Prostate Cancer Market Size
The Global Prostate Cancer Market reached USD 11.7 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 21.6 billion by 2031. The prostate cancer market is expected to exhibit a CAGR of 8.1% from 2024-2031. When the prostate gland begins to grow cells out of control, prostate cancer develops. The prostate gland is only found in men.
The prostate gland produces some of the fluid found in sperm. Symptoms of prostate cancer are difficulties in Urination, but sometimes there are no symptoms. Some types of prostate cancer grow slowly.
Prostate cancer is one of the most common types of cancer. New technologies in diagnostic testing are expected to boost the growth of the global prostate cancer market. The factors influencing the global prostate cancer market are the increasing research and development and the growing prevalence of prostate cancer.
Market Summary
| Metrics | Details |
| CAGR | 8.1% |
| Size Available for Years | 2022−2031 |
| Forecast Period | 2024−2031 |
| Data Availability | Value (USD) |
| Segments Covered | Therapy Type, End User, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Therapy Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis key Insights. |
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Market Dynamics
The Increasing Product Approvals is Driving the Global Prostate Cancer Market Growth in the Forecast Period
The increasing product introductions drive the global prostate cancer market during the forecast period. For instance, in March 2022, the United States Food and Drug Administration authorized Novartis, a Swiss-American multinational pharmaceutical corporation's Pluvicto (lutetium Lu 177 vipivotide tetraxetan) indicated for the therapy of adult individuals suffering from a specific kind of progressive cancer named prostate-specific membrane antigen–positive metastatic castration-resistant prostate cancer.
The Presence of Stringent Regulatory Policies Hampers the Global Prostate Cancer Market Growth
The presence of stringent regulatory authority bodies approving the usage and commercialization of drugs or biologics employed in treating the prostate cancer market is hampering the global market growth during the forecast period. For instance, the European Medicines Agency (EMA), an agency of the European Union in command of the evaluation and surveillance of pharmaceutical developments, and the US Food and Drug Administration (USFDA), a nationwide agency of the Department of Health and Human Services are prominent regulatory authoritative bodies among others.
Market Segment Analysis
The Global Prostate Cancer Market is segmented based on therapy type, end-user, and region.
The Hormonal Therapy Segment is Expected to Hold a Dominant Position in the Market Over the Forecast Period
Hormonal therapy is estimated to dominate the global prostate cancer market, withholding about 59.7% of the global market, owing to increased research activities. For instance, in March 2023, Bayer, a German multinational biotechnology and pharmaceutical corporation, expanded the international clinical development program for NUBEQA (darolutamide) in prostate cancer.
NUBEQA is presently authorized in the U.S. for the hormonal therapy of adult individuals with metastatic hormone-sensitive prostate cancer (mHSPC) in a mixture with docetaxel and the therapy of adult individuals with non-metastatic castration-resistant prostate cancer (nmCRPC).
Market Geographical Share
North America Holds the Largest Share of the Global Prostate Cancer Market
North America is estimated to hold around 38.5% of the Global Prostate Cancer Market owing to the increased prostate cancer cases and growing initiatives to fight against prostate cancer in this region.
For instance, the American Cancer Society estimated that, among men, prostate cancer stayed the typical tumor in 2022, with over 268,490 new diagnoses and 27% of all new diagnoses, i.e., more than 34,500 deaths making up for 11% of all cancer deaths. The advanced prostate cancer incident grew from 3.9% to 8.2% over the past decade.
Moreover, in January 2023, to address the alarming trends in prostate cancer, ACS launched IMPACT, an initiative to improve mortality from prostate cancer together. This initiative is expected to leverage ACS's distinctive administrative forces to rally aids across advocacy, patient help, and research.
Market Major Players
The major global players in the market include Johnson & Johnson, Astella, Inc., Sanofi Aventis, IPSEN, Bayer AG, AstraZeneca, Valent Pharmaceuticals LLC, Novartis International AG, and Clovis Oncology Inc., among others.
Russia-Ukraine War Impact Analysis
As the warfare in Ukraine released disorder and uprooted millions of individuals, numerous Ukrainians had to escape to the western region of the nation and became refugees in Europe and outside.
Among them were individuals with prostate cancer, who encountered a fierce one-two force of extreme sickness and exile. And while cancer hospitals in Ukraine are being deserted or even attacked, Ukrainian patients across the boundary, struck by sanctions and inflation, even encounter an indefinite future for their care.
Global Recession Impact Analysis
The healthcare industry is not completely immune to recession, as healthcare institutions thought firings and employment during past financial downturns. That stated, the industry does cope finer than other sectors because of its essential nature. However, the danger of recession threatens the market as inflation persists increasing.
The elevated extent of tension about the persistent recession as the high inflation in developed countries worldwide has transpired in a general cost surge over the past two years. The cumulatively deteriorating available purchasing control is anticipated to affect growing economies particularly and is considered helpful in numerous ways.
Artificial Intelligence Impact Analysis
Artificial intelligence positively impacts the Global Prostate Cancer Market during the forecast period, owing to its increased application in prostate cancer diagnosis and drug development. For instance, AI models can assist in diagnosing and grading cancer aggressiveness on non-invasive radiology pictures (Ultrasound and MRI), and on histopathology images obtained via prostate biopsy.
Key Developments
- In February 2023, Fusion Pharmaceuticals, a clinical-stage oncology corporation concentrated on designing next-generation targeted alpha therapies ("TATs") as precision therapies, acquired the investigational new drug application ("IND") for an ongoing Phase 2 clinical trial (the "TATCIST" trial) evaluating 225Ac-PSMA I&T, a small molecule targeting prostate-specific membrane antigen ("PSMA") expressed on prostate cancers from RadioMedix, Inc., a clinical-stage biotechnology corporation.
- In March 2023, Pfizer, an American global biotechnology and pharmaceutical company, and Seagen Inc., a multinational biotechnology corporation, formed a definitive merger agreement under which Pfizer will obtain Seagen for USD 229 in cash per Seagen share for a total enterprise worth USD 43 billion.
- In June 2022, EVERSANA, the frontiers of next-generation commercial services to the global life sciences enterprise, and Accord BioPharma, the U.S. specialty unit of Intas Pharmaceuticals, Ltd., collaborated in sustaining the current introduction of CAMCEVI (leuprolide) 42mg injection emulsion indicated for the therapy of progressive prostate cancer in adults.
Why Purchase the Report?
- To visualize the Global Prostate Cancer Market segmentation based on therapy type, end-user, and region and understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous prostate cancer market-level data points with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Global Prostate Cancer Market Report Would Provide Approximately 53 Tables, 54 Figures And 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
