Prostate Cancer Therapeutics Market is expected to grow US$ 28,425.27 million by 2030

Publisher: The Insight Partners

Hospitals Segment Held Largest Share of Prostate Cancer Therapeutics Market in 2022

According to our new research study on “Prostate Cancer Therapeutics Market Forecast to 2030 – Global Analysis – by Therapy Type and End User,” the prostate cancer therapeutics market is expected to grow from US$ 14,767.73 million in 2022 to US$ 28,425.27 million by 2030; it is anticipated to record a CAGR of 8.5% from 2022 to 2030. The report emphasizes the global prostate cancer therapeutics market trends and the drivers and deterrents affecting its growth.

Small and big companies operating in the prostate cancer therapeutics market adopt various strategies such as geographic expansion, new product launches, and technological advancements to boost their revenues. A few recent developments in the prostate cancer therapeutics market are mentioned below.

Prostate Cancer Therapeutics Market, by Region, 2022 (%)

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• In November 2023, the Food and Drug Administration (FDA) approved enzalutamide, a Astellas Pharma US, Inc product. The product is used for treating non-metastatic castration-sensitive prostate cancer (nmCSPC) with biochemical recurrence at high risk for metastasis (high-risk BCR).
• In November 2023, Astellas Pharma Inc acquired Propella Therapeutics Inc. It also acquired PRL-02 (abiraterone decanoate), a next-generation androgen biosynthesis inhibitor being developed by Propella to treat prostate cancer.
• In April 2023, the FDA granted Lantheus Holdings Inc and POINT Biopharma Global Inc fast track designation for 177Lu-PNT2002 to treat metastatic castration-resistant prostate cancer (mCRPC). PNT2002 is an innovative PSMA-targeted 177Lu-based radiopharmaceutical therapy that combines PSMA-targeted ligand, PSMA-I&T, and beta-emitting radioisotope no-carrier-added 177Lu for treating mCRPC.
• In June 2023, AstraZeneca and MSD’s Lynparza (olaparib) in combination with prednisone or prednisolone and abiraterone was approved in the US to treat the adult patients suffering from suspected deleterious BRCA-mutated (BRCAm) metastatic castration-resistant prostate cancer (mCRPC).
• In February 2023, Fusion Pharmaceuticals Inc. acquired an investigational new drug application ("IND") from RadioMedix, Inc. ("RadioMedix"). The drug is in a Phase 2 clinical trial (the "TATCIST" trial) evaluating 225Ac-PSMA I&T, a small molecule targeting prostate-specific membrane antigen ("PSMA") expressed in prostate cancers. The alpha-emitting radiopharmaceutical being evaluated in the TATCIST trial is named FPI-2265.
• In March 2022, the US FDA approved Novartis’s Pluvicto (lutetium Lu 177 vipivotide tetraxetan) for treating adult patients affected by a type of advanced prostate cancer called prostate-specific membrane antigen–positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC).

Active participation of market players in expansions, partnerships, and mergers and acquisitions boosts the growth of the prostate cancer therapeutics market.

The prostate cancer therapeutics market, by therapy type, is segmented into hormone, chemotherapy, immunotherapy, targeted therapy, and others. In 2022, the Chemotherapy therapy segment held the second largest market share after Hormone therapy, and the same segment is expected to record the highest CAGR from 2022 to 2030. Chemotherapy is considered an important treatment for prostate cancer. In this therapy, drugs destroy the new or existing cancerous cells in the lungs. Chemotherapy for metastatic prostate cancer can alleviate symptoms. It can also help to reduce cancer and improve the quality of life. Docetaxel (Taxotere) is considered the standard of care in prostate cancer chemotherapy in patients who are resistant to hormone therapy. The FDA has also approved the chemotherapy drug cabazitaxel (Jevtana) for treating castration-resistant prostate cancer. It is also used for patients affected by metastatic prostate cancer that has grown while taking docetaxel.

The prostate cancer therapeutics market, by end-user, is segmented into hospitals, specialty clinics, and others. In 2022, the hospital segment held the largest market share, and the same segment is expected to record the highest CAGR from 2022 to 2030. Hospitals are the fastest-growing end users of the prostate cancer therapy market. Hospitals are the primary healthcare centers patients seek for their first aid and treatment. The number of patients visiting hospitals is comparatively higher than other healthcare centers. These centers offer various services and provide good-quality treatment to patients. In many hospitals, the treatment fee is reimbursed; also, medicines are easily available in these healthcare centers.

Implementing advanced treatment technologies in hospitals has paved the way for improved and early cancer detection and supported research on disease treatment. Medical services are increasingly offered due to their rising affordability of treatment and awareness among people for prostate cancer therapy. It is a part of the ecosystem of many countries, as it contributes significantly toward the country’s GDP growth.

Hospitals are complex organizations that provide healthcare services such as disease screening, diagnosis, and treatment with the help of modernized equipment. The increasing number of admissions in hospitals, coupled with the high prevalence of prostate cancer, fuels the growth of the prostate cancer treatment market for the hospital segment.

Astella Pharma Inc., Johnson & Johnson Services Inc., Eli Lilly and Company, Bayer AG, Sanofi, Merck KGaA, AstraZeneca, Novartis AG, AbbVie, and Bristol Myers Squibb are among the key companies operating in the prostate cancer therapeutics market. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name.

The report segments the prostate cancer therapeutics market as follows: 

The prostate cancer therapeutics market is segmented based on therapy type, end user, and geography. The prostate cancer therapeutics market, by therapy type, is segmented into hormone therapy, chemotherapy, immunotherapy, targeted therapy, and others. In 2022, the chemotherapy segment held the largest market share, and the same segment is expected to record the highest CAGR from 2022 to 2030. The prostate cancer therapeutics market, by end-user, is segmented into hospitals, specialty clinics, and others. In 2022, the hospital segment held the largest market share, and the same segment is expected to record the highest CAGR from 2022 to 2030. Based on geography, the prostate cancer therapeutics market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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