Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global prostate cancer therapeutics market, by drug type (Hormonal Therapy, Anti-androgens, Immunotherapy, Targeted Therapy, and Chemotherapy) and by distribution channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), was valued at US$ 8,738.2 million in 2017 and is estimated to record a robust CAGR of 7.4% over the forecast timeframe (2017-2025).
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Prostate cancer is a serious health issue among men and has a large socioeconomic impact on the society. As reported by the American Cancer Society, approximately 161,360 new cases of prostate cancer were recorded in the U.S. in 2017, which went to result in 26,730 fatalities. The most common sites for prostate cancer to metastasize are the seminal vesicles, the lymph nodes, the lungs, and various bones around the hips and the pelvic region.
Extensive R&D, along with approval of novel therapies introduced by the leading companies, majorly contributes to the growth of the global prostate cancer therapeutics market. For instance, Eligard, developed by Tolmar Pharmaceuticals, Inc. is marketed in the U.S., Australia, and New Zealand by Tolmar, as well as the following partners: Astellas (Europe, Asia, and MENA), Sanofi (Canada), Key Oncologics (South Africa) and HanAll (South Korea) for the palliative treatment of advanced prostate cancer. These key developments in the prostate cancer therapeutics enable to change the market dynamics over a given period of forecast for efficient treatment.
The complexity of the treatment of prostate cancer at different stages has influenced the medical industry to establish clinical evidences for novel therapies and significantly increase their influence to capture the untapped potential of prostate cancer therapeutics market, functioning as a key development opportunity that will propel the market growth. Surging prevalence of prostate cancer and robust development of biosimilars by manufacturers to ensure affordable treatment to the patients are expected to further fuel the global market growth over the projected timeline.
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As per data published by the World Cancer Research Fund International, over 1.1 million cases of prostate cancer were reported worldwide in 2012, which accounts for around 8% of the total tumor cases. Approvals of Zytiga and Xtandi in 2013 and 2014, respectively, for the first-line treatment of metastatic castration-resistant prostate cancer patients in Europe and the U.S., and for the treatment of docetaxel-resistant patients in Japan, has contributed to the increase in sales of both products.
However, many of the drugs indicated for use in non-metastatic patients, or prescribed in combination with already-costly therapies in metastatic castration-resistant patients, are unaffordable for patients in emerging economies and also in developed economies (for uninsured patients). High cost of therapy hinders the preference for biologics, deterring the market growth in terms of revenue.
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Key Market Takeaways:
- Asia Pacific, Latin America, and the Middle East and Africa are the prime growth-oriented regions for the global market.
- Hormone therapy is the most widely preferred method as it helps to shrink the prostate and any cancer that has spread, and makes the treatment more effective.
- Hospital pharmacies is the leading distribution channel of prostate cancer therapeutics that drives the growth owing to it being the primary care center for prostate cancer
- The renowned players involved in the global prostate cancer therapeutics market are Johnson & Johnson, Astella, Inc., Sanofi-Aventis, Bayer AG, AstraZeneca Plc, Pfizer Inc., Dendreon Corporation (Sanpower Group Co. Ltd.), Ipsen Group, Tolmar Pharmaceuticals Inc., Endo Pharmaceuticals, and AbbVie, Inc.
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