Prostate Cancer Market Size to Surpass USD 27.51 Billion By 2032

The global prostate cancer market size reached USD 12 billion in 2022 and is projected to surpass around USD 27.51 billion by 2032, expanding at a CAGR of 7.7% from 2023 to 2032.

The global prostate cancer market size accounted for USD 12.98 billion in 2023 and is expected to reach around USD 21.24 billion by 2029. North America has held the maximum market share in 2022.

The term prostate cancer market refers to the economic and commercial aspects of the healthcare industry related to the prevention, diagnosis, treatment, and management of prostate cancer. This market encompasses a range of products, services, and technologies dedicated to addressing the various stages of prostate cancer, from early detection to advanced treatment options.

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Cancer can be defined as the uninhibited growth of cells within the body. Almost every cell in an organism can become cancerous and spread to other regions of its body. Prostate cancer is associated with unregulated or abnormal growth cells present in the prostate gland. Explicitly found in male physiology, the prostate gland is responsible for producing some of the components of semen. The gland is located below the bladder and in front of the rectum. The urethra leaving the bladder passes through the gland.

Prostate cancer is ranked as the second most prevalent cancer globally after lung cancer. According to a report published by the World Health Organization (WHO), an estimated 1.41 million cases of prostate were diagnosed globally in 2022 alone. These increases in incidences of prostate cancer, however, showed different trends across age classes and geographical origin.

Understanding the prostate cancer market is crucial for healthcare professionals, researchers, policymakers, and industry stakeholders to address the evolving needs of patients, enhance diagnostic capabilities, and improve treatment outcomes for individuals affected by prostate cancer.

Key Insights:

• By 2032, it's anticipated that the drug class segment focused on AR-directed therapy would still have a strong position.
• In 2022, the market was led by the hospital pharmacies distribution channel segment.

Growth Factors:

• Aside from the genetic element, several external factors have been found to increase the risk of prostate cancer. These factors include lifestyle changes, consumption of fast food or preserved food products, and adaptation to a sedentary lifestyle. Convenience-based living and technological innovations significantly cut down the time spent in productive activity. Today's population has developed a weak body due to a lack of exercise and a stagnant lifestyle.
• Furthermore, development in the fast-food industry has exposed the world to a large number of harmful preservatives and other additives. These chemicals combined with the deteriorating body are a significant risk factors for prostate cancer. Therefore, further potentiating the growth of the market. 
• The rising prevalence of the disease increases the demand for treatment services and therapeutics. Hormonal drugs are the most common class of drugs associated with the cure of prostate cancer. Hormone-based drugs are primarily targeted towards patients who are having hormone-naive and non-metastatic prostate cancer.
• Prostate cancer market growth is maintained to a degree due to the unending treatment needs, technological advancements in the healthcare field, and an increasing acknowledgement of the difficulties associated with the condition among the masses.
• The key players in the market have been concentrating their efforts on research and development activities to bring forth novel treatment alternatives that can provide better efficacy and safety. An influential reason for this research-centric attitude is the increase in approvals being received by the US FDA for the treatment of several diseases, especially cancer.

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Prostate Cancer Market Scope

Regional Stance

North America led the global market for prostate cancer therapeutics and held the most revenue share in 2022, Due to a rise in the disease's prevalence and a significant need for prostate cancer therapeutic goods in this area. However, North American expansion is credited with the emergence of promising new medications in the divisions of hormone therapy and biologics. During the projection period, it is anticipated that the planned entry of certain pipeline medications will propel the local market. For instance, in March 2022, the US FDA authorised the medicine Pluvicto's advanced accelerator application, which will be used to treat adult patients with prostate cancer. Furthermore, a robust pipeline, government backing for innovation, and prominent companies primarily in the North American market that provide prostate cancer treatments are expected to propel the market throughout the projected decade.

Throughout the projection period, the Asia Pacific region is anticipated to increase at the fastest rate. Prostate cancer prevalence is on the rise, and the availability of several treatment choices, customised medications, technological breakthroughs, and affordable therapy are driving the market's growth. For instance, the cost of the medication Xtandi (enzalutamide), which is co-licensed for the treatment of men with prostate cancer by Pfizer in the US and Astellas Pharma in Japan, is five times lower in Japan than it is in the US. The market's development is anticipated to be fueled by such affordable therapies and technology developments over the course of the projected period.

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Market Potential:

As research-based activities increase, major development companies often choose to split the different processes in the product lifecycle. Manufacturing, especially, has been a promising candidate for outsourcing. The emergence of more and more specialized contract manufacturers allows the original producers to accelerate their production while saving a significant amount on the manufacturing budget. Developing countries have a lot of untapped potential for these kinds of activities.

The abundance of lower-costing land and labor, lenient policies and regulatory compliance, and increasing state initiatives to support businesses make these emerging economies perfect candidates for the introduction of new manufacturing facilities. This, in turn, creates a lot of potential market opportunities.

An increasing number of products and services in the pipeline make the growth of the prostate health market a promising picture. Some of the segments showing immense potential are innovative drugs for the treatment of prostate cancer, preventative therapeutics that can mitigate the risks associated with cancer recurrences, and symptoms and side effects management plans and services. The fraction of herbal remedies and supplements has been recently gaining traction due to increasing research in these fields and global trends favoring the organic approach. This provides the prostate cancer market with options to develop in the future.

Another emerging technology that has found its applications in almost every industry is artificial intelligence. Abbreviated as AI, this technology utilizes machine learning and computer algorithms to perform desired tasks. AI has recently started to make its presence known in the healthcare sector with applications such as risk calculations, treatment and therapy planning, etc. Upcoming developments in the field of cancer include the use of AI to statistically design the best plan of action during tumour removal procedures and calculate the rate of re-emergence of cancer in an individual as well as its survival.

Industry Spotlight :

• In June 2023, AstraZeneca and Merck's Lynparza received the FDA's approval. Lynparza is a drug that is targeted towards metastatic castration-resistant prostate cancer. This should be used efficiently in combination with Johnson & Johnson's, Zytiga, and corticosteroids to treat the specific cancer.
• In September 2022, Merck decided to collaborate and sign a license agreement with Nerviano Medical Sciences for the development of a Next-Generation inhibitor of PARP1.

Market Key Players:

• AbbVie, Inc.
• Astellas Pharma, Inc.
• AstraZeneca plc
• Bayer AG
• Clovis Oncology, Inc.
• Dendreon Pharmaceuticals LLC
• Ferring Pharmaceuticals
• Johnson & Johnson (Janssen)
• Merck & Co., Inc.
• Pfizer, Inc.
• Sanofi S.A.

Company synopsis 

Merck Group

The Merck Group, generally referred to as Merck, includes a complex network of around 250 facilities. This is a German multinational company that deals with science and technology and is headquartered in Darmstadt, Germany. With operations spread across 66 countries, Merck boasts a workforce of about 60,000 talented and hardworking employees. The group is divided into three primary segments: Healthcare, electronics, and life sciences.

Merck operates in Europe, Asia, Oceania, Africa, and the Americas, with research and development centers in Darmstadt, Tokyo, Boston, and Beijing, as well as other minor facilities in Taiwan, Israel, France, South Korea, India, and the UK. Merck's 2022 report shared its financial earnings. Its net sales were 22,232 million euros, which is 12.9% higher than its 2019 sales of 19,687 million euros. The oncology revenue was found to be 1,683 million euros.

Market Segmentation

By Drug Class

• Hormonal ADT
• AR-Directed Therapies
• Cytotoxic agents
• Bone metastases
• therapeutic vaccines
• PARP inhibitors
• Kinase inhibitors
• PSMA-targeted radioligands

By Distribution Channel

• Hospital Pharmacies
• Drug store & Retail pharmacies
• Online pharmacies

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

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