Global Prostate Cancer Treatment Market Size, Share, Forecast Report, 2020-2027
The global prostate cancer treatment market size was valued at $6,887 million in 2018, and is projected to reach $9,904 million by 2026, registering a CAGR of 4.6% from 2019 to 2026.
Prostate cancer is a type of cancer in which abnormal cells grow & invade in uncontrolled manner in the prostate gland. In term of cancer-related mortality in men, prostate cancer ranks sixth and eleventh in term of loss of life from any disease. Treatments of prostate cancer include radiation, surgery, chemotherapy, biological therapy, and hormone therapy. There are various diagnostic & therapeutic products used in the treatment & management of prostate cancer such as prostatic adenocarcinoma, benign prostatic hyperplasia, small cell carcinoma, and others.
Rise in geriatric population, increase in prevalence of prostate cancer, surge in generic products, rise in awareness among people regarding the treatment of prostate cancer, improved R&D investment by drug innovators, strong emerging pipeline drugs, and availability of new prostate cancer treatments are the major factors that drive the growth of the prostate cancer treatment market. In addition, increase in demand for prostate cancer treatment as well as management and rise in uptake of hormonal agents in non-metastatic castration resistant (nmCRPC) & metastatic hormone nave (mHNPC) prostate cancer settings are other factors that contribute toward the growth of the market. Furthermore, untapped potential offered by the developing economies present lucrative opportunities for the growth of the market during the forecast period. However, prolonged treatment durations and poor demand for prostate cancer treatment drugs in underdeveloped countries are expected to hinder the growth of the market.
Prostate Cancer Treatment Market Segmentation
The prostate cancer treatment market is segmented on the basis of drug type, distribution channel, and region. By drug type, the market is categorized into chemotherapy, biological therapy, hormone therapy, and others. Depending on distribution channel, the market is classified into hospitals pharmacies, drug stores & retail pharmacies, and online pharmacies. On the basis of region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Segment Review
Based on drug type, the market is categorized into chemotherapy, biological therapy, and hormone therapy. Presently hormone therapy dominates the global prostate cancer treatment market, and is anticipated to continue this trend throughout the forecast period. The key factors that drive the market growth include increase in prevalence of prostate cancer, surge in demand for hormone therapy drugs, availability of generic drugs, rise in geriatric population, increase in number of pharmaceutical companies, and rise in public awareness toward prostate cancer treatment across the globe.
Based on distribution channel, the market is divided into hospital pharmacies, drug stores & retail pharmacies, and online pharmacies. Currently, the hospital pharmacies segment accounted for the majority of prostate cancer treatment market share, owing to strong presence of hospital pharmacies across the globe, increase in number of hospitalized prostate cancer patients, and convenience offered by hospital pharmacies. The online pharmacies is the fastest growing segment during the forecast period, owing to rise in awareness regarding online pharmacies, increase in number of internet users, and surge in preference for online purchasing of drugs over the traditional methods.
Snapshot of Asia-Pacific Prostate Cancer Treatment Market
Asia-Pacific presents lucrative opportunities for the key players operating in the prostate cancer treatment market, owing to growth in awareness about prostate cancer treatment and rise in adoption of prostate cancer treatment products. Moreover, improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, developing R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare further contribute to the market growth. Some of the other factors such as surge in focus of leading manufacturers on expanding their geographic presence in emerging Asia-Pacific countries to capture high growth opportunities in the market, high population base, and high disposable incomes are expected to drive the growth of the prostate cancer treatment market in Asia-Pacific.
The key players profiled in this report include Astellas Pharma Inc., AstraZeneca plc, Bayer AG, Bristol-Myers Squibb Company, F. Hoffmann-La Roche AG, Ferring Pharmaceuticals Inc., GlaxoSmithKline Plc, Ipsen Pharma, Johnson & Johnson, and Takeda Pharmaceutical Company Ltd.
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