The global market for prostate cancer market is likely to be valued at around USD 10.92 Billion in 2023 and is projected to expand at a CAGR of 8.5% through 2033. The market is expected to reach USD 24.7 Billion by 2033.
Cancer patients can benefit from physical exercise in a number of ways, including improving their quality of life and their ability to do basic tasks. Physical exercise has also been associated with a lower progression rate and longer survival rates following a prostate cancer diagnosis. Despite the advanced state of prostate cancer, a new study reports how exercising high intensity for a short while has the ability to boost tumor-suppressing responses to a great extent.
Currently, metastatic prostate cancer is associated with substantial annual healthcare costs, which have increased over time as new oral therapies for the treatment of metastatic prostate cancer have been approved. USA population-level incidence of metastatic prostate cancer decreased after prostate cancer screening with PSA testing was widely adopted.
Future generations will be among the first to witness more affordable, accessible, and diagnostic-associated treatment approaches for prostate cancer as the incidence of the disease increases in the future. In an attempt to address the challenges faced by prostate cancer research organizations & societies, governments are investing in numerous initiatives that are meant to raise awareness about the disease, thereby assisting them in developing effective medications.
Data Points | Key Statistics |
---|---|
Anticipated Base Year Value (2022) | USD 10.1 Billion |
Expected Market Value (2023) | USD 10.92 Billion |
Projected Forecast Value (2033) | USD 24.7 Billion |
Global Growth Rate (2023 to 2033) | 8.5% CAGR |
North America Market Share(2023) | 45% |
North America Market Value (2023) | USD 4.2 Billion |
Europe Market Share (2023) | USD 32% |
Europe Market Value (2023) | USD 5.3 Billion |
China Market Share (2023) | 26% |
China Market Value (2023) | USD 3.1 Billion |
Expected Market Share of Top 3 Countries | 65% |
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According to Future Market Insights prostate cancer sales grew at a CAGR of 4.8% in the historical period 2018 to 2022. As the geriatric population in developed countries increases along with affordable top-notch healthcare, the prostate cancer market is expected to grow. Governing agencies and private providers are both increasing their healthcare expenditures rapidly.
FDA approvals of various technologies for prostate cancer treatment are anticipated to drive the market in the coming years. For instance, iQuest, a software application program powered by artificial intelligence (AI) for managing prostate cancer patients, has been cleared by the FDA under 510(k). Through the use of deep-learning algorithms and existing diagnostic information, iQuest creates a tailored [3D] map of the prostate that shows where the cancer is located.
In response to the factors listed above, the prostate cancer market is predicted to grow in sales. Accordingly, the market for prostate cancer is projected to grow at a CAGR of 5.2% between 2023 and 2033.
Prostate Cancer Prominence will drive Diagnostic and Drug Development Demand
As the prevalence of prostate cancer increases, hormonal drugs are being used more frequently to treat hormone-naive and non-metastatic prostate cancer. With a lot of untapped potential in developing countries, there are a lot of potential market opportunities. Prostate cancer market growth may also be attributed largely to unmet treatment needs, increasing awareness among the general public, and advancements in the healthcare field during the forecast period. In addition, new opportunities will likely arise from the expiration of patents on significant drugs such as Zytiga.
A growing number of internet users and an increase in awareness about online pharmacies are all expected to play a role in improving the trend of online drug purchases over traditional methods, leading to a higher adoption rate of drugs. For example, the Xtandi drug is anticipated to grow at the fastest rate over the next few years due to the fact that it is highly adopted by patients and the drug has been used for longer periods of time than other drugs in the market.
MRC Clinical Trials Unit at UCL and other institutes are currently conducting new trials. According to a publication by the institute in June 2022, chemotherapy such as docetaxel improves the survival rate of prostate cancer patients with secondary tumors by 39%. Prostate cancer patients are getting a more effective way to treat their disease with a personalized approach. Further, rucaparib has been approved by the Food and Drug Administration for patients with metastatic castration-resistant prostate cancer (mCRPC) associated with a deleterious BRCA mutation (germline and/or somatic) after receiving chemotherapy based on taxans and androgen receptors. Thus, prostate cancer therapies will be adopted more widely, thereby driving the market growth. All of the factors mentioned above are expected to propel the market at high growth rates.
Studies Conducted by a Variety of Researchers are expected to Drive Market Funds for Future Prostate Cancer Therapies
A surge in government funding and increased public and private sector initiatives to enhance knowledge, and awareness about the availability of medicines amongst the public are projected to accelerate market growth. Additionally, there are more affordable options for men with localized, lower-risk prostate cancer. By using a treatment method called focal therapy, only the parts of the prostate that contain cancerous cells are destroyed, while the other tissue of the prostate remains unharmed.
Cold, heat, or electrical impulses are the methods of delivering focal therapy, which is a minimally-invasive solution. In addition to other focal therapies, TULSA is also a minimally invasive treatment that also offers additional benefits, such as the ability to protect surrounding tissues. Further, new approaches to treating and detecting prostate cancer are being explored on an ongoing basis, including a genetic screening program, PSMA-targeting drugs, and immunotherapy.
Further, liquid biopsies may change the way cancer is treated in the future, as they allow for a more bespoke approach. Blood tests that pick up tumor DNA circulating in the bloodstream are a better method for analyzing tumor DNA than conventional tissue biopsies, which involve surgically removing a piece of the tumor. Furthermore, UC San Diego Health offers the first novel treatment option in the region for patients with prostate cancer that is resistant to conventional treatment. The new radiation pharmaceutical Pluvicto (lutetium Lu 177 vipivotide tetraxetan) has been approved by the FDA for injection or infusion. PSMA, a protein found on most prostate cancer cells, is the marker for the drug, which moves throughout the body and targets cancer cells. The cancer cells are then damaged and killed by radiation.
Failure to Provide Drugs and Treatments on Time is Stifling Growth in Developing Nations
It is projected that there will be a substantial limitation on the global market as a result of the high cost of targeted therapies and other immunotherapies. Developing countries, especially in the field of therapeutics, are expected to be constrained by a low level of awareness of technological advancements in the therapeutic area. As reimbursement policies are constantly changing, time spans used for treatment are extending, combination therapies are becoming more and more costly, and managing the life cycle of drugs is becoming a challenge, interfering with the prostate cancer market's growth.
In Moreover, the lack of skilled personnel to supervise laboratory equipment is slowing the growth of the prostate cancer market, as the shortage of skilled workers is causing the market to deteriorate. Further, government policies constantly change, which makes it hard for the market to grow. Prostate cancer medicines in developing nations are in short supply and treatment times are extended, which is expected to restrict the market's growth.
Additionally, low success rates in clinical trials and high costs may limit the market. In addition, medical consultation fees and the high cost of tissue biopsy are expected to limit the growth of the industry. As a result, there may also be problems with the adoption rate of treatment techniques such as issues with inadequate reimbursement of treatment expenses.
Positive Changes for Prostate Cancer Results from New Entrants
Technological advancements in the prostate cancer field are enabling new companies to enter the market and gain a competitive advantage. Research and development is a constant investment for these companies as they strive to stay ahead of changing consumer preferences. In order to improve its position in the prostate cancer market, the company strives to advance the market.
Prostate Mapping offers transrectal ultrasound (TRUS) and magnetic resonance imaging (MRI) to diagnose prostate cancer. The prostate biopsy is performed under anesthesia with an MRI scan as part of the template. Nuada's medical prostate care includes prostate mapping.
Cancer Targeted Technology (CTT) is a research and development company that is working on developing enzyme inhibitors of small molecular weight that have imaging and drug delivery capabilities for their use in the diagnostics and treatment of cancer. Its lead product, CTT-54, targets circulating tumor cells and delivers radio-photo- and chemotherapeutics targeted to the overexpressed Prostate Specific Membrane Antigen (PSMA). CTT-54 PET diagnostic is claimed to be able to image within an hour and determine personalized treatment choices with the capability of monitoring them.
Prostatype is an online platform for second opinions on prostate cancer. Users have the option of booking appointments and providing the necessary information for initial assessments and medical advice using the platform. For biopsy tests, a referral and contact information for the urologist is provided. In order to determine the treatment plan, medical second opinions are given based on the test results and previous assessments.
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Enhanced Advancements in Treatments and Devices Along with Investments to Grow the Market
According to the forecast, North American revenues are expected to accumulate a revenue share of 45% in 2023. As prostate cancer diagnosis investments rise in North America, the region will dominate the market. Due to high health awareness and the availability of modern diagnostic facilities, the USA dominates the North American market.
According to the American Cancer Society, prostate cancer is the number one form of cancer that is diagnosed among men and one of the leading causes of death from cancer in the USA. The reason behind this is that there is a lack of understanding of the cellular factors involved in the progression of the disease and the risk of developing castration-resistant prostate cancer (CRPC). Recent recommendations against routine prostate cancer screening with prostate-specific antigen may have contributed to a rise in metastatic prostate cancer in the USA American men are most likely to develop prostate cancer than skin cancer. According to the American Cancer Society, there will be 268,490 new cases of prostate cancer diagnosed in the USA in 2022. About 34,500 people will die from prostate cancer.
It is anticipated that patients will seek early diagnosis due to the increased awareness of timely detection, which will spur the government to invest in research and development, thereby increasing the opportunity for growth. For instance, The National Cancer Institute funds researchers who are researching how to detect, prevent, and treat prostate cancer. A study by NCI researchers examines how often and how early prostate cancer occurs in men at high risk using magnetic resonance imaging (MRI). In addition, the researchers are researching whether regular scans for such men can detect cancer early on before it spreads to other parts of the body (metastasize).
European Prostate Cancer Market to be Blown Away by New Therapies and Drugs
According to estimates, Europe is expected to dominate the global market. A substantial portion of the revenues generated worldwide is generated in this region, accounting for 32% of the total revenue generated globally. Among European men, prostate cancer is the most common form of cancer, with 473,000 cases diagnosed annually. There is a 30% survival rate for CRPC among these patients, which is 10% to 20% within five years.
An increasing number of studies and Research and Development activities are being carried out in this region to treat prostate cancer. Many researchers are focusing their efforts on developing therapies and drugs that will be available on the market in the near future. For instance, Lynparza-based combination therapy will be available for the first time in the EU to patients with advanced prostate cancer. For men with metastatic castration-resistant prostate cancer (mCRPC) who do not require chemotherapy but are not eligible for chemotherapy, Lynparza (olaparib) has been approved by the European Commission (EC) when combined with abiraterone, prednisone, or prednisolone. With the combination of a new hormonal agent and the poly(ADP-ribose) polymerase (PARP) inhibitor, this is the first approved PARP inhibitor that has demonstrated clinically meaningful benefits.
New Treatment Therapies will drive Oral Chemotherapy Growth
As a matter of fact, Future Market Insights anticipates that chemotherapy will continue to dominate the market throughout the forecast period. The chemotherapy market is expected to comprise 12% of all medical treatments. Due to increasing cancer prevalence levels and the growing necessity to treat these diseases, cancer treatment requirements are on the rise.
As governments invest in healthcare, patients in different economies have access to sophisticated healthcare facilities, providing a boost to chemotherapy markets. Moreover, the pharma industry is conducting intensive development work to launch new cancer treatments, which is anticipated to drive the growth of the chemotherapy market in the future.
As a result of an increase in demand for oral health products, the oral drug is expected to witness the fastest growth during the forecast period. Drugs are available in many forms through oral administration, and patients can take them at home very easily. Its demand is also likely to be boosted in the near future by manufacturers conducting extensive research and development to launch novel oral drugs. Advanced prostate cancer is often treated with oral chemotherapy. For instance, Orgovyx (relugolix) has been approved for the treatment of advanced prostate cancer in adults by the USA Food and Drug Administration.
In the evaluation period, the online pharmacy segment will represent 28% of the market and grow at a CAGR of 4.5%. As online pharmacy purchases have become more popular than traditional methods of ordering drugs, a steady increase in the number of online pharmacies is predicted. Increasing awareness of online pharmacies and the number of internet users are both contributing to the growth of the online purchase market.
Online pharmacy sales have grown significantly due to the growth of the e-commerce industry as well as home delivery services offered by various companies. Moreover, the growing trend of online discounts on expensive medications and tests is expected to increase demand for online pharmacies even further. In continuing to develop the online pharmacy market for prostate cancer drugs, increased online advertisements and promotions of various medicines are expected to have a positive impact on the market demand for online pharmacies.
Prostate cancer is highly fragmented and competitive, with several domestic and regional players playing. Artificial intelligence is being used by major players in the prostate cancer market to study the tissues and determine the accuracy of their results.
The prostate cancer treatment market was valued at USD 10.1 Billion in 2022
According to FMI, the prostate cancer market is expected to reach USD 10.92 billion by 2023.
From 2023 to 2033, FMI expects prostate cancer revenue to flourish at an 8.5% CAGR
The prostate cancer market is expected to reach USD 24.7 billion by 2033
More than 45% of industry revenues are expected to come from the North American market in 2023.
Market share of prostate cancer in Europe is projected to increase to 32% by 2033.
Johnson & Johnson Services, Inc., Astellas Pharma Inc., Eli Lilly and Company, Sanofi, Ipsen Pharma are the top 5 market players in the prostate cancer market.
Market share for prostate cancer in Asia Pacific is forecast to reach 26% by 2033.
Prostate cancer in online pharmacies will account for 28% of the market by 2023.
Healthcare
March 2024
REP-GB-1664
324 pages
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