Prostate Cancer Treatment Market Growth and Forecast by 2030

[Research Report] The prostate cancer treatment market size is projected to grow from US$ 19.07 billion in 2022 to US$ 34.11 billion by 2030; the market is expected to register a CAGR of 7.5% in 2022–2030.

Market Insights and Analyst View:

Different types of treatment are available for patients suffering from prostate cancer. Some treatments are standard (those that are currently in use), while some are in clinical trials. The market growth is attributed to the rising R&D activities undertaken to introduce new drug compounds, the surging number of prostate cancer cases, and rising government support to encourage prostate cancer screening and diagnoses. Although various therapies are available in developed parts of the world, the cost of therapy is high, which limits the prostate cancer treatment market growth, particularly in developing and underdeveloped countries.

Growth Drivers and Challenges:

Prostate cancer is one of the most common health problems in men, especially in older men aged 50 years and above. It is mostly common in obese men and those who have a family history of prostate cancer. The disease is a silent threat as it often develops without noticeable symptoms. Hence, it is difficult to detect this disease in the early stages. The majority of prostate cancer conditions originate in the peripheral region of the prostate gland. Any individual aged 50 or above who experiences lower urinary tract symptoms, erectile dysfunction, or hematuria should consider the possibility of prostate cancer. Prostate cancer ranks fifth among the leading causes of cancer-related mortality among men across the world and second among most commonly diagnosed cancer types. Even if there has been a decrease in the incidence of prostate cancer since 2000, the incidence of later-stage prostate cancer rose from 2010. Developed nations generally have a higher incidence of prostate cancer but lower mortality. The risk of prostate cancer in the US is almost four times greater than the global risk. According to Novartis AG, ~1.4 million new prostate cancer cases and nearly 375,000 prostate cancer deaths were reported worldwide in 2020. A surging number of prostate cancer cases, coupled with low detection rates, fuel the prostate cancer treatment market growth. Further, the growing use of targeted therapy is expected to bring new prostate cancer treatment market trends in the coming years.

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Prostate Cancer Treatment Market: Strategic Insights

Report Segmentation and Scope:

The prostate cancer treatment market analysis has been carried out by considering the following segments: therapy type, end users, and geography. By therapy type, the market is segmented into surgery, radiation therapy, hormone therapy, chemotherapy, immunotherapy, targeted therapy, and others. Based on end users, the market is segmented into hospitals, clinics, and others. In terms of geography, the scope of the prostate cancer treatment market report entails North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, Japan, India, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

Segmental Analysis:

By therapy type, the market is segmented into surgery, radiation therapy, hormone therapy, chemotherapy, immunotherapy, targeted therapy, and others. In 2022, the chemotherapy segment held the largest prostate cancer treatment market share. The hormonal therapy segment is expected to record the highest CAGR during 2022–2030. Hormonal therapy prescribed during prostate cancer treatment to block the release of testosterone in the body. Testosterone assists in promoting the prostate cancer cells in the body. Hormonal therapy is preferred to shrink the cancer and slow the growth of the tumors followed by the treatment of person with high recurrence of prostate cancers. Hormonal therapy includes the LHRH agonist, antagonist, anti-androgens, and other anti-androgen blocking agents. The agonist drugs prescribed during the treatment include Leuprolide, Goserelin, and Triptorelin followed by the antagonists Degarelix and Relugolix. The androgen drugs includes Bicalutamide, Flutamide, Nilutamide, Apalutamide, and many others. Some of the risk factor experienced by patients on hormone therapy includes loss of muscle mass, loss of sexual drive heart, disorder, tiredness, increased body fat, and many others. The patients on hormonal therapy should be under supervision monthly with specialist to avoid complications.

Based on end users, the market is divided into hospitals, clinics, and Others. In 2022, the hospitals segment held the largest prostate cancer treatment market share. It is further expected to record the highest CAGR during 2022–2030.

Regional Analysis:

The prostate cancer treatment market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific is predicted to record the highest CAGR in the market during 2022–2030. North America is the largest contributor to the prostate cancer treatment market size. Market growth in North America is attributed to the increasing incidence of prostate cancer, rising number of product launches, the presence of key market players, and government initiatives to support the treatment of prostate cancer cases. In North America, the US held the largest share of the market in 2022.

Industry Developments and Future Opportunities:

The prostate cancer treatment market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Strategies by key players operating in the prostate cancer treatment market, as per their press releases, are listed below:

• In January 2024, BDR Pharmaceuticals has, in a global first, introduced prostate cancer drug enzalutamide in oral solution form. The formulation provides “an effective dosage form, with lesser side effects in comparison to existing oral dosage forms of enzalutamide.
• In November 2023, Astellas Pharma Inc. and Pfizer Inc. announced that the companies received an approval by the U.S. Food and Drug Administration (FDA) of a supplemental New Drug Application for XTANDI® (enzalutamide), following FDA expedited development and review programs.
• In March 2022, the US FDA approved Novartis’ Pluvicto (lutetium Lu177 vipivotide tetraxetan) for treating adult patients with a type of advanced prostate cancer—prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC).

The regional trends and factors influencing the Prostate Cancer Treatment Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Prostate Cancer Treatment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Prostate Cancer Treatment Market Report Scope

Prostate Cancer Treatment Market Players Density: Understanding Its Impact on Business Dynamics

The Prostate Cancer Treatment Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Competitive Landscape and Key Companies:

Astella Pharma Inc, Eli Lilly and Company, Bayer AG, Merck KGaA, Sanofi, AstraZeneca, Johnson & Johnson Services Inc, Novartis AG, AbbVie, and Bristol Myers Squibb are among the prominent players profiled in the prostate cancer treatment market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. These companies focus on geographic expansions and new product launches to meet the surging demand from consumers worldwide and extend their product range with specialty portfolios. Their global presence allows them to serve a large customer base.