The global castrate resistant prostate cancer market comprises drugs that treat prostate cancer that continues to grow even after surgical or chemical castration that aims to eliminate male hormones testosterone and dihydrotestosterone. Prostate cancer is one of the leading causes of cancer related deaths among men. Globally, prostate cancer diagnosis is on the rise with increasing prevalence of lifestyle diseases and growing geriatric population. Castrate resistant prostate cancer drugs offer lifesaving options for hormone-refractory prostate cancers that do not respond to testosterone lowering therapies.
The Castrate Resistant Prostate Cancer Market is estimated to be valued at US$ 8.7 billion in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the castrate resistant prostate cancer market are Johnson & Johnson, Astellas Pharma, Sanofi Genzyme, Dendreon, Bayer.
The rising incidence of prostate cancer across the world owing to changing lifestyle patterns and better diagnosis is a major factor fueling the demand for castrate resistant prostate cancer drugs. According to the National Cancer Institute, in 2030, the global burden of prostate cancer is projected to grow to 1.7 million new cases per year.
Moreover, leading pharmaceutical companies are expanding their castrate resistant prostate cancer drug portfolio through acquisitions and partnerships, especially in high growth emerging markets of Asia Pacific and Latin America in order to tap the revenue potential in these regions. For instance, Johnson & Johnson acquired global rights to an investigational prostate cancer drug from Tokyo-based Astellas Pharma Inc. in 2018.
Market Key Trends
One of the key trends witnessed in the Castrate Resistant Prostate Cancer Market Demand is the shift from traditional chemotherapy to novel hormonal therapies. Drugs that inhibit CYP17 enzyme or inhibit androgen receptor ligands have emerged as promising androgen deprivation therapies with improved efficacy and tolerability. Owing to their targeted approach to inactivate androgen receptor signaling, novel hormonal agents are expected to dominate the market and become preferred treatment alternatives.
Porter’s Analysis
Threat of new entrants: Low level of threat as heavy capital investment, patents and approvals involved to enter the market. Bargaining power of buyers: Moderate to low bargaining power as standard treatment options available with fewer alternatives providers. Bargaining power of suppliers: High bargaining power as key suppliers can develop proprietary drugs and technologies. Threat of new substitutes: Low threat with limited substitutes and high development and switching costs for new alternatives. Competitive rivalry: High competition between existing players with ongoing innovation to gain market share.
Geographical Regions
North America region accounts for the largest market share in terms of value with increasing healthcare spending and awareness levels. Rapid adoption of advanced treatment and diagnostic procedures in countries like United States and copyright drive the regional market growth.
Asia Pacific region expected to register the fastest growth during the forecast period owing to rising incidence of castrate resistant prostate cancer, improving healthcare infrastructure and increasing focus of international players in developing countries. Large patient pool, growing medical tourism and rising disposable incomes positively impact the regional market.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)