by Market Overview:
Prostate cancer refers to the formation of malignant cells in the prostate gland. Castrate-resistant prostate cancer occurs when the cancer continues to grow and spread despite lowering testosterone levels in the body. Some key symptoms include pain in the pelvis, back, chest, or other bones; difficulty urinating; erectile dysfunction; and weight loss. Major treatment options include chemotherapy, radiation therapy, surgery, hormonal therapy, and immunotherapy.
Market Dynamics:
Prostate cancer is one of the most common forms of cancer among men globally. According to the World Health Organization (WHO), prostate cancer accounted for 1.3 million new cases and 359,000 deaths in 2020. The rising prevalence of the disease is a major factor augmenting market growth. Additionally, increasing awareness about various treatment options for castrate-resistant prostate cancer is also fueling the demand.
For instance, immunotherapy drugs are gaining significant popularity due to their potential ability to overcome resistance to other therapies. Sipuleucel-T was the first immunotherapy approved by the FDA for castrate-resistant prostate cancer in 2010. Furthermore, the launch of novel drugs and drug combinations by leading market players will continue to drive the market during the forecast period. For example, in 2019, Pfizer received FDA approval for Talazoparib under its accelerated approval pathway for men with castrate-resistant prostate cancer.
Segment Analysis
The Castrate-Resistant Prostate Cancer Market is dominated by the chemotherapy sub segment due to the increasing prevalence of metastatic castrate-resistant prostate cancer. Chemotherapy drugs such as docetaxel and cabazitaxel are commonly used for the treatment of metastatic castrate-resistant prostate cancer patients. Rising research activities by key players for developing novel drugs for chemotherapy is also boosting the growth of this sub segment.
PEST Analysis
Political: Regulatory bodies are providing favorable reimbursements policies for prostate cancer treatment which is propelling the market growth. However, high costs associated with innovative therapeutics may hamper the market to some extent.
Economic: Rising healthcare expenditures in developing countries and growing demand for advanced treatment options is fueling the market revenue. Additionally, increasing patient assistance programs by manufacturers are supporting market expansion.
Social: Growing public awareness about prostate cancer and availability of various treatment options is raising the patients seeking for early diagnosis and treatment. This factor is positively influencing the market sales.
Technological: Ongoing R&D for developing novel targeted therapies and combination therapies for castrate-resistant prostate cancer is expected to open new avenues in the coming years. Moreover, new screening technologies are enabling early detection of the disease.
Key Takeaways
The global castrate-resistant prostate cancer market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing incidence of metastatic castrate-resistant prostate cancer.
Regional analysis: North America is anticipated to lead the global market during the forecast period. Availability of advanced treatment options and presence of leading market players in the region are responsible for its dominance. Asia Pacific is likely to emerge as the fastest growing regional market owing to rising healthcare expenditures and increasing awareness about prostate cancer.
Key players operating in the castrate-resistant prostate cancer market are Sanofi, Johnson & Johnson Services Inc., Pfizer Inc., Astellas Pharma Inc., Bayer AG, Bristol Myers Squibb, Merck Sharp & Dohme, Novartis International AG, Eli Lilly & Company, and AstraZeneca plc. Key players are making huge R&D investments for developing novel treatment therapies to gain competitive edge in the market.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
