The Global Hormone Sensitive Advanced Prostate Cancer Treatment Industry is set to reach unprecedented heights, with a projected value of US$ 12.44 Billion in 2023 and an expected compound annual growth rate (CAGR) of 7.2% until 2033, according to a recent report by Future Market Insights (FMI).
FMI’s comprehensive study forecasts a remarkable surge in the market, reflecting the commitment of key providers to translate scientific advancements into groundbreaking oncology medicines. These innovations aim to bring new hope to individuals battling cancer worldwide, underlining a shared purpose among leading pharmaceutical companies. Moreover, these companies are dedicated to supporting accessibility to these life-changing cancer medicines.
The rise of recurrent/non-responsive prostate cancer poses a significant challenge to the growth of the prostate cancer drug market. Cells displaying recurrence or non-responsiveness contribute to the spread of cancer post-initial treatment. The American Society of Clinical Oncology (ASCO) reports that 50% to 95% of men in the United States with high-risk prostate cancer experience recurrence after localized treatment.
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The prostate cancer drugs market in the USA is regulated by the FDA which is responsible for the approval of new drugs and lays down regulations related to the treatment of prostate cancer. This was the first case of FDA-approved treatment for non-metastatic, castration-resistant prostate cancer, and more such approvals are expected to follow in the future. Hence, the regulatory scenario related to prostate cancer drugs will encourage more drug manufacturers to enter the market.
The treatment landscape for patients with hormone-sensitive prostate cancer (HSPC) has changed dramatically in the past five years, despite little change in the preceding 20 years. Such rapid change can make it difficult for clinicians to remain abreast of the current literature and synthesize the relevant data to inform evidence-based treatment decisions.
A new treatment is approached for prostate cancer that could stop resistance in its tracks. North America will be the largest region in the prostate cancer drugs market in 2022. The Middle East is expected to be the agile growing region in the forecast period. The regions covered in the prostate cancer drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Key Takeaways from this Global Hormone Sensitive Advanced Prostate Cancer Treatment Industry Study:
- According to the American Society of Clinical Oncology (ASCO), around 50% to 95% of men in the US with high-risk prostate cancer experience recurrence after localized treatment.
- The global hormone-sensitive advanced prostate cancer treatment market grew at a CAGR of 6.6% from 2018 to 2022.
- According to ACL (Administration for Community Living), a US-based government organization, the geriatric population is expected to increase by 21.6% by 2040.
- As per the American Cancer Society, prostate cancer costs on average US$ 4,300 upfront and US$ 9,100 over five years, with surgery costing US$ 15,000 upfront and US$ 19,000 over five years.
Global Hormone Sensitive Advanced Prostate Cancer Treatment Industry Competitive Landscape:
Some of the prominent players in the global market for Hormone Sensitive Advanced Prostate Cancer Treatment Market are-
- Novartis Pharmaceuticals
- Merck & Co., Inc.
- Bristol-Myers
- Dendreon Corporation
- GlaxoSmithKline plc.
- Ferring International Center S.A.
- Roche Group
- Celgene Corporation
- Amgen Inc.
- Teva Pharmaceutical Industries Ltd.
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Some of the important developments of the key players in the Global Hormone Sensitive Advanced Prostate Cancer Treatment Industry are:
- In March 2022, Novartis AG received USFDA approval for Pluvicto. It is the first targeted radioligand therapy in prostate cancer, which is a type of targeted cancer treatment that combines a targeting chemical (ligand) with a therapeutic radioisotope (a radioactive particle). Reimagining medication administered via intravenous infusion for the treatment of progressive, PSMA-positive metastatic castration-resistant metastatic prostate cancer by destroying tumor cells.
- In June 2021, Bayer acquired Noria and PSMA Therapeutics to fulfill patients’ clinical needs and broaden the metastatic prostate cancer treatment portfolio. Bayer’s oncology portfolio was expanded as a result of this acquisition, which included alpha radionuclide therapy and small molecules targeting Prostate-Specific Membrane Antigen (PSMA).
- In December 2020, Myovant Sciences and Pfizer announced a partnership to develop and commercialize a Relugolix combination tablet for advanced metastatic prostate cancer treatment. This groundbreaking partnership considerably enhances ORGOVYX’s (relugolix) launch, as well as the future introduction of relugolix combination tablets, and increases the pipeline of potential new medications.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global Hormone Sensitive Advanced Prostate Cancer Treatment Market providing historical data for 2018-2022 and forecast statistics from 2023 to 2033.
To understand opportunities in hormone-sensitive advanced prostate cancer treatment, the market is segmented based on treatment (androgen ablation therapy, chemotherapy, targeted therapy, and cryotherapy), and end-user (hospitals, clinics, and cancer rehabilitation centers) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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Global Hormone Sensitive Advanced Prostate Cancer Treatment Industry Key Segments Profiled:
By Treatment:
- Androgen Ablation Therapy
- Chemotherapy
- Targeted Therapy
- Cryotherapy
By End User:
- Hospitals
- Clinics
- Cancer Rehabilitation Centers
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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