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 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) is an advanced stage of prostate cancer that fails to respond to androgen deprivation therapy. The rising prevalence of prostate cancer across the world is estimated to boost the growth of CRPC therapeutics market. According to the American Cancer Society, prostate cancer accounts to approximately 10% of cancer cases among men worldwide. Moreover, the increasing government initiatives to spread awareness about prostate cancer diagnosis and treatment options are further poised to augment the CRPC market growth during the forecast period.
Market key trends:
The key trends influencing the CRPC market growth include rising R&D activities and novel drug approvals. For instance, in January 2023, the U.S. FDA approved Merck’s non-hormonal cancer drug vorapaxar for the treatment of mCRPC. In addition, increasing availability of diagnostic procedures like PSA (prostate-specific antigen) blood test for early detection and prostate imaging, is further contributing to the market growth. Furthermore, development of advanced treatment options like precision medicines with targeted therapies is estimated to shape the market positively over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Castrate Resistant Prostate Cancer market is low due to high costs of R&D needed to develop new drugs and established presence of existing players in the market.
Bargaining power of buyers: The bargaining power of buyers in the market is high because of availability of generic drugs leading to price competition among existing players.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw material suppliers hold significant influence on pricing.
Threat of new substitutes: The threat of new substitutes is moderate as other treatments like chemotherapy and radiotherapy provide alternatives to target patients.
Competitive rivalry: High due to presence of many global pharmaceutical companies focusing on new drug development and approvals.
Key Takeaways
The Global Castrate Resistant Prostate Cancer Market Share is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, 2023 to 2030, due to increasing adoption of combination therapies in treatment.
Regional analysis: North America holds the major share of the Castrate Resistant Prostate Cancer market owing to increasing prevalence of prostate cancer in the US. Europe is anticipated to be the second largest market due to supportive healthcare infrastructure in Western European countries.
Key players: Key players operating in the Castrate Resistant Prostate Cancer market include 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. Companies are engaged in developing novel therapies like sipuleucel-T, enzalutamide and abiraterone acetate to gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
