Prostate Cancer Treatment Market Size to Reach USD 12,152 Million by 2030 Says Acumen Research and Consulting

LOS ANGELES, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The Global Prostate Cancer Treatment Market Size accounted for USD 8,124 Million in 2021 and is estimated to achieve a market size of USD 12,152 Million by 2030 growing at a CAGR of 4.7% from 2022 to 2030.

Prostate Cancer Treatment Market Overview

Prostate cancer is a malignant neoplasm of the prostate gland, which is a gland within the male reproductive system surrounding the urethra and produces a fluid that makes up a portion of semen. The cancerous cells in the prostate can invade and destroy surrounding tissue, including the seminal vesicles and the nearby lymph nodes. Prostate cancer develops slowly and is initially confined to the prostate gland and can spread to other parts of the body, mainly to the bones and lymph nodes. The primary risk factors for prostate cancer are age, family history, and race. The primary diagnostic tool for prostate cancer is the prostate-specific antigen (PSA) test. Other diagnostic tools include digital rectal examination (DRE), transrectal ultrasound (TRUS), and biopsy. The primary treatment options for prostate cancer include surgery (prostatectomy), radiation therapy, and androgen deprivation therapy (ADT), These treatments are typically used in combination with one another, depending on the stage and progression of cancer.

The prostate cancer treatment market share is growing fast, with new technologies and treatments being developed and approved on a regular basis. One of the key trends in this market is the increasing use of targeted therapies, which are designed to specifically target the genetic mutations and signalling pathways that drive prostate cancer growth. These therapies include drugs such as abiraterone acetate, enzalutamide, and apalutamide, which have been shown to be highly effective in treating advanced prostate cancer.

A crucial trend in the prostate cancer treatment market size is the growing use of immunotherapies, which harness the power of the patient's own immune system to fight cancer. These therapies include drugs such as sipuleucel-T, which is a dendritic cell vaccine that has been shown to be effective in treating prostate cancer, and PD-1 inhibitors such as pembrolizumab and nivolumab, which have been shown to be effective in treating advanced prostate cancer.

Prostate Cancer Treatment Market Report Coverage:

Prostate Cancer Treatment Market Research Report Highlights and Statistics

• The global Prostate Cancer Treatment market size in 2021 stood at USD 8.124 Billion and is set to reach USD 12.152 Billion by 2030, growing at a CAGR of 4.7%
• It is reportedly one of the most common type of cancer worldwide, which is why there is a growing need for targeted therapies and the development of new treatments.
• Targeted therapies, including abiraterone acetate, enzalutamide, and apalutamide, are predicted to account for the largest prostate cancer treatment market share, due to them having high efficacy in treating advanced prostate cancer.
• Immunotherapies, i.e sipuleucel-T and PD-1 inhibitors, are also projected to witness huge growth over the forecasted period, driven by their increased usage in the treatment of advanced prostate cancer.
• The growing usage of new hormonal therapies and the increasing use of combinations of hormonal therapies are also growth-fueling factors.
• Robotic surgeries and other advanced surgical techniques have been in trend lately and have scaled up largely recently.
• The Asia Pacific region with its vastly ageing population and rising number of prostate cancer cases especially in China and India is expected to be the fastest-growing prostrate cancer market share.
• Key players in the prostate cancer treatment market include AstraZeneca, Janssen Biotech, Sanofi, Pfizer, and Roche.

Trends in the Prostate Cancer Treatment Market

Growth of immunotherapies and the development of new hormonal therapies: Immunotherapies that harness the power of the patient's own immune system to fight cancer are also becoming more popular.

Advancements in Robotic surgery and other advanced surgical techniques are becoming increasingly popular, effective and accessible, leading to an increase in demand for the treatment of prostate cancer.

The growing use of combination therapies: Combining different treatments, such as surgery, radiation therapy, and hormone therapy, is becoming more common.

The growing use of biomarker-driven treatments which are tailored to the specific characteristics of a patient's cancer, are becoming more popular.

Increasing focus on patient-centred care: There is a growing focus on patient-centred care and personalized medicine, which is expected to drive the development of new treatments.

Increasing adoption of minimally invasive treatments: Minimally invasive treatments, such as brachytherapy, are becoming more popular due to their lower risk of complications and faster recovery times.

Prostate Cancer Treatment Market Dynamics

• The increasing prevalence of prostate cancer in the ageing, as well as younger population, is expected to rise, leading to an increase in demand for treatments.
• Growing focus on cost-effective treatments: Due to the high cost of some treatments, there is a growing focus on developing cost-effective treatments that are just as effective as more expensive options.
• The growing use of targeted therapies and radiation therapy: Targeted therapies, such as abiraterone acetate, enzalutamide, and apalutamide, are highly effective in treating advanced prostate cancer, leading to an increase in demand for these treatments.
• Rising healthcare expenditure: With governments and private organizations investing more in healthcare, the market for prostate cancer treatments is expected to grow.
• Growing awareness of the disease: With more information and awareness campaigns about prostate cancer, more men are getting screened and diagnosed early, leading to an increase in demand for treatments.
• High unmet medical needs: There is still a high unmet medical need for new treatments, especially for advanced prostate cancer, which is driving the development and growth of the market.
• Increase in the number of clinical trials: an increased number of clinical trials for prostate cancer treatments is expected to drive the growth of the market.
• The rise in the number of cancer institutes and cancer centres: The rise in the number of cancer institutes and cancer centres worldwide is expected to drive the growth of the market.

Prostate Cancer Treatment Market Growth Hampering Factors

High cost of treatments such as targeted therapies and immunotherapies, can make them inaccessible to many patients, which can hinder the market growth.

Lack of awareness and education about prostate cancer and its treatments can lead to delayed diagnosis and treatment, which can negatively impact market growth.

Limited access to healthcare and effective diagnostic tools: Limited access to healthcare and diagnostic tools such as biomarkers and imaging techniques particularly in developing countries, can make it difficult for patients to access the latest treatments and technologies, which can hamper the market growth.

Limited availability of clinical trial data: Limited availability of clinical trial data on the safety and efficacy of new treatments can make it difficult for physicians to make informed treatment decisions, which can hamper the market growth.

Stringent regulatory requirements for the approval of new treatments can make it difficult for companies to bring new products to market.

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Market Segmentation

The Prostate Cancer Treatment Market can be segmented based on:

By Therapy Type:

• Targeted Therapies
• Hormonal Therapies
• Immunotherapies
• Surgery
• Radiation Therapy
  

By Drug Class:

• Abiraterone Acetate
• Enzalutamide
• Apalutamide
• Sipuleucel-T
• PD-1 Inhibitors
• Androgen Deprivation Therapy (ADT)
• Robotic Surgery
• Brachytherapy
• External Beam Radiation Therapy
  

By Stage:

• Early-Stage Prostate Cancer
• Advanced Prostate Cancer

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
  

By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
  

Prostate Cancer Treatment Market Overview by Region

• North America is expected to lead the prostrate cancer treatment market share, due to the high incidence of prostate cancer, the availability of advanced treatments, and the presence of a large number of market players in the region. The US alone accounts for a large share of the market, driven by the high prevalence of prostate cancer, the availability of advanced treatments, the fast ageing population and the presence of a large number of key players in the country.
• Europe is also expected to hold a good share of the market, due to the high incidence of prostate cancer and the availability of advanced treatments in the region. The market in this region is driven by the presence of a large number of key players, the high healthcare expenditure, and the increasing adoption of new treatments.
• Asia Pacific is expected to be the fastest-growing market, driven by rising cases of prostate cancer and the growing adoption of new treatments in countries such as China and India. These countries have also been spending heavily in the healthcare segment especially aftermath of COVID-19.
• The regions of Latin America, the Middle East and Africa are also expected to see steady growth, driven by the increasing healthcare expenditure, the growing awareness about prostate cancer, and the increasing number of hospitals and clinics. However, some growth-hindering factors include the lack of advanced treatments and the low healthcare expenditure.

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Prostate Cancer Treatment Market Key Players

AstraZeneca, Janssen Biotech, Sanofi, Pfizer, Roche, Astellas Pharma, Dendreon Pharmaceuticals, Medivation, Johnson & Johnson, Ipsen, Merck & Co., Novartis, Bristol-Myers Squibb, Celgene, Eisai, F. Hoffmann-La Roche, Genentech, Seattle Genetics, Takeda Pharmaceuticals., GlaxoSmithKline, Amgen, Eisai, Millennium Pharmaceuticals, Onyx Pharmaceuticals, Orion Corporation, Progenics Pharmaceuticals, and Teva Pharmaceuticals.

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