The global prostatic cancer market is set to witness unprecedented growth, according to a recent report by Future Market Insights. Valued at approximately US$ 10.92 Billion in 2023, the market is projected to expand at a remarkable CAGR of 8.5% through 2033, reaching an estimated worth of US$ 24.7 Billion by the end of the forecast period.
The surge in market value is attributed to various factors, including recent advancements in drug development, a surge in FDA-approved medications, and a substantial growth rate in the market for hormone-refractory glandular cancer medicines. Moreover, factors such as an aging population, rising disposable income, increasing cancer prevalence rates, evolving lifestyle habits, heightened patient awareness, and a growing demand for non-invasive therapies are expected to further propel market growth in the coming years.
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A number of different methods are available to treat this disease, including targeted or biological therapy, chemotherapy, and hormonal therapy. Further new studies are being approved by the FDA for therapies and drugs that are to be marketed in the near future. There is a recent study conducted by Moon Hyung Choi and co-workers suggests the use of pre-biopsy MRIs can effectively prevent unnecessary biopsies in people who have levels of prostate-specific antigen (PSA) in excess of 20 ng/ml.
Key Takeaways from the Market Study:
- According to the latest projections, the global prostate cancer market will grow by 8.5% by 2033 and reach US$ 24.7 Billion.
- Online pharmacies are expected to capture 28% of the market for prostate cancer by 2023; this represents a huge growth.
- The North American region accounted for 45% of the worldwide revenue generated by prostate cancer in 2023.
- According to the predictions for 2023, Europe will hold 32% of the market share.
- Among all of the medical treatments, chemotherapy is the leading market share with more than 12%.
“New drug development and therapies are being studied in greater numbers. At-home chemotherapy and oral chemotherapy are in high demand. A reimbursement scheme that covers affordable generics will reduce coverage for expensive therapies, says an analyst at FMI.
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Competitive Landscape:
The availability of oral chemotherapy is one of the major factors driving its demand. Rather than spending exorbitant amounts on medical expenses, preventative measures can be taken. To expand to more complex applications, companies with a wide geographic reach are taking collaborative measures to boost sales, including merging multiple businesses into one to provide more versatile medical products.
Competitors are consolidating their market presence through strategic, profitable partnerships. Companies can use advanced technology more effectively through acquisitions and partnerships. In order to expand their technology horizons, home health clinic companies enter into a number of deals.
- Telix Pharmaceuticals Limited is pleased to announce that the results of its pivotal Phase III ZIRCON study for TLX250-CDx have been selected for oral presentation at the ASCO GU Symposium scheduled for February 16-18 2023 in San Francisco, CA. As part of the program, Telix will present six more presentations on its theranostic candidates targeting carbonic anhydrase IX (CAIX) and prostate-specific membrane antigens (PSMA). This presentation will discuss advances in prostate cancer PET imaging with PSMA-11, potential uses of TLX250-CDx outside ccRCC, and STARLITE Phase II studies, which are assessing whether TLX250 targeted radiation combined with immunotherapy will be effective in treating ccRCC.
- An innovative medical technology company whose mission is to improve cancer surgery outcomes and support clinicians during intraoperative decisions, Samantree Medical announced the publication of a study on prostate cancer. Increasing the clinical use of the Histolog Scanner, the company’s proprietary imaging platform. Under the supervision of Professor Diederik Somford and Dr. Willem Vreuls, the Enclosure Study was conducted at Canisius Wilhelmina Hospital (Netherlands). As an alternative to NeuroSAFE, the Histolog Scanner was evaluated.
- Johnson & Johnson Services, Inc.
- Astellas Pharma Inc.
- Eli Lilly and Company
- Sanofi
- Ipsen Pharma
- Bayer AG
- AstraZeneca
- Valeant Pharmaceuticals International, Inc.
- Merck & Co., Inc.
- Pfizer Inc.
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Key Segments Profiled in the Prostate Cancer Industry Survey:
Prostate Cancer Market by Drug Class:
- Hormonal Prostate Cancer Therapy
- Luteinizing Hormone-Releasing Hormone (LHRH) Antagonists
- Zytiga
- Gonax
- Luteinizing Hormone-Releasing Hormone (LHRH) Agonists
- Lupron
- Zoladex
- Eligard
- Decapeptyl
- Vantas
- Others
- Anti-Androgen
- Xtandi
- Casodex
- Luteinizing Hormone-Releasing Hormone (LHRH) Antagonists
- Prostate Cancer Chemotherapy
- Taxotere
- Jevtana
- Prostate Cancer Immunotherapy
- Provenge
- Prostate Cancer Targeted Therapy
- Xofigo
- Others Prostate Cancer
Prostate Cancer Market by Distribution Channel:
- Hospital Pharmacies
- Drug Stores & Retail Pharmacies
- Online Pharmacies
Prostate Cancer Market by Region:
- North America Prostate Cancer Market
- Latin America Prostate Cancer Market
- Europe Prostate Cancer Market
- South Asia & Pacific Prostate Cancer Market
- East Asia Prostate Cancer Market
- Middle East & Africa Prostate Cancer Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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