The global market for prostate cancer therapeutics was valued at around USD 10.2 billion in 2016 and is expected to reach USD 19.8 billion by 2023, growing at a CAGR of around 9.9% during the forecast period of 2017 to 2023. Prostate cancer is a malignant tumor, or group of cancerous cells, which arises in the prostate gland, a gland in the male reproductive system located below the urinary bladder and in front of the rectum. Prostate cancer may be benign in some cases, but can turn metastatic and become life threatening. Prostate cancer generally occurs in men over the age of 50. Hereditary factors, diets that have too much red meat content, and environmental factors affecting the male hormones (androgen) impact the etiology of prostate cancer. According to the American Cancer Society’s estimates, approximately 161,360 new cases of prostate cancer and 26,730 deaths from prostate cancer are estimated in the United States in 2017. Other than skin cancer, prostate cancer is the most common cancer in American men. The prostate cancer market has a huge demand for novel drugs that address the unmet medical needs of the patients at an increased effectiveness and lower cost.
Innovations in the development of new drugs and therapies, large number of new drugs entering into the market with FDA approval, high growth in hormone-refractory prostate cancer therapeutics market, and rise in base of aging population are the key driving factors for the growth of this market. In addition, rise in prevalence of prostate cancer, changing lifestyle habits of populations, increased patient’s healthcare awareness, and increasing demand for non-invasive therapies are further expected to propel the market growth in the coming years. Along with these driving factors, the market for prostate cancer is facing some challenges such as time consuming regulatory compliance and high cost of prostate drugs. However, the market for prostate cancer is likely to rise in the future due to the large number of ongoing innovations for the treatment of prostate cancer.
Figure: Prostate Cancer Therapeutics Market by Region
Geographically, North America is the leading contributor to the market and is expected to retain its position during the forecast period due to high awareness, large base of prostate cancer patients, rise in investments, and various initiatives by government in the healthcare sector. However, Asia-Pacific market is expected to grow at a faster rate during the forecast period. This is predominantly due to increased healthcare awareness, technological advancements, significant investments and growing awareness among the population about the treatment options available in the market.
Astellas Pharma Inc.
Johnson & Johnson
Takeda Pharmaceuticals, etc.
The report delivers a strategic analysis of the global market for prostate cancer therapeutics and growth forecast for the period from 2017 – 2023. The scope of the report includes competitive analysis of various market players who are operating in the market, segmental analysis based on type. It also covers geographical analysis of the market with growth forecast for the period of 2017 – 2023. The Porter’s Five Forces analysis and value chain analysis included in the report provides an insight into market dynamics and industry competition.
Moreover, the report also includes growth strategies and entry barriers to be considered to cater to the exact business opportunities in this market. Additionally, to aid in strategic decision making, the report also includes competitive profiling of leading players, recent developments in the industry and various business strategies adopted by them. This report will help players in global prostate cancer therapeutics market to plan and implement their strategies in different market areas such as emerging geographies, and new technologies.
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