by The 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 despite testosterone deprivation therapy either by medical castration (luteinizing hormone-releasing hormone (LHRH) therapy) or bilateral orchiectomy (surgical castration). The disease progresses and metastasizes to sites like lymph nodes, lungs, liver and bones. Currently available treatment options include chemotherapy, immunotherapy, radiopharmaceutical therapies etc. The market is witnessing strong growth driven by increasing incidence of prostate cancer cases, aging male population and adoption of advanced treatment approaches.
Market Dynamics:
A key driver for the Castrate Resistant Prostate Cancer Market is the rising number of research activities leading to discovery of novel treatment targets and subsequent approval of new drugs. For instance, significant progress has been made in understanding molecular biology and genetics of prostate cancer which has enabled development of PARP inhibitors, immune checkpoint inhibitors and other immunotherapies. Another driver is increasing awareness programs about early detection and available treatment options. Various initiatives are being taken by governments and non-profit organizations like Prostate Cancer Foundation to screen high risk population and educate about lifestyle changes and risk factors.
Segment Analysis
The Castrate Resistant Prostate Cancer market is dominated by the chemotherapy sub-segment. Chemotherapy drugs are the first line of treatment in metastatic castrate resistant prostate cancer, even though immunotherapy and targeted therapy drugs are increasingly being used. Docetaxel is one of the leading chemotherapy drugs used to treat CRPC and accounts for a major share as it has been the standard of care for over a decade.
PEST Analysis
Political: Government initiatives to increase awareness about prostate cancer and funds for research and development of innovative drugs will support market growth.
Economic: Rising healthcare expenditure and increasing affordability of expensive specialty cancer drugs are major drivers of market growth. However, price controls and regulations can hinder growth.
Social: Increasing incidence of prostate cancer worldwide due to lifestyle changes and growing geriatric population will increase demand for treatments.
Technological: Advancements in targeted therapies, immunotherapies and combination drug regimens have improved treatment outcomes, sparking market growth.
Key Takeaways
The Global Castrate Resistant Prostate Cancer Market Share is expected to witness high growth, exhibiting a CAGR of 8.2% over the forecast period, due to increasing prevalence of prostate cancer worldwide especially in developed nations. In 2023, the market size is estimated to reach US$ 11.12 Bn.
The North American region currently dominates the market owing to highest incidence rates of prostate cancer in the US as well as rapid adoption of novel drugs. Within North America, the US accounts for the major share. However, the Asia Pacific region is expected to witness the highest growth rate owing to rising geriatric population, improving healthcare facilities and income levels in major countries like China and India.
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. Major players are focusing on R&D to develop advanced targeted therapies and combination drug regimens with improved efficacy and reduced side-effects.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
