Prostate Cancer Treatment Market Size To Reach USD 9.90 Billion by 2026 | Bayer AG, Ferring Pharmaceuticals Inc

Increase in incidence of prostate cancer, rise in geriatric population, and surge in government expenditure on the healthcare industry drive the growth of the global prostate cancer treatment market

The global prostate cancer treatment industry was estimated at $6.88 billion in 2018 and is expected to reach $9.90 billion by 2026, growing at a CAGR of 4.6% from 2019 to 2026.

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COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

Drivers, restraints, and opportunities-

Rise in prevalence of prostate cancer, increase in geriatric population, and upsurge in government expenditure on the healthcare industry fuel the growth of the global prostate cancer treatment market. On the other hand, adverse effects associated with the use of prostate cancer treatment drugs restrain the growth to some extent. However, development in emerging markets is expected to create an array of opportunities for the key players in the industry.

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The hormone therapy segment to maintain its leadership status till 2026-

Based on drug type, the hormone therapy segment accounted for nearly half of the global prostate cancer treatment market share in 2018, and is expected to dominate during 2019–2026. Increase in demand for hormone therapy drugs, rise in patient awareness regarding hormone therapy treatment for prostate cancer, promising pipeline drugs, and evolving methods of prostate cancer treatment drive the growth of the segment. At the same time, the biological therapy segment would grow at the fastest CAGR of 5.5% by the end of 2026. Increase in public health awareness resulting into early disease diagnosis and treatment, rise in incidence of prostate cancer, and top-end technological advancements in drug development along with promising pipeline products boost the growth of the segment

The hospital pharmacy segment to rule the roost during the estimated period-

Based on distribution channel, the hospital pharmacy segment held the largest share in 2018, generating nearly three-fifths of the global prostate cancer treatment market. This is due to surge in number of hospitalized prostate cancer treatment patients, increase in number of hospital pharmacies, and development in the structure of hospital pharmacies. The online pharmacy segment, on the other hand, would cite the fastest CAGR of 6.4% during the study period. This is attributed to rise in preference for online purchasing of drugs over the traditional methods, increase in awareness of online pharmacy, and surge in number of internet users.

North America to maintain its dominance throughout the forecast period-

Based on geography, North America contributed to nearly half of the global prostate cancer treatment market revenue in 2018, and is projected to maintain the lion's share till 2026. Presence of advanced healthcare facilities with trained medical professionals, and rise in number of R&D centers in this region have fueled the growth. Simultaneously, the region across Asia-Pacific is anticipated to register the fastest CAGR of 6.6% by 2026. Surge in healthcare reforms, and technological advancements in the field of healthcare in this province have propelled the growth.

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The Major Key Players Are:

Astellas Pharma Inc., AstraZeneca plc, Bayer AG, Bristol-Myers Squibb Company, F. Hoffmann-La Roche AG, Ferring Pharmaceuticals Inc., GlaxoSmithKline Plc, Ipsen Pharma, Johnson & Johnson, and Takeda Pharmaceutical Company Ltd.

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