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Prostate Cancer Drugs Global Market Report 2023
Major players in the prostate cancer drugs market are Astellas Inc., AstraZeneca plc, Johnson & Johnson, Sanofi S.A, Bayer AG, Roche, Abbott, Pfizer, Norvaris and F. Hoffmann-La Roche AG. The global prostate cancer drugs market will grow from $17.63 billion in 2022 to $18.81 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%.
New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Prostate Cancer Drugs Global Market Report 2023" - https://www.reportlinker.com/p06245030/?utm_source=GNW
Major players in the prostate cancer drugs market are Astellas Inc., AstraZeneca plc, Johnson & Johnson, Sanofi S.A, Bayer AG, Roche, Abbott, Pfizer, Norvaris and F. Hoffmann-La Roche AG.
The global prostate cancer drugs market will grow from $17.63 billion in 2022 to $18.81 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The prostate cancer drugs market is expected to grow to $23.50 billion in 2027 at a CAGR of 5.7%.
The prostate cancer drugs market consists of sales of Abiraterone Acetate, Apalutamide, and Bicalutamide.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The prostate cancer drugs refer to drugs that are used for the prevention and treatment of prostate cancer.Prostate cancer is one of the most common types of cancer caused due to uncontrollable development of cells in the prostate gland in men that produces the seminal fluid that nourishes and transports sperm.
Some of the possible treatments for prostate cancer include hormonal therapy, chemotherapy, immunotherapy, and targeted therapy.
North America is the largest region in the prostate cancer drugs market in 2022.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in the prostate cancer drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The different types of prostate cancer drugs are hormone-sensitive prostate cancer and hormone-refractory prostate cancer.Hormone-refractory prostate cancer (HRPC) is a kind of prostate cancer that no longer responds to hormone therapy, even newer treatments.
The different types of therapies include hormonal therapy, chemotherapy, immunotherapy, and targeted therapy and involve various sectors such as hospitals, clinics, and others.
The increasing men geriatric population is a major driver for the prostate cancer drugs market.Prostate cancer is one of the most common types of cancer in men aged above 60.
According toACL(Administration For Community Living), a US-based government organization,the geriatric population is expected to increase by 21.6% by 2040. Among those population, men are affected more with prostate camcer than women.For example, in January 2022, according to American Cancer Society, a US-based organization, prostate cancer develops in older men and in non-hispanicblack menand about 6 cases in 10 are diagnosed in men who are 65 or older(geriatric population). Therefore, increasing men geriatric population drives the prostate cancer market..
Recurrent/non-responsive prostate cancer is a major restraint for the growth of the prostate cancer drugs market.This is because recurrent/non-responsive prostate cancer cells lead to recurrence or spread of cancer after initial treatment.
Prostate cancer can recur locally in the tissue next to the prostate, the surrounding lymph nodes in the pelvis or lymph nodes outside this area, tissues next to the prostate (such as the muscles that help control urination, the rectum, or the wall of the pelvis).Cancer can also travel through the bloodstream and recur in bones or other organs.
According to the American Society of Clinical Oncology (ASCO), around 50% to 95% of men in the US with high-risk prostate cancer experience recurrence after localized treatment.
The use of combination therapy to treat prostate cancer is an emerging trend in the market.This is mainly because, in some cases of prostate cancer, monotherapy has not been effective for the patients.
In this regard, companies in the prostate cancer drugs market are investing more in combination therapy for the treatment of prostate cancer.For example, Pfizer announced the results of its Phase 3 PROSPER trial in patients with non-metastatic (M0) Castration-Resistant Prostate Cancer (CRPC), which show that the use of XTANDI (enzalutamide) in combination with androgen deprivation therapy (ADT) significantly reduced the risk of developing metastases or death by 71% compared to using ADT alone.
Similarly, other combination therapies such as a combination of radiation therapy and androgen deprivation therapy for men with recurrent prostate cancer, and using chemotherapy drug docetaxel (Taxotere) along with ADT are also being used to treat prostate cancer.
The prostate cancer drugs market in the USA is regulated by the FDA which is responsible for the approval of new drugs and lays down regulations related to the treatment of prostate cancer.For instance, the FDA approved Erleada (apalutamide) for the treatment of prostate cancer that has not spread (non-metastatic) but continues to grow despite treatment with hormone therapy (castration-resistant).
This was the first case of FDA-approved treatment for non-metastatic, castration-resistant prostate cancer, and more such approvals are expected to follow in the future. Hence, the regulatory scenario related to prostate cancer drugs will encourage more drug manufacturers to enter the market.
In June 2021, Bayer, a Germany-based pharmaceutics company acquired Noria Therapeutics Inc. (Noria) and PSMA Therapeutics Inc for an undisclosed amount. With this acquisition, Bayer will gain exclusive 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. is a US-based company that specializes in prostate-specific membrane antigen research and Noria Therapeutics Inc. is a radiotherapy firm focused on creating alpha-emitting radiopharmaceuticals for targeted therapeutic and imaging applications in oncology.
The countries covered in the prostate cancer drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The prostate cancer drugs market research report is one of a series of new reports that provides prostate cancer drugs market statistics, including prostate cancer drugs industry global market size, regional shares, competitors with a prostate cancer drugs market share, detailed prostate cancer drugs market segments, market trends and opportunities, and any further data you may need to thrive in the prostate cancer drugs industry. This prostate cancer drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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