Prostate Cancer Treatment Market Share, Size, Trends, Industry Analysis Report, By Treatment Therapy; By Distribution Channel; (Hospital Pharmacies, Online Pharmacies, Retail Pharmacies) By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 117
- Format: PDF
- Report ID: PM1395
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global prostate cancer treatment market was valued at USD 12.13 billion in 2023 and is expected to grow at a CAGR of 7.8% during the forecast period. Prostate cancer occurs when abnormal cells in the prostate gland grow and uncontrollably enlarge, and the sixth main cause of death in men is prostate cancer. The main factor causing the expansion of the market's development is the increase in incidence of prostate cancer. Another factor responsible for market growth is growing cost of healthcare therapies. Furthermore, expanding government funding and also increasing public and private sector activities to raise awareness for prostate cancer therapies will boost the market expansion.
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The growth rate of the prostate cancer treatment market is positively impacted by additional factors such as technological advancements connected with screening and diagnostic tests and altering lifestyles. Additionally, advances in genetics and proteomics as well as an aging population may slow the market's rate of expansion for prostate cancer treatments. But the market for prostate cancer medicines will experience increased growth due to the introduction of new potent medications and the availability of powerful pipeline products.
Government funding for novel prostate cancer treatments is fueling market expansion. For instance, in March 2022 a novel therapy for metastatic prostate cancer, 177Lu-PSMA-617, was approved by FDA. This innovative medication was created by the Society of Nuclear Medicine and Molecular Imaging and it lowers the chance of mortality.
During the COVID-19 pandemic, the treatment for prostate cancer may slow down in hospitals & diagnosis centers. However, the online pharmacy sector propels the market exponentially due to people’s freedom of movement when constrained by the pandemic and increased movement for e-prescriptions.
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Industry Dynamics
Growth Drivers
The increasing prevalence of prostate cancer in geriatric population and younger people also is anticipated to boost demand for therapies. Initially, the high cost of this treatment may hinder market growth to some extent. Thus, increasing emphasis on creating affordable treatments that are just as efficient as more expensive ones. Thus, cost-effective innovative treatments will rise the prostate cancer treatment market. furthermore, the key competitors in the market are focusing on developing novel and cutting-edge products. Numerous businesses have items in their pipeline that are anticipated to hit the market throughout the projected period.
Increasing healthcare spending as governments and private institutions invest more in healthcare, the market for therapies for prostate cancer is anticipated to expand. And also, an increase in immunotherapies and creation of novel hormonal therapies more and more people are turning to immunotherapies, which use the patient's immune system to combat cancer. Furthermore, rise in demand for the treatment of prostate cancer is being caused by the popularity, effectiveness, and accessibility of robotic surgery and other modern surgical procedures.
In addition, other factors that contribute to the market's expansion include the rise in demand for hormonal drugs in the contexts of non-metastatic castration-resistant (nmCRPC) and metastatic hormone-naive (mHNPC) prostate cancer, as well as the need for prostate cancer care and therapy. Furthermore, the emerging nations' untapped potential offers profitable chances for the market to expand throughout the course of the forecast period.
Report Segmentation
The market is primarily segmented based on treatment therapy, distribution channel, and region.
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By Treatment Therapy |
By Distribution Channel |
By Region |
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Hospital Pharmacies segment accounted for the highest market share
The hospital pharmacies segment had the greatest market share in 2022 and is predicted to keep that position during the forecasted period. These pharmacies offer both in-patient and out-patient treatments, patients may easily get help for a range of ailments. Additionally, these pharmacies focus on making money from pharmaceutical sales while simultaneously seeking to reduce the overall cost of prescriptions.
However, due to better access to the internet and growing public knowledge of over-the-counter medications, online pharmacies are anticipated to see a profitable growth rate over the course of the projection year. In addition, COVID-19, which is connected to the restrictions on people's freedom of movement, has had a favorable influence on the industry, driving the market at an exponential rate. Additionally, e-prescriptions are related to market expansion, and if they become more popular, they may improve the position of online pharmacies.
North America dominated the global market in 2022
North America dominates the industry in 2022 on a worldwide scale and is expected to continue to dominate over the forecast period because there is a great need for prostate cancer treatment goods in the area and a growth in the disease's prevalence. However, growth in North America is responsible for the introduction of promising new medications in the biologics and hormone treatment sectors. The scheduled release of a few pipeline medications is anticipated to fuel the local market over the projected period. For instance, In March 2022 a medicine called Pluvicto, received approval from the US FDA for an advanced accelerator application that will be used to treat adult patients with prostate cancer.
Competitive Insight
Some of the major players operating in the global prostate cancer market include Ipsen Pharma, Takeda Pharmaceutical Company Ltd, Johnson & Johnson, Indevus Pharmaceuticals, Bristol-Myers Squibb Company, AstraZeneca plc, GlaxoSmithKline Plc, F. Hoffmann-La Roche AG, Sanofi S.A., Tolmar Inc., Bayer AG, Astellas Pharma Inc., Dendreon Pharmaceuticals LLC, and Novartis AG.
Recent Developments
- In March 2022, The FDA has approved Novartis' Pluvicto (Lutetium-177) for the treatment of metastatic, progressive, PSMA-positive prostate cancer.
- In January 2021, FDA approved Relugolix, a novel medication that is anticipated to change how advanced prostate cancer is treated. In a significant clinical trial, the drug relugolix (Orgovyx) was found to be more effective at reducing testosterone levels in males with advanced prostate cancer.
- In March 2022, Merck industry announced the combination of drugs keylynk-010, and keytruda in combination with Lynparza a trial carried out on patients with metastatic castration-resistant prostate cancer.
Prostate Cancer Treatment Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 13.05 billion |
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Revenue forecast in 2032 |
USD 23.86 billion |
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CAGR |
7.8% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Treatment Therapy, By Distribution Channel, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Ipsen Pharma, Takeda Pharmaceutical Company Ltd, Johnson & Johnson, Indevus Pharmaceuticals, Bristol-Myers Squibb Company, AstraZeneca plc, GlaxoSmithKline Plc, F. Hoffmann-La Roche AG, Sanofi S.A., Tolmar Inc., Bayer AG, Astellas Pharma Inc., Dendreon Pharmaceuticals LLC, and Novartis AG. |
FAQ's
Prostate cancer treatment market key companies are Ipsen Pharma, Takeda Pharmaceutical Company Ltd, Johnson & Johnson, Indevus Pharmaceuticals, Bristol-Myers Squibb Company, AstraZeneca plc, GlaxoSmithKline Plc, F. Hoffmann-La Roche AG.
The global prostate cancer treatment market expected to grow at a CAGR of 7.8% during the forecast period.
The prostate cancer treatment market report covering key segments treatment therapy, distribution channel, and region.
prostate cancer treatment market key driving factors are Increase in prevalence of prostate cancer.
The global Prostate Cancer Treatment Market size is expected to reach USD 23.86 billion by 2032.
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