Prostate cancer is one of the common types of cancer found in men wherein the cancer cells form in the tissues of the prostate gland. Castrate resistant prostate cancer (CRPC) is an aggressive stage of prostate cancer that does not respond to hormonal therapy. It develops either after the cancer becomes resistant to androgen deprivation therapy or the cancer grows and spreads despite the testosterone levels being very low. Some of the commonly used CRPC treatments include chemotherapy, radiation therapy, cryosurgery, immunotherapy and several other novel drugs and therapies.
The global 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 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Focus on development of novel drugs and therapies is one of the major drivers of the castrate resistant prostate cancer market. Continuous research and development activities being undertaken by major players as well as collaboration between research institutes and biopharma companies are leading to approval and launch of new drugs for treating CRPC. Some recently approved drugs include Lynparza by AstraZeneca and Merck, and Zytiga by Janssen Biotech among others. These approvals are augmenting the market growth.
Also, increase in research funding is positively impacting the market. Various public as well as private organizations are funding prostate cancer research due to growing incidence of the disease. For instance, in September 2022, Prostate Cancer Foundation (PCF) awarded a research grant worth $6 million for studies focusing on advanced prostate cancers. Such funding and support for R&D is expected to result in new biomarker identification and development of more effective targeted therapies to treat CRPC over the forecast period.
Segment Analysis
The global castrate resistant prostate cancer market is dominated by chemotherapy sub segment. Chemotherapy is the most preferred treatment option by medical practitioners to treat castrate resistant prostate cancer, as it has comparatively better efficacy and survival rates than other treatment options such as hormone therapy and targeted therapy. The chemotherapy sub segment currently holds around 55% of total castrate resistant prostate cancer treatment market share.
PEST Analysis
Political: Government bodies are increasing funding for research activities focused on developing newer treatment options for castrate resistant prostate cancer. Several countries have also made policy level interventions to increase awareness regarding prostate cancer.
Economic: Rising healthcare expenditure and increasing demand for advanced treatment options is fueling the growth of castrate resistant prostate cancer market. High cost of novel targeted therapies is also pushing the market growth upward.
Social: Growing geriatric population prone to prostate cancer and changing lifestyle factors increasing the risk of the disease is driving the social need for effective treatment. launch of initiatives to spread awareness have boosted the social responsibility regarding the disease.
Technological: Continuous research and development activities for development of novel targeted therapies, drugs with better efficacy and minimal side effects have presented optimization of treatment outcomes. Launch of Artificial intelligence enabled diagnostic tools have accelerated target identification and precision medicine approaches for castrate resistant prostate cancer
Key Takeaways
The Global Castrate Resistant Prostate Cancer Market Growth is expected to witness high at a CAGR of 6.6% during the forecast period of 2023 to 2030.
Regional analysis: North America dominates the global market and is expected to retain its domination during the forecast period. The high market share is attributed to presence of advanced healthcare infrastructure, availability of skilled medical professionals and growing prevalence of prostate cancer in the US and Canada.
Key players analysis comprises Key players operating in the castrate resistant prostate cancer market are Bucher Vaslin, Pera Pellenc, Scharfenberger, Zambelli Enotech, ENOTOOLS, Criveller Group, Della Toffola, Gruppo Bertolaso, Fabbri, Mori Luigi & C. The major players are focusing on collaborations, mergers and acquisitions to strengthen their market position and geographic presence. They are also investing in research and development activities for development of advanced treatment drugs and diagnostic tools.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it