, in March 2022. This novel medication, which was developed by the Society of Nuclear Medicine and Molecular Imaging, has been shown to cut the chance of death by 38%. In order to recognise and treat individuals with metastatic prostate cancer who express PSMA, this innovative treatment is based on the use of PET scans (prostate-specific membrane antigen). Targeted therapy is expensive, making it unavailable to the general people. For instance, the American Society of Clinical Oncology concluded in a report released in May 2021 that U.S. cancer drug prices are the highest, coming in between two and six times higher than those in Europe and the rest of the world.
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Scope of prostate cancer therapeutics market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Million |
| Segments Covered | Drug Type, Distribution Channel and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Sanofi-Aventis, Bayer AG, Johnson & Johnson, Astella, Inc, AstraZeneca Plc, Pfizer Inc., Ipsen Group, Tolmar Inc, Dendreon Corporation (Sanpower Group Co. Ltd.), Endo Pharmaceuticals, AbbVie, Inc. among other. |
Segmentation Analysis
The hormonal therapy segment is expected to be the fastest-growing segment in 2022.
The drug type segment is chemotherapy, targeted therapy, hormonal therapy, immunotherapy, and others. The hormonal therapy segment will witness the highest growth rate during the forecast period. Anti-androgens, luteinizing hormone-releasing hormone (LHRH) antagonists, and luteinizing hormone-releasing hormone (LHRH) antagonists make up the majority of the drugs used in hormonal therapy. Not just because more people are receiving treatment for prostate cancer, but also because more patients are taking Xtandi for longer periods of time—the usual duration is now nine months—making it one of the most commonly used drugs. The medicine generated more than $3 billion in revenue in 2021. The recommendation of the therapy by more urologists is anticipated to increase, which will help Xtandi's long-term revenue stream.
The hospital pharmacies segment is expected to be the fastest-growing segment in 2022.
The distribution channel segment is online pharmacies, hospital pharmacies, drug stores and retail pharmacies. The hospital pharmacies segment is expected to witness the highest growth rate during the forecast period. Because they manage pharmaceuticals in a demanding hospital environment where quick access to medications and supplies is crucial, hospital pharmacies and pharmacists are important market participants. Furthermore, patients can readily seek treatment for a variety of illnesses because these pharmacies provide both in-patient and out-patient treatments. Additionally, while seeking to lower prescription prices generally, these pharmacies focus on making money from pharmaceutical sales and eliminate clinical decision-making errors. In August 2022, Royal Surrey introduced lutetium 177 therapy for prostate cancer patients as a part of the Early Access Medicine Scheme (EAMS). The move was conducted following the product's marketing authorization being obtained by The Medicines and Healthcare Products Regulatory Agency (MHRA).
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the prostate cancer therapeutics include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. there is a huge need for prostate cancer therapy products in the area and the condition is getting more widespread. The release of potential new pharmaceuticals in the biologics and hormone therapy industries, however, is a result of expansion in North America. During the forecast period, the local market is expected to be stimulated by the anticipated launch of a few pipeline pharmaceuticals. For instance, the FDA approved an advanced accelerator application for the Pluvicto drug, which will be used to treat adult patients with prostate cancer. A strong pipeline and government support for innovation are predicted to propel the market throughout the course of the forecast period.
Country Analysis
- Germany
Germany's prostate cancer therapeutics market size was valued at USD 67.45 million in 2022 and is expected to reach USD 82.1 million by 2030, at a CAGR of 7.5% from 2023 to 2030. By the growing patient population, rising healthcare investment, and expanding government backing.
- China
China’s prostate cancer therapeutics market size was valued at USD 142.2 million in 2022 and is expected to reach USD 197.6 million by 2030, at a CAGR of 7.2% from 2023 to 2030. Due to the region's significant important player presence, high level of disposable income, and sophisticated healthcare system
- India
India's prostate cancer therapeutics market size was valued at USD 125.5 million in 2022 and is expected to reach USD 167.8 million by 2030, at a CAGR of 7.7% from 2023 to 2030. This is due to local patients becoming more knowledgeable about prostate cancer. Antiandrogens are among the more popular hormone treatment medications used by patients in Asia Pacific, especially in India.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, The growth of the prostate cancer therapeutics market is mainly driven by the increasing incidences of prostate cancer coupled with the adoption of novel screening and diagnostic technologies.
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