Prostate Cancer Therapeutics Market Poised to Expand at a Robust Pace by 2031

Prostate Cancer Therapeutics Market Outlook 2031

• The global prostate cancer therapeutics market was valued at US$ 11.14 Bn in 2021
• The global market is projected to grow at a CAGR of 6.9% from 2022 to 2031
• The global prostate cancer therapeutics market is anticipated to reach more than US$ 21.7 Bn by the end of 2031

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Analysts' Viewpoint on Prostate Cancer Therapeutics Market Scenario

Prostate cancer is the most prevalent non-cutaneous cancer in the world. Globally, the prevalence of prostate cancer is driven by aging population, sedentary lifestyle of the people in industrialized countries, and early onset of urological disorders. Research and development activities aimed at sharpening the focus on "patient-centric" care are anticipated to encourage innovation in the form of efficient medications and treatments in this industry. However, dependence of patients on the availability and coverage of reimbursements from health insurance companies could exert pressure on market participants. The previous 10 years have seen significant advancements in prostate cancer therapies, including enzalutamide, abiraterone acetate, sipuleucel-T, cabazitaxel, and radium-233. Patients have high confidence in androgen-independent prostate cancer medications due to fewer adverse effects, which market participants could use to enhance their production rates. Shifting production facilities to emerging Asia Pacific countries could help market participants lower the prices of prostate cancer treatments.

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Prostate Cancer Therapeutics Market Introduction

The global prostate cancer therapeutics market outlook appears positive. Substantial progress has been made in prostate cancer androgen receptor targeting in the past 10 years. The best way to apply immunotherapy and radiopharmaceutical-based treatment in the clinic is yet unknown, but both have made strides. However, the global prostate cancer therapeutics market is likely to be restrained by patients' aversion to expensive cancer therapies and pharmaceuticals. Nevertheless, private and public sector investment in market participants' research and development efforts is projected to propel the global market.

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Rise in Prevalence of Prostate Cancer Driving
Global Prostate Cancer Therapeutics Market
Reduced morbidity rates in industrialized economies have led to an increase in the elderly population, which is more prone to prostate cancer. According to the Prostate Cancer Foundation, males over the age of 65 account for the majority of prostate cancer cases.

Thus, increase in the geriatric population, sedentary lifestyle of the people in industrialized countries, and rise in obesity at a young age contribute to the global prevalence of prostate cancer. This increases the need of and demand for prostate cancer therapies.

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Launch of Promising Emerging Therapies to Propel Global Market

Advanced diagnostic tools have transformed the diagnosis of prostate cancer. Prostate-specific antigen (PSA) level measurement has aided in the identification of prostate cancer. Novel cytotoxic medicines, hormonal drugs, and other anti-prostate-specific membrane antigen treatments are some of the promising new therapeutics in phase II and phase III studies. According to the Mayo Foundation for Medical Education and Research (MFMER), a combination of hormonal and anti-cytotoxic T-lymphocyte-associated antigen (CTLA) therapy techniques can induce a targeted immune response against prostate cancers.

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