Prostate Cancer Drugs Market Size, Share, Growth, and Industry Analysis, By Type (Abiraterone Acetate, Apalutamide, Bicalutamide, Cabazitaxel, Casodex (Bicalutamide), Darolutamide, Degarelix and Docetaxel), By Application (Hospitals Pharmacies, Drug Stores & Retail Pharmacies, Online Pharmacies), Regional Insights, and Forecast From 2024 To 2031

Prostate Cancer Drugs Market Report Overview

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The global prostate cancer drugs market size was USD 6612.55 million in 2021 and is expected to reach USD 14745.19 million in 2031, exhibiting a CAGR of 8.35% during the forecast period. 

Prostate Cancer is a type of cancer that occurs in a man's prostate, a small walnut-sized gland that produces seminal fluid. It begins when cells in the prostate gland start growing out of control. This type of cancer develops from the cells that make the prostate fluid that is added to the semen.

Prostate cancer is considered as the second most common cancerous tumor worldwide and is the fifth leading cause of cancer-related death among men. It includes treatments such as surgery, radiation, biological therapy, hormone therapy and others. Market players have disclosed innovative techniques for developing new cures and treatments with a focused strategies. Growing pharmaceutical industry, availability of new methods of treatment and increasing investment by drug manufacturers are factors that will help to increase prostate cancer drugs demand.

COVID-19 Impact: Pandemic Increased the Market Demand

The global COVID-19 pandemic has been unprecedented and staggering, with Prostate Cancer Drugs Market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the prostate cancer drugs market growth and demand returning to pre-pandemic levels once the pandemic is over.

Imposition of lockdown due to the COVID-19 pandemic led to a temporary prohibition on production and processing, as well as import and export, across a range of businesses and utilities. One of the biggest problem arrived in supplying the raw materials to make the cancer drugs due to irregularities in the transportation system. However, Pandemic had a positive impact on the growth of prostate cancer drugs market due to easier access to the internet, growth of aging population, rising awareness among people about cancer treatments and growing pharmaceutical industries.

Latest Trends

"Increasing Product Launches by Key players to drive the Market Growth "

Drugs can often be used to treat prostate cancer to shrink the cancer and slow its growth when it is in the beginning stage. In March 2022, Merck announced keylynk-010 a trial for evaluating keytruda in combination with lynparza in patients with metastatic castration-resistant prostate cancer. In August 2022, Royal Surrey became the first to introduce Lutetium 177 treatment for prostate cancer patients under the Early Access Medicine Scheme (EAMS). Rising healthcare facilities, and introduction of new drugs by key industry players are expected to boost the growth of market during the forecast period.

Prostate Cancer Drugs Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Abiraterone Acetate, Apalutamide, Bicalutamide, Cabazitaxel, Casodex (Bicalutamide), Darolutamide, Degarelix and Docetaxel.

• By Application Analysis

Based on application, the market can be divided into Hospitals Pharmacies, Drug Stores & Retail Pharmacies and Online Pharmacies. Hospital Pharmacy holds the largest market share in terms of application.

Driving Factors

"Growing Developments in Healthcare to Stimulate Market Demand"

Healthcare expenses have been increasing over the years.  Increase in the occurrence of different diseases, high cost of medical tests, rising consciousness among people regarding cancer treatment, improvements in healthcare industry, increase in the number of hospitals with highly advanced equipment and other such factors are responsible to boost the prostate cancer drugs market growth.

"Technological Advancements to Boost Market Growth"

With the growth of modern economies, rapid technological advancement has attributed in the expansion of pharmaceutical industries and developments in medical facilities that helps in early diagnosis of cancer. In addition the key industry players in the market are coming up with new ideas and technologies to capture market share. They are offering variety of new products to attract consumers. This is expected to propel market growth.

Restraining Factors

"High Cost of Prostate Cancer Drugs to Hamper Market Demand"

The cost of cancer drugs varies from place to place. In some places cost is too high and in other places cost is low. However, increasing cost of cancer drugs due to rising cost of raw materials needed to manufacture it and increase in the healthcare expenses and high cost of investments are the factors that are responsible to hinder the growth of prostate cancer drugs market.

Prostate Cancer Drugs Market Regional Insights

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"Increasing Occurrence of Prostate Cancer in North America Anticipated to Boost Market Expansion "

The market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa (MEA). As a result of increase in the prostate cancer prevalence, and a strong need for development of drugs in North America, it is considered to hold the largest revenue in prostate cancer drugs market share. Due to technological advancements and the availability of multiple treatment options, Asia-Pacific is expected to witness the fastest growth. The main element anticipated to contribute to the industry growth is the introduction of new drugs by key players and strong government support to cure prostate cancer.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Development "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are Merck & Co. Inc., Astellas, Bayer, Novartis, Nippon Shinyaku, Medivation, Johnson & Johnson and Sanofi. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates the market demand.

LIST OF TOP PROSTATE CANCER DRUGS COMPANIES

• Merck & Co. Inc.
• Astellas
• Bayer
• Novartis
• Nippon Shinyaku
• Medivation
• Johnson & Johnson
• Sanofi

Report Coverage

This report examines an understanding of the Prostate Cancer Drugs Market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.