Prostate Cancer Therapeutics Market Opportunity will Rise to US$ 17.53 bn by 2024

According to estimates presented by TMR, the global prostate cancer therapeutics market is likely to clock a CAGR of 8.19% between 2017 and 2024 vis-à-vis revenue. At this rate, the opportunities in the market are expected to be worth US$17,535.3 mn by the end of 2024 from US$10,107.6 mn in 2017. By therapy type, hormone therapy is currently most attractive and is predicted to stay this way over the forecast period. Hospital pharmacy is the leading distribution channel segment as it stocks various medicines needed at different stage of treatment.

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Launch of New Treatment Options Stimulates Growth

Majorly fuelling the global prostate cancer therapeutics market is rising incidence of prostate cancer. As per data published by Cancer Research - a U.K. based government institute, 11,287 prostate cancer deaths were reported in the country in 2014. Prostate cancer is a serious health condition among men that impacts quality of life to a high degree. Although the real cause of prostate cancer remains unknown, obesity and past history of cancer are some key factors associated with the condition. Regular screening, early diagnosis, and advances in medical science have enabled increased survival rate of prostate cancer.
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.

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Furthermore, as per the Mayo Foundation for Medical Education and Research, a combination of anti-cytotoxic T-lymphocyte-associated antigen and hormonal therapies can stir targeted immune response against prostate tumors.

Development of new drugs and novel therapeutic biological products are aiding the prostate cancer therapeutics market. Prominent players are aggressively engaged in R&D for developing novel therapeutics to enhance survival rate of prostate cancer patients. At present, several molecular agents are in early phase clinical trials for the treatment of prostate cancer. In addition, high adoption of hormone-refractory prostate cancer drug due to fewer side effects is providing new prospects to prostate cancer therapeutics market.
Apart from this, in developed countries, increased life expectancy has led to the rise in geriatric population that are at higher risk of developing prostate cancer. Hence, growing geriatric population along with sedentary lifestyle are some prime factors behind increasing prevalence of prostate cancer.

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High Cost of Targeted Therapies Make them Unaffordable

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 market’s growth. Most oncologists do not opt for systemic therapies for early state prostate cancer due to negative perception toward systemic therapy.

The global prostate cancer therapeutics market is highly consolidated with a handful of large players, namely Pfizer Inc., Janssen Biotech Inc., and Amgen that hold majority market share, says Transparency Market Research (TMR) in a new market study. These companies are engaged in research and development, manufacture, and commercial availability of new drugs. Acquisitions and strategic alliances are some other growth strategies adopted by key players in the prostate cancer therapeutics market. For example, in 2016, Pfizer Inc. announced the successful completion of acquisition of Medivation Inc., the latter’s portfolio includes Xtandi – a leading hormone therapy in the U.S. 

Prostate Cancer Therapeutics Market positive long-term growth outlook 2016 - 2024

Presently, there are a handful of players holding the leading share in the global prostate cancer therapeutics market. Pfizer, Inc., Janssen Biotech, Inc., and Amgen emerged dominant holding a share of nearly 61.6% in the global prostate cancer therapeutics market in 2016. While the present scenario has rendered the market’s competitive landscape highly consolidated, in future competition is expected to increase as several blockbuster prostate cancer therapeutics are slated to go off-patent, finds Transparency Market Research (TMR) in a new study. This will lead to the advent of generics, as generic manufacturers will find an environment conducive for environment. Their expeditiously planned business strategies will unfold rivalry between them and the blockbuster drug manufacturers.

“To keep the entry of new players at bay, established players are increasing efforts to expand their regional footprint by introducing breakthrough products,” said a leading TMR analyst. Their research and development activities adopted by the leading market players have a profound impact on the market. According to TMR, the global prostate cancer therapeutics market is forecast to exhibit a CAGR of 8.1% between 2016 and 2024. At this pace the market will reach US$17.53 bn by the end of 2024, from its valuation of US$8.78 bn in 2015.

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By therapy, hormone therapy had the clear dominance with a share of 82.7% in the market in 2015. Through the forecast period, the dominance of the hormone therapy segment is likely to remain unaffected. Regionally, Europe and North America emerged as the most lucrative markets. Among these North America held a marginally leading share of 39.8% in 2015.

Rising Age Increases Risk of Prostate Cancer in Men, Fuelling Demand for Advanced Therapeutics

Reduced morbidity, especially in developed nations, has resulted in the rise in geriatric demography and is regarded as a leading cause fuelling the incidence of prostate cancer. According to a survey conducted by the Prostate Cancer Foundation, a majority of prostate cancer cases is diagnosed in men aging 65 years or more. Hence, sedentary lifestyle and continuous rise in aging population will be the prime drivers of the global prostate cancer therapeutics market. “The rising incidence of obesity also increases the risk of prostate cancer, subsequently creating opportunities for the market,” observed the TMR report’s author.

Besides this, the launch of promising emerging therapies holds promise for the market’s growth. Various emerging diagnostic technologies have enabled diagnosing prostate cancer at an early stage. Such promising novel therapies in phase II and phase III trials are expected to bolster growth opportunities for the market post launch. Additionally, innovations in the development of novel therapeutics are giving impetus to the global prostate cancer therapeutics market.

High Cost of Prostate Cancer Therapeutics Hindering Trajectory

On the downside, the high cost of prostate cancer treatment and therapeutics is going against the market prospects. The prostate cancer treatment requires various therapies such as hormonal therapy, chemotherapy, and biological and targeted therapy. However, owing to high cost of targeted therapies, growth prospects for the market are getting compromised with. Also a large section of patients and their families is reluctant towards adopting premium treatments. Low awareness about technological advancements as well as high cost of these premium treatments are inhibiting the market’s trajectory particularly in developing nations.

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Prevalence of Unmet Medical Needs to Drive Growth in Future

A significant section of male population, especially in under-developed countries is still ignorant about prostate cancer. Hence there is a large number of patients whose ailment is left undiagnosed. For many, the prevalence of such huge unmet medical needs provides lucrative opportunities. Leading market players are targeting this demography by penetrating into less developed countries and offering the required medical services at lower cost. This is expected to help in negating the aforementioned restraints. Besides this, the market is likely to gain from the rising funding from the public and private sector in the near future.

This review is based on a TMR report, titled “Prostate Cancer Therapeutics Market (Therapy Type - 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; Distribution Channel - Hospital Pharmacy, Retail Pharmacy, and Online Sales) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”

Prostate Cancer Therapeutics Market: Industry Players Shifting Focus towards Developing Economies

Global Prostate Cancer Therapeutics Market: Snapshot

Prostate cancer is a serious health issue among men and has a large socioeconomic impact on the society. It is the most common cancer diagnosed among men in developed regions, while it is the fourth-most common cancer diagnosed globally. Routine screening, early diagnosis, and recent treatment options have enabled increased survival of prostate cancer patients. Prostate cancer is an abnormal and uncontrolled growth of cells in prostate gland of a male individual.

Approximately 75% of prostate cancers are developed sporadically, in which genetic changes occur after birth. Although, the real cause of prostate cancer is largely unknown, some of the prime factors associated with the disease include obesity, overweight, and past history of certain cancers. The global prostate cancer therapeutics market was valued at US$8.78 bn in 2015. Rising at a CAGR of 8.1% between 2016 and 2024, the market is expected to reach US$17.53 bn by the end of 2025. The overall market is segmented on the basis of therapy type, and distribution channel segments.

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Hormone Therapy to Remain Dominant Segment Based on Therapy Type

Based on therapy type, the global prostate cancer therapeutics market is segmented into hormone therapy, chemotherapy, biologic therapy, and targeted therapy. Of these, the hormone therapy segment dominated global prostate cancer therapeutics market with a share of 82.7% in 2015. Hormone therapy offers excellent efficacy in castration resistant prostate cancer patients, which is a chief factor fuelling its demand in the treatment of prostate cancer patients. The dominance of the segment is thus forecast to remain unaffected through the forecast period.

Besides this, the targeted therapy segment is anticipated to gain market share during forecast period due to expected new product launches in this segment. The biologic therapy segment is expected to have a moderate market share and is likely to expand with a high CAGR during the forecast period due to introduction of novel therapy products in prostate cancer therapeutics market and increase in prevalence of prostate cancer globally.

Based on distribution channel, the global prostate cancer therapeutics market is segmented into hospital pharmacy, online sales, retail pharmacy, and others. Of these, the hospital pharmacy segment emerged dominant in 2015. The segment is gaining momentum on account of the rising incidence of prostate cancer around the world and advancements in diagnosis techniques. As an increasing number of patients seek medical care in hospitals, the hospital pharmacy segment will witness accelerated pace of gains in response. In addition, the online sales segment is forecast to witness significant growth over the forecast period. This segment will gain from the rising use of mobile based applications for placing online orders for medicines.

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North America and Europe Cumulatively Hold Leading Market Share

Regionally, North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa constitute the key segments in the global prostate cancer therapeutics market. Among these, North America and Europe cumulatively held the leading market share in 2015. This trend is likely to continue through the forecast period. While in 2015, North America emerged dominant holding a marginally higher share of 39.8% as compared to Europe, in the coming years the table is expected to turn in favor of Europe.

The rising diseased population and a sophisticated healthcare infrastructure will support growth of the prostate cancer therapeutics market in North America and Europe. Besides this, Asia Pacific and Latin America are expected to emerge as promising market owing to the increasing awareness about prostate cancer and the available treatment and diagnosis options. The rising healthcare spending will also support the market’s expansion in Asia Pacific and Latin America.

Pfizer, Inc. dominated the global prostate cancer therapeutics market in 2015. Major factors attributed to its dominance are acquisition of leading brand, and widespread market presence. Other players in the global prostate cancer therapeutics market include Amgen, Inc., Johnson & Johnson (Janssen Biotech, Inc.), AstraZeneca, AbbVie, Inc., Bayer AG, Ipsen Group, Sanofi, Endo Pharmaceuticals, Inc., Dendreon Corporation (Sanpower Group Co. Ltd.) and others