Prostate Cancer Therapeutics Market : New Treatment Options Stimulates Market Growth
Added: (Fri Dec 28 2018)
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The global prostate cancer therapeutics market is witnessing steadfast growth over the past several years. The rising incidence of prostate cancer is the key factor behind the growth of prostate cancer therapeutics market. According to Cancer Research - a U.K. based government institute, 11,287 prostate cancer deaths were reported in the country in 2014. Furthermore, as the American Cancer Society, 1 out of every 7 men are expected to be diagnosed with cancer in their lifetime. So much so, prostate cancer is the most common cancer prevalent among men in developed regions, and fourth most prevalent cancer globally. Considering the number of factors driving the adoption of prostate cancer therapeutics, the prostate cancer therapeutics market is likely to clock a CAGR of 8.19% between 2017 and 2024.
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Advances in medical science leading to launch of promising treatment options is fuelling the prostate cancer therapeutics market. Various diagnostic techniques have enabled detection of prostate cancer at an early stage. Measurement of prostate-specific antigen (PSA) has enabled early detection of prostate cancer. Some other promising therapies in phase II and phase III clinical trials for prostate cancer detection include hormonal agents, cytotoxic agents, and other antiprostate-specific membrane antigen therapies.
On the other hand, high cost of treatment of prostate cancer is holding back the growth of the prostate cancer therapeutics market. High costs of targeted therapies and other immunotherapies is unaffordable by a large population especially in developing and underdeveloped economies. In addition, reluctance toward adoption of premium treatments is another factor challenging the marketís growth. Most oncologists do not opt for systemic therapies for early state prostate cancer due to negative perception toward systemic therapy.
The global market for prostate cancer therapeutics is segregated based on a few parameters, viz. therapy, distribution channel, and geography. By therapy, hormone therapy, biologic therapy, chemotherapy, and targeted therapy are the segments into which the prostate cancer therapeutics market is divided. Hormone therapy, among key therapy segments in the prostate cancer therapeutics is highly attractive and is likely to stay this way in the years ahead.
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Depending upon distribution channel, retail pharmacy, hospital pharmacy, and online sales are the channels based on which the prostate cancer therapeutics market is divided. Of them, hospital pharmacy is a key one as it stocks medicines and instruments needed at various stages of treatment. On the other hand, online distribution channel is pacing up due to various discounts that reduce the overall cost of treatment.
Geography-wise, the report takes stock of the potential of demand in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among them, North America holds significant share in the prostate cancer therapeutics market due to high number of prostate cancer patients. Vis-ŗ-vis revenue, the region is anticipated to be worth US$6,763.4 mn by the end of 2024. Europe is a significant market for prostate cancer therapeutics due to commercial availability of blockbuster drugs for prostate cancer.
Asia Pacific and Latin America are predicted to display significant growth in the prostate cancer therapeutics market due to rising awareness about the disease.
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Leading companies in the global market for prostate cancer therapeutics market Pfizer Inc., Amgen, Janssen Biotech Inc., AstraZeneca Pharmaceuticals, AbbVie, and Sanofi Aventis among others.
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