Global Prostate Cancer Therapeutics Market Insight, Outlook, Trends & Forecast by 2024

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Prostate cancer is a serious health issue among men and has a large socioeconomic impact on the society. It is the most common cancer diagnosed among men in developed regions, while it is the fourth-most common cancer diagnosed globally. Routine screening, early diagnosis, and recent treatment options have enabled increased survival of prostate cancer patients. Prostate cancer is an abnormal and uncontrolled growth of cells in prostate gland of a male individual.

Approximately 75% of prostate cancers are developed sporadically, in which genetic changes occur after birth. Although, the real cause of prostate cancer is largely unknown, some of the prime factors associated with the disease include obesity, overweight, and past history of certain cancers. The global prostate cancer therapeutics market was valued at US$8.78 bn in 2015. Rising at a CAGR of 8.1% between 2016 and 2024, the market is expected to reach US$17.53 bn by the end of 2025. The overall market is segmented on the basis of therapy type, and distribution channel segments.

Hormone Therapy to Remain Dominant Segment Based on Therapy Type

Based on therapy type, the global prostate cancer therapeutics market is segmented into hormone therapy, chemotherapy, biologic therapy, and targeted therapy. Of these, the hormone therapy segment dominated global prostate cancer therapeutics market with a share of 82.7% in 2015. Hormone therapy offers excellent efficacy in castration resistant prostate cancer patients, which is a chief factor fuelling its demand in the treatment of prostate cancer patients. The dominance of the segment is thus forecast to remain unaffected through the forecast period.

Besides this, the targeted therapy segment is anticipated to gain market share during forecast period due to expected new product launches in this segment. The biologic therapy segment is expected to have a moderate market share and is likely to expand with a high CAGR during the forecast period due to introduction of novel therapy products in prostate cancer therapeutics market and increase in prevalence of prostate cancer globally.

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Based on distribution channel, the global prostate cancer therapeutics market is segmented into hospital pharmacy, online sales, retail pharmacy, and others. Of these, the hospital pharmacy segment emerged dominant in 2015. The segment is gaining momentum on account of the rising incidence of prostate cancer around the world and advancements in diagnosis techniques. As an increasing number of patients seek medical care in hospitals, the hospital pharmacy segment will witness accelerated pace of gains in response. In addition, the online sales segment is forecast to witness significant growth over the forecast period. This segment will gain from the rising use of mobile based applications for placing online orders for medicines.

North America and Europe Cumulatively Hold Leading Market Share

Regionally, North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa constitute the key segments in the global prostate cancer therapeutics market. Among these, North America and Europe cumulatively held the leading market share in 2015. This trend is likely to continue through the forecast period. While in 2015, North America emerged dominant holding a marginally higher share of 39.8% as compared to Europe, in the coming years the table is expected to turn in favor of Europe.

The rising diseased population and a sophisticated healthcare infrastructure will support growth of the prostate cancer therapeutics market in North America and Europe. Besides this, Asia Pacific and Latin America are expected to emerge as promising market owing to the increasing awareness about prostate cancer and the available treatment and diagnosis options. The rising healthcare spending will also support the market’s expansion in Asia Pacific and Latin America.

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