Presently, there are a handful of players holding the leading share in the global prostate cancer therapeutics market. Pfizer, Inc., Janssen Biotech, Inc., and Amgen emerged dominant holding a share of nearly 61.6% in the global prostate cancer therapeutics market in 2016. While the present scenario has rendered the market’s competitive landscape highly consolidated, in future competition is expected to increase as several blockbuster prostate cancer therapeutics are slated to go off-patent, finds Transparency Market Research (TMR) in a new study. This will lead to the advent of generics, as generic manufacturers will find an environment conducive for environment. Their expeditiously planned business strategies will unfold rivalry between them and the blockbuster drug manufacturers.
“To keep the entry of new players at bay, established players are increasing efforts to expand their regional footprint by introducing breakthrough products,” said a leading TMR analyst. Their research and development activities adopted by the leading market players have a profound impact on the market. According to TMR, the global prostate cancer therapeutics market is forecast to exhibit a CAGR of 8.1% between 2016 and 2024. At this pace the market will reach US$17.53 bn by the end of 2024, from its valuation of US$8.78 bn in 2015.
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By therapy, hormone therapy had the clear dominance with a share of 82.7% in the market in 2015. Through the forecast period, the dominance of the hormone therapy segment is likely to remain unaffected. Regionally, Europe and North America emerged as the most lucrative markets. Among these North America held a marginally leading share of 39.8% in 2015.
Rising Age Increases Risk of Prostate Cancer in Men, Fuelling Demand for Advanced Therapeutics
Reduced morbidity, especially in developed nations, has resulted in the rise in geriatric demography and is regarded as a leading cause fuelling the incidence of prostate cancer. According to a survey conducted by the Prostate Cancer Foundation, a majority of prostate cancer cases is diagnosed in men aging 65 years or more. Hence, sedentary lifestyle and continuous rise in aging population will be the prime drivers of the global prostate cancer therapeutics market. “The rising incidence of obesity also increases the risk of prostate cancer, subsequently creating opportunities for the market,” observed the TMR report’s author.
Besides this, the launch of promising emerging therapies holds promise for the market’s growth. Various emerging diagnostic technologies have enabled diagnosing prostate cancer at an early stage. Such promising novel therapies in phase II and phase III trials are expected to bolster growth opportunities for the market post launch. Additionally, innovations in the development of novel therapeutics are giving impetus to the global prostate cancer therapeutics market.
High Cost of Prostate Cancer Therapeutics Hindering Trajectory
On the downside, the high cost of prostate cancer treatment and therapeutics is going against the market prospects. The prostate cancer treatment requires various therapies such as hormonal therapy, chemotherapy, and biological and targeted therapy. However, owing to high cost of targeted therapies, growth prospects for the market are getting compromised with. Also a large section of patients and their families is reluctant towards adopting premium treatments. Low awareness about technological advancements as well as high cost of these premium treatments are inhibiting the market’s trajectory particularly in developing nations.
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Prevalence of Unmet Medical Needs to Drive Growth in Future
A significant section of male population, especially in under-developed countries is still ignorant about prostate cancer. Hence there is a large number of patients whose ailment is left undiagnosed. For many, the prevalence of such huge unmet medical needs provides lucrative opportunities. Leading market players are targeting this demography by penetrating into less developed countries and offering the required medical services at lower cost. This is expected to help in negating the aforementioned restraints. Besides this, the market is likely to gain from the rising funding from the public and private sector in the near future.
This review is based on a TMR report, titled “Prostate Cancer Therapeutics Market (Therapy Type – Hormone Therapy (Luteinizing Hormone-Releasing Hormone Analogs, Luteinizing Hormone-Releasing Hormone Antagonists, and Antiandrogens), Chemotherapy (Systemic Chemotherapy and Regional Chemotherapy), Biologic Therapy, and Targeted Therapy; Distribution Channel – Hospital Pharmacy, Retail Pharmacy, and Online Sales) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”