Newark, NJ, Oct. 01, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global prostate cancer treatment market is expected to grow from USD 7.22 billion in 2019 and to reach USD 10.67 billion by 2027, growing at a CAGR of 5% during the forecast period 2020-2027.
The prostate cancer treatment market is expected to witness a significant growth over the forecast period. This growth is attributed to increasing old age population, smoking, obesity, and poor dietary habits, increasing prevalence of prostate cancer, rise in uptake of hormonal agents in non-metastatic castration-resistant & metastatic hormone nave prostate cancer settings, strong emerging pipeline drugs, and an increase in demand for prostate cancer treatment as well as management. An increase in the investment in research for the development of therapeutic products to treat these tumors is expected to propel the market growth.
Cancer that occurs in the prostate, a small walnut-shaped gland in men that produces the seminal fluid, nourishes, and transport sperms, is known as prostate cancer. Prostate cancer can spread to distant parts of the body and affect organs. The various types of treatment available for prostate cancer are radiation therapy, active surveillance, and surgery. It is one of the most common cancer cases after skin cancer and prevalent in geriatric men over the age of 50. The various diagnostics and therapeutic products used in the treatment and management of prostate cancer are prostatic adenocarcinoma, small cell carcinoma, and benign prostatic hyperplasia, and various others. The therapies used in the treatment of prostate cancer that are still under investigation include chemotherapy, cryotherapy, biological therapy, hormone therapy, and high-intensity focused ultrasound.
The global prostate cancer treatment market is expected to witness significant growth. This growth is attributed to increasing expenditure on oncology medicine research, favorable health insurance, and a rise in prostate cancer incidence & prevalence rate. Side effects of the treatment, high cost, and poor reimbursement of treatment costs will hamper the market growth. The launch of new products and improved R&D investment by drug innovators will provide market growth opportunities.
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Key players operating in the global prostate cancer treatment market are AstraZeneca plc, Ipsen Pharms, Astellas Pharma Inc., Bristol-Myers Squibb Company, Bayer AG, GlaxoSmithKline Plc., Johnson & Johnson, Takeda Pharmaceutical Company Ltd., Ferring Pharmaceuticals Inc., and Hoffmann-La Roche AG. To gain a significant market share in the global prostate cancer treatment market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Astellas Pharma Inc. and AstraZeneca plc are some of the key players operating in prostate cancer treatment.
- For instance, in June 2018, AbbVie and Calibr, a non-profit drug discovery division of Scripps Research, collaborated to develop T-cell therapies for the treatment of cancers, which also includes solid tumors.
- In June 2019, Ipsen Pharma and Debiopharm extended their partnership for the next 15 years for Decapeptly, used to treat gynecological, urcological, and pediatric conditions.
Hormone therapy segment dominated the market and held the largest market share of 31.65% in the year 2019
On the basis of drug type, the global prostate cancer treatment market is segmented into biological therapy, chemotherapy, hormone therapy, and others. The hormone therapy segment dominated the market and held the largest market share of 31.65% in the year 2019. This growth is attributed to the rise in prostate cancer prevalence, an increase in demand for hormone therapy, promising pipeline drugs, and the evolving treatment of prostate cancer treatment. The biological therapy is expected to witness significant growth due to increased public health awareness resulting in early disease diagnosis, and top-end technological advancements in drug development.
Hospital pharmacies segment dominated the market and held the largest share of 38.17% in the year 2019
On the basis of distribution channel, the global prostate cancer treatment market is segmented into hospital pharmacies, drug stores & retail pharmacies, and online pharmacies. The hospital pharmacies segment dominated the market and held the largest share of 38.17% in the year 2019. This growth is attributed to an increase in the number of hospitalized prostate cancer treatment patients, development in the structure of hospital pharmacies, and an increase in the number of hospital pharmacies. The online pharmacy segment is expected to witness significant growth, owing to the rise in preference for online purchasing of drugs over traditional practices and the surge in internet users numbers.
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Regional Segment of Prostate Cancer Treatment Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global prostate cancer treatment market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia-Pacific region held the major share of 25.6% in the year 2019. This growth was dueto rising awareness about the disease, advanced diagnosis, and government support, increased investment in R&D of immunotherapy and targeted therapies, and rising awareness about prostate cancer treatment. The market in North America is expected to witness significant growth due to the presence of advanced healthcare facilities with trained medical professionals.
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About the report:
The global prostate cancer treatment market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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