Dublin, July 24, 2023 (GLOBE NEWSWIRE) -- The "Prostate Cancer Drugs Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global prostate cancer drugs market is witnessing remarkable expansion, with a projected value of $18.81 billion in 2023, up from $17.63 billion in 2022. This impressive growth is driven by a compound annual growth rate (CAGR) of 6.7%. The market is expected to continue its upward trajectory, reaching $23.50 billion in 2027, at a CAGR of 5.7%. The "Prostate Cancer Drugs Global Market Report 2023" provides valuable insights into the industry's growth prospects and emerging trends.
The prostate cancer drugs market encompasses sales of Abiraterone Acetate, Apalutamide, and Bicalutamide. It refers to drugs used for the prevention and treatment of prostate cancer, a prevalent type of cancer among men, resulting from uncontrolled cell growth in the prostate gland. Prostate cancer drugs market offers various treatment options, including hormonal therapy, chemotherapy, immunotherapy, and targeted therapy.
North America stands as the largest region in the prostate cancer drugs market in 2022, while the Middle East is predicted to be the fastest-growing region in the forecast period. The report covers market data from regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, and includes key countries like Australia, Brazil, China, France, Germany, India, Japan, Russia, South Korea, the UK, and the USA.
The increasing geriatric male population serves as a major driver for the prostate cancer drugs market. Prostate cancer is prevalent among men above 60, and the geriatric population is projected to increase by 21.6% by 2040, as per the Administration for Community Living (ACL), a US-based government organization. In January 2022, the American Cancer Society reported that prostate cancer primarily affects older men and non-Hispanic Black men, with about 6 out of 10 cases diagnosed in men aged 65 or older. As the geriatric male population grows, the demand for prostate cancer drugs is expected to rise, driving market growth.
However, recurrent/non-responsive prostate cancer poses a significant challenge to the market's growth. This form of prostate cancer leads to recurrence or spread of cancer after initial treatment and affects a considerable percentage of high-risk prostate cancer patients in the US. According to the American Society of Clinical Oncology (ASCO), 50% to 95% of men with high-risk prostate cancer experience recurrence after localized treatment.
An emerging trend in the market is the use of combination therapy to treat prostate cancer. In cases where monotherapy has not been effective, companies are investing in combination therapy to improve treatment outcomes. For instance, Pfizer announced that its Phase 3 PROSPER trial, using XTANDI (enzalutamide) in combination with androgen deprivation therapy (ADT), significantly reduced the risk of metastases or death by 71% compared to ADT alone. Other combination therapies, such as radiation therapy and androgen deprivation therapy for men with recurrent prostate cancer, are also being used to combat the disease.
Regulated by the FDA, the prostate cancer drugs market in the USA receives approvals for new drugs and adheres to regulations related to treatment. For instance, the FDA approved Erleada (apalutamide) for non-metastatic, castration-resistant prostate cancer, opening the door to more approvals in the future. This favorable regulatory environment encourages drug manufacturers to enter the market, fostering growth.
In a significant development, Bayer, a German pharmaceutical company, acquired Noria Therapeutics Inc. and PSMA Therapeutics Inc. in June 2021. With this acquisition, Bayer gains access to a specialized alpha radionuclide investigational drug built on actinium-225 and a small molecule aimed against prostate-specific membrane antigen. PSMA Therapeutics Inc. specializes in prostate-specific membrane antigen research, while Noria Therapeutics Inc. is focused on creating alpha-emitting radiopharmaceuticals for targeted therapeutic and imaging applications in oncology.
The "Prostate Cancer Drugs Global Market Report 2023" is a comprehensive resource providing invaluable statistics and insights for businesses seeking to thrive in the prostate cancer drugs industry. With in-depth analysis of the current and future scenario of the market, the report serves as a strategic guide for industry professionals.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $18.81 billion |
| Forecasted Market Value (USD) by 2027 | $23.5 billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
Company Profiles
- Astellas Inc.
- AstraZeneca plc
- Johnson & Johnson
- Sanofi S.A
- Bayer AG
- Roche
- Abbott
- Pfizer
- Norvaris
- F. Hoffmann-La Roche AG
- Tolmar Inc.
- AbbVie
- Siemens Healthcare GmbH
- Genomic Health
- OPKO
- Siemens Healthcare
- MDx Health
- Myriad Genetics
- Janssen Biotech
- Clovis Oncology
- Merck Sharp & Dohme
- Dendreon
- Ferring Pharmaceuticals
- GlaxoSmithKline
- Ipsen
- Merck & Co.
For more information about this report visit https://www.researchandmarkets.com/r/nwn0ic
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