July 24, 2024
Global Castrate Resistant Prostate Cancer Market

The Global Castrate Resistant Prostate Cancer Market Is Driven By Rising Prevalence Of Castrate Resistant Prostate Cancer

Castrate resistant prostate cancer is an advanced stage of prostate cancer that no longer responds to hormone therapy. Prostate cancer cells continue to grow even when the amount of testosterone in the man’s body is reduced to very low levels by medical or surgical therapy. This occurs when the cancer cells acquire genetic mutations that allow them to grow independently of male hormones. The rising prevalence of prostate cancer is a key factor fueling the growth of castrate resistant prostate cancer. According to the Prostate Cancer Foundation, over 27,000 new cases of castrate resistant prostate cancer are expected to be detected in the United States in 2022.

The global Castrate Resistant Prostate Cancer Market is estimated to be valued at US$ 12.82 billion  in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends in the castrate resistant prostate cancer market is the emergence of novel drug therapies. Research is ongoing to develop targeted therapies that can specifically attack cancer cells without harming normal cells. Some recently approved treatments for castrate resistant prostate cancer include Xtandi (enzalutamide) by Astellas and Pfizer, Erleada (apalutamide) by Johnson & Johnson, and Zytiga (abiraterone acetate) by Johnson & Johnson. These newly launched drugs have demonstrated improved survival rates in clinical trials compared to the existing standard of care docetaxel chemotherapy. The approval and commercialization of these novel drug therapies is expected to drive significant growth of the castrate resistant prostate cancer market during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the castrate resistant prostate cancer market is low as it requires large capital investments and regulatory approvals for drug development.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established pharmaceutical companies offering treatment options.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many raw material suppliers.

Threat of new substitutes: The threat of new substitutes is low as there are limited treatment alternatives available for castrate resistant prostate cancer.

Competitive rivalry: The competitive rivalry in the market is high as major players compete in terms of pricing and service offerings.

Key Takeaway
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The Global Castrate Resistant Prostate Cancer Market Size is expected to witness high growth over the forecast period. The global Castrate Resistant Prostate Cancer Market is estimated to be valued at US$ 12.82 billion  in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024-2031.

North America is expected to dominate the market during the forecast period owing to the increasing incidences of prostate cancer and availability of advanced treatment options in the region. The castrate resistant prostate cancer market in Asia Pacific is anticipated to grow at the fastest rate during the forecast period. This is attributed to the rising awareness about the disease, growing geriatric population, and improving healthcare infrastructure in emerging countries of Asia Pacific.

Key players

Key players operating in the castrate resistant prostate cancer market are Bucher Vaslin, Pera Pellenc, Scharfenberger, Zambelli Enotech, ENOTOOLS, Criveller Group, Della Toffola, Gruppo Bertolaso, Fabbri, Mori Luigi & C. The major players are focusing on adopting inorganic growth strategies such as acquisitions and mergers to expand their geographic presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it