Prostate Cancer Therapeutics Market (Component - Hormonal Therapy, Chemotherapy, Immunotherapy, and Radiation Therapy; Distribution Channel - Hospital Pharmacy, Retail Pharmacy, and Sales and Diabetes): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

A recent report published by Infinium Global Research on the prostate cancer therapeutics market provides an in-depth analysis of segments and sub-segments in the global as well as regional prostate cancer therapeutics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional prostate cancer therapeutics market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global prostate cancer therapeutics market. According to the report, the global prostate cancer therapeutics market is projected to grow at a CAGR of 8.5% over the forecast period of 2022-2028. 

Market Insight

The revenue generated by the market was approximately USD 12 billion in 2021 and is expected to reach approximately USD 21 billion in 2028 and is expected to grow with a CAGR of 8.5% over the forecast period 2022-2028. 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. Other than skin cancer, prostate cancer is the most common cancer in American men. The prostate cancer therapeutics market has a huge demand for novel drugs that address the unmet medical needs of the patients at increased effectiveness and lower cost. 

Innovations in the development of new drugs and therapies, a large number of new drugs entering the market with FDA approval, high growth in the hormone-refractory prostate cancer therapeutics market, and a rise in the base of an aging population are the key driving factors for the growth of this market. In addition, the rise in the prevalence of prostate cancer, changing lifestyle habits of populations, increased patient 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 the high cost of prostate drugs. However, the market for prostate cancer is likely to rise in the future due to a large number of ongoing innovations in the treatment of prostate cancer. New opportunities are expected to arise as investments in the R&D of cancer therapeutics are growing. 

Over the projection period, North America is expected to lead the market. According to the American Cancer Society, there will be 268,490 new cases of prostate cancer diagnosed and 34,500 prostate cancer deaths in the United States alone. Government assistance and spending on cancer research R&D are driving the industry in North America forward. Access to prostate cancer therapies is facilitated by advanced healthcare infrastructure, which includes specialized cancer hospitals, institutes, and clinics. In North America, the market players offer a variety of prostate cancer therapies. Pfizer Inc. and others are among the market participants. The market is also supported by government backing through healthcare programs for prostate cancer and high income levels of people. Because of its advanced healthcare infrastructure and high per capita income, Europe is likely to be the second largest region in the market after North America.

Segment Covered

The report on the global prostate cancer therapeutics market covers segments such as components and distribution channels. On the basis of components, the sub-markets include hormonal therapy, chemotherapy, immunotherapy, and radiation therapy. On the basis of distribution channels, the sub-markets include hospital pharmacy, retail pharmacy, and sales and diabetes. 

Companies Profiled:

The report provides profiles of the companies in the market such as Pfizer Inc., Abbott Laboratories, AstraZeneca plc, Astellas Pharma Inc., Bristol-Myers Squibb, Johnson & Johnson, Sanofi, AbbVie, Inc., Teva Pharmaceuticals, and Takeda Pharmaceuticals. 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the prostate cancer therapeutics market. Moreover, the study highlights current market trends and provides forecasts from 2022 to 2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.