Fort Collins, Colorado, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The Prostate Cancer Therapeutics Market size was valued at USD 13.7 Billion in 2023 and is expected to reach a market size of USD 28.5 Billion by 2032 at a CAGR of 8.4%.
The increasing prevalence of prostate cancer worldwide has made it necessary to develop innovative therapeutics. The market is witnessing a rise in demand because of the growing popularity of precision medicine. Precision medicine is a novel approach that personalizes treatment strategies based on an individual's genetic makeup and tumor characteristics, and it is transforming prostate cancer care.
According to the American Cancer Society, around 1,958,310 new cancer cases are predicted in 2023, with 288,300 of them being prostate cancer incidences. The incidence of this disease continues to increase as the population ages and lifestyles evolve, creating a growing market for effective treatment options. This demographic shift amplifies the demand for prostate cancer therapeutics, fueling market expansion. Moreover, increased awareness campaigns and screening programs have led to earlier detection of prostate cancer in many regions, resulting in a higher demand for therapeutic interventions and driving market growth.
Early diagnosis enables timely intervention, which is crucial in the case of prostate cancer, primarily affecting older men. With a globally aging population, there is an increasing pool of individuals at risk of developing the disease. Precision medicine and biomarker-driven approaches are revolutionizing prostate cancer care, offering personalized treatment options. Collaborative efforts between academia, industry, and government entities accelerate research and development, driving innovation and market expansion.
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Segmentation Overview:
The global prostate cancer therapeutics market has been segmented into therapy type, distribution channel, end-user, and region. According to market research, hormonal therapy is anticipated to remain dominant in the market segment during the forecasted period. This is primarily due to its effectiveness as a standard treatment for advanced or metastatic prostate cancer. Hormone therapy functions by reducing levels of male hormones (androgens), such as testosterone, which are responsible for fueling the growth of prostate cancer cells. Regarding market share, hospital pharmacies hold the largest proportion in 2022, indicating a significant growth in the segment. Hospitals typically purchase prostate cancer therapeutics in bulk directly from wholesalers or manufacturers. Then, these medications are dispensed to patients during their hospital stay or for outpatient use as required.
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Prostate Cancer Therapeutics Market Report Highlights:
- The global prostate cancer therapeutics market growth is anticipated at a CAGR of 8.4% by 2032.
- The market for prostate cancer therapeutics is rapidly growing due to the increasing prevalence of the disease worldwide. Precision medicine is gaining popularity and transforming prostate cancer care. Moreover, early detection through awareness campaigns and screening programs drives market expansion.
- The prostate cancer market in North America, particularly the United States, is driven by advanced healthcare infrastructure, high prevalence rates of the disease, and strong research and development activities. Key market players and favorable reimbursement policies also contribute to growth. Increasing patient awareness about early diagnosis and treatment options is another factor fueling market expansion.
- Some prominent players in the prostate cancer therapeutics market report include Johnson & Johnson Services, Inc., Astellas Pharma Inc., Eli Lilly and Company, Sanofi, Ipsen Pharma, Bayer AG, AstraZeneca, Valeant Pharmaceuticals International, Inc., Merck & Co., Inc., and Pfizer Inc. among others.
Industry Trends and Insights:
- Johnson & Johnson has extended its global product donations of VERMOX® Chewable, the Company’s intestinal worms treatment, through 2030, committing to a new five-year expanded initiative to provide up to one billion doses of the medicine, up to 200 million doses per year, to help eradicate intestinal worms and improve health in endemic countries.
- Pfizer Inc., a renowned pharmaceutical company, recently announced that the European Commission granted marketing authorization for VELSIPITY® (etrasimod) in the European Union. This medicine is intended to treat moderately to severely active ulcerative colitis in patients 16 years and older. The drug is meant to be used in cases where patients have had an inadequate response, lost response, or were intolerant to either conventional therapy or a biological agent.
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Prostate Cancer Therapeutics Market Segmentation:
By Therapy Type: Hormonal Therapy, Chemotherapy, Immunotherapy, Targeted Therapy, Others
By Distribution Channel: Hospital Pharmacies, Drug Stores & Retail Pharmacies, Online Pharmacies
By End-User: Hospitals, Clinics, and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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