April 15, 2024
Castrate Resistant Prostate Cancer Market

The Adoption Of Innovative Targeted Therapies Is Anticipated To Open Up The New Avenue For Castrate Resistant Prostate Cancer Market

The global Castrate Resistant Prostate Cancer Market is estimated to be valued at US$ 11.12 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview

Castrate-resistant prostate cancer (CRPC) refers to prostate cancer that continues to grow even after castrate levels of testosterone. CRPC is an advanced stage of prostate cancer that does not respond to medical or surgical treatments that lower testosterone. The standard treatments for CRPC include hormone therapy, chemotherapy, radiation therapy, targeted therapy, immunotherapy, and bone-targeting therapy.

Market Dynamics

The growth of the castrate-resistant prostate cancer market is driven by the increasing incidence of prostate cancer globally. According to World Cancer Research Fund International, there were an estimated 1.3 million cases of prostate cancer worldwide in 2020. Prostate cancer is the second most prevalent cancer in men worldwide after lung cancer. With growing geriatric population and rising adoption of unhealthy lifestyle including tobacco smoking and alcohol consumption are some of the factors leading to increase in prostate cancer.

The approval and launch of novel treatment therapies is also expected to boost the market growth during the forecast period. The pipeline therapies in development include antibody drug conjugates (ADCs), immunotherapies, vaccines, targeted therapies, and epigenetic therapies. Ongoing clinical trials demonstrated improvement in overall survival and progression-free survival rates in patients treated with these novel therapies which is anticipated to increase their adoption upon regulatory approval.

Segment Analysis

There are two major segments in the castrate-resistant prostate cancer market – chemotherapy and hormone therapy. Among these, the chemotherapy segment dominates the market with over 60% share. This is because chemotherapy is the first line treatment option for castrate-resistant prostate cancer patients. It includes drugs like docetaxel and cabazitaxel that are most commonly used for delaying disease progression and extending survival in these patients.

PEST Analysis

Political: Regulations supporting fast track approvals for cancer drugs are helping the market growth. Economic: Rising healthcare spending and increasing demand for advanced cancer treatments are positively impacting the market growth. Social: Growing awareness about prostate cancer diagnosis and treatment is a key social factor. Technological: The development of novel drugs with improved efficacy and lesser side effects offers growth opportunities for players.

Key Takeaways

The global Castrate Resistant Prostate Cancer Market Growth is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing government initiatives to spread cancer awareness and rising healthcare spending.

North America is expected to be the fastest-growing regional market owing to the well-developed healthcare infrastructure and presence of major players in the region. The U.S. will remain the largest market due to the widespread adoption of novel cancer drugs and large patient pool.

Key players operating in the castrate-resistant prostate cancer market are Sanofi, Johnson & Johnson Services Inc., Pfizer Inc., Astellas Pharma Inc., Bayer AG, Bristol Myers Squibb, Merck Sharp & Dohme, Novartis International AG, Eli Lilly & Company, and AstraZeneca plc. Collaborations and new product launches are the most adopted strategies by these players to gain maximum market share.

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