Fighting Prostate Cancer: Global Market Report on Prostate Cancer Drugs 2024

The prostate cancer drugs market size has grown strongly in recent years. It will grow from $17.36 billion in 2023 to $18.55 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to aging population, increased diagnoses, drug innovation, awareness and education, reimbursement and insurance.

The prostate cancer drugs market size is expected to see strong growth in the next few years. It will grow to $23.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to growing incidence, emerging markets, supportive government policies, r&d investments. Major trends in the forecast period include precision medicine, immunotherapy and targeted therapies, personalized medicine, clinical trials and drug pipeline, combination therapies, biomarker-driven treatments, telemedicine and remote monitoring.

Market Overview -
The prostate cancer drugs refer to drugs that are used for the prevention and treatment of prostate cancer. Prostate cancer is one of the most common types of cancer caused due to uncontrollable development of cells in the prostate gland in men that produces the seminal fluid that nourishes and transports sperm. Some of the possible treatments for prostate cancer include hormonal therapy, chemotherapy, immunotherapy, and targeted therapy.

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Impact Of Increasing Men Geriatric Population On The Prostate Cancer Drugs Market
The increasing men geriatric population is a major driver for the prostate cancer drugs market. Prostate cancer is one of the most common types of cancer in men aged above 60. According to ACL (Administration For Community Living), a US-based government organization, the geriatric population is expected to increase by 21.6% by 2040. Among those population, men are affected more with prostate cancer than women. For example, in January 2022, according to American Cancer Society, a US-based organization, prostate cancer develops in older men and in non-hispanicblack menand about 6 cases in 10 are diagnosed in men who are 65 or older (geriatric population). Therefore, increasing men geriatric population drives the growth of the prostate cancer market.

Competitive Landscape -
Major companies operating in the prostate cancer drugs market include Astellas Pharma Inc., AstraZeneca PLC, Johnson & Johnson, Sanofi S.A., Bayer AG, F. Hoffmann-La Roche AG, Abbott Laboratories, Pfizer Inc., Novartis International AG, F. Hoffmann-La Roche Ltd., Tolmar Inc., AbbVie Inc., Siemens Healthineers AG, Genomic Health Inc., OPKO Health Inc., Siemens Healthcare GmbH, MDxHealth SA, Myriad Genetics Inc., Janssen Biotech Inc., Clovis Oncology Inc., Merck Sharp & Dohme Corp., Dendreon Corporation, Ferring Pharmaceuticals Inc., GlaxoSmithKline plc, Ipsen Biopharmaceuticals Inc., Merck & Co. Inc., Eli Lilly and Company Inc., Bausch Health Companies Inc., Bristol-Myers Squibb Company, Takeda Pharmaceutical Company Limited, Novartis AG, Amgen Inc., Biogen Inc., Celgene Corporation, Gilead Sciences Inc., Regeneron Pharmaceuticals Inc., Agios Pharmaceuticals Inc., Exelixis Inc.

Combination Therapy Is A Growing Trend In Prostate Cancer Treatment
The use of combination therapy to treat prostate cancer is an emerging trend in the market. This is mainly because, in some cases of prostate cancer, monotherapy has not been effective for the patients. In this regard, companies in the prostate cancer drugs market are investing more in combination therapy for the treatment of prostate cancer. For example, Pfizer announced the results of its Phase 3 PROSPER trial in patients with non-metastatic (M0) Castration-Resistant Prostate Cancer (CRPC), which show that the use of XTANDI (enzalutamide) in combination with androgen deprivation therapy (ADT) significantly reduced the risk of developing metastases or death by 71% compared to using ADT alone. Similarly, other combination therapies such as a combination of radiation therapy and androgen deprivation therapy for men with recurrent prostate cancer, and using chemotherapy drug docetaxel (Taxotere) along with ADT are also being used to treat prostate cancer.

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Key Segments -
The prostate cancer drugs market covered in this report is segmented -

1) By Type: Hormone Sensitive Prostate Cancer, Hormone Refractory Prostate Cancer
2) By Therapy: Hormonal Therapy, Chemotherapy , Immunotherapy, Targeted Therapy
3) By End User: Hospitals, Clinics, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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