Prostate Cancer Therapeutics Market Size to Gain Traction of ~US$ 19.6 Billion, Growth Opportunities by 2027 – Digital Journal

Prostate Cancer Therapeutics Market Product Differentiation to Create Fructuous Opportunities

According to a recent report published by Transparency Market Research (TMR), the prostate cancer therapeutics market was valued at ~US$ 10 Bn in 2019, and is projected to arrive at a value tantamount to ~US$ 19.6 Bn by 2027, expanding at a CAGR of ~8% during the period of 2019-2027. The rise of prostate cancer at an alarming rate ~1.6 Mn new diagnosed cases of prostate cancer were registered in 2017 as found by the American Cancer Society, is a crucial factor influencing patients into availing prostate cancer therapeutics. However, the key success factor propelling notable cancer therapeutics uptake is attributable to advancements in oncology, leading to the early diagnosis of prostate cancer.

The movement of the prostate cancer therapeutics market, however, could be hampered, in light of the reluctance evinced by patients towards premium cancer therapies and drugs. However, private and public sector investments made for underpinning the research and development activities of market players will catapult the growth trajectory of the market.

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Biotechnology A Novel Technology Driving Effectiveness of Therapeutics

Recent developments in prostate cancer therapeutics encompass various bioinformatics programs to achieve optimal cancer treatment. Market players approach prostate cancer therapeutics with an innovative approach, including proteome profiling, exome sequencing, and whole-genome, to develop a pathway for an effective cure and treatment.

An example of this can be taken from Biopep Solutions, Inc. The company is centering its efforts towards the development of BPS-001, which is a complex and multivalent biologic drug that possesses anti-tumor attributes. The drug is said to inhibit the progression of tumor cells, thereby curbing the future progression of prostate cancer.

Emerging trends have also identified the rapid growth in oral drugs intake. Surgeons recommend the intake of oral drugs on a regular basis for chemotherapy, in light of their long-time-to-effectiveness. In addition, drugs administered through intravenous therapies are highly likely to cause side effects to the hair, bone marrow, and intestines, which further upkeeps the popularity of oral therapeutics.

Hospital Pharmacies to Drive Significant Prostate Cancer Therapeutics

Despite the growing number of ambulatory surgical centers and clinics centered at offering therapies for the treatment of prostate cancer, hospitals remain the preferred medium of care. This leads to the high sales of prostate cancer therapeutics through hospital pharmacies, which is likely to account for half of the market share in 2027, by recording an above-average CAGR of ~9% during 2019-2027.

The technological lead of North America, centered at the development of novel technologies to improve the effectiveness of prostate cancer therapeutics, and the advent of vaccines such as Sipuleucel-T, are projected to remain intact during the forecast period. In 2019, North America will account for ~41% market share, followed by Europe and Asia Pacific.

The growth of the European prostate cancer therapeutics market will remain influenced by the high incidence of prostate cancer reported in France and Norway, which has led to the rise in the development of early detection and treatment therapies. That being said, Asia Pacific will demonstrate an exponential improvement in market performance, given the spurt in the number of medical tourists seeking cost-effective treatment in developing countries.

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Global Prostate Cancer Therapeutics Market: Segment Analysis

The global prostate cancer therapeutics market has been segmented based on therapy, distribution channel, and region

In terms of therapy, the global market has been classified into hormone therapy (luteinizing hormone-releasing hormone analogs, luteinizing hormone-releasing hormone antagonists, and antiandrogens), chemotherapy (systemic chemotherapy and regional chemotherapy), biologic therapy, and targeted therapy.

The hormone therapy segment dominated the global prostate cancer therapeutics market in 2018, and the trend is projected to continue during the forecast period.

Based on distribution channel, the global market has been divided into hospital pharmacies, retail pharmacies, online sales, and others.

The hospital pharmacies segment dominated the global market in 2018, due to an increase in admissions of geriatric patients in hospitals and laboratories for the diagnosis of old age-related diseases.

Global Prostate Cancer Therapeutics Market: Regional Segmentation

In terms of region, the global prostate cancer therapeutics market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America

North America was a major market for prostate cancer therapeutics in 2018. The demand for prostate cancer therapeutic products is high in the region due to a rise in the disease prevalence. However, growth of the market in North America is attributed to the launch of promising emerging therapies in the biologic and hormone therapy segments. The expected launch of some pipeline products is likely to drive the market in the region during the forecast period.

Europe

Manufacturers are anticipated to focus on hormone therapy segments such as antiandrogens in the prostate cancer therapeutics market in Europe. The hormone therapy segment is expected to continue to be a potentially viable segment for investment during the forecast period. The expected launch of pipeline products late in the forecast period is likely to boost market growth. However, restrictions on the use of few drugs by the European Medicines Agency for the treatment of prostate cancer are anticipated to hamper the market in the region 2019 and 2027.

Asia Pacific

Manufacturers in the prostate cancer therapeutics market in Asia Pacific are anticipated to focus on therapies such as antiandrogens and luteinizing hormone-releasing hormone antagonists. The hormone therapies segment is expected to continue to be a potentially-viable segment for investment during the forecast period. Rise in awareness programs by associations and companies is a major factor likely to boost the growth of the market in the region in the near future.

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Global Prostate Cancer Therapeutics Market: Major Players

Key players operating in the global prostate cancer therapeutics market include

These players are adopting strategies such as new product development, partnerships, and acquisitions to remain competitive in the global market.

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Prostate Cancer Therapeutics Market Size to Gain Traction of ~US$ 19.6 Billion, Growth Opportunities by 2027 - Digital Journal