Study on Global Prostate Cancer Drugs and Treatment Market Expected to Reach US$8.2 Billion by 2023
Prostate cancer which is also known as carcinoma of the prostrate, is the most common cancer in men in the United States and the second most common cancer in men globally, after skin cancer. It is the second leading cause of cancer death in men.
While an early diagnosis of localized prostate cancer is curable, patients who are diagnosed in the later stage or with castration-resistant prostate cancer (CRPC) have limited options of complete cure. Five new drugs have been approved for the treatment of CRPC since the calendar year 2010: Dendreon's Provenge�, Sanofi's Jevtana�, Johnson & Johnson's Zytiga�, Medivation and Astellas' Xtandi�, and Bayer's Xofigo�.
‘Prostate cancer is the second most common cancer in men. Global prostate cancer market would increase three fold by the year 2023 with the launch of nine new agents.’
Analysts estimate that nine new agents will be launched for the treatment of prostate cancer during the forecast period 2013-2023, eight out of these nine agents would be indicated for the treatment of CRPC, which would usher in radical changes in the treatment of CRPC. It is also hypothesized that would be a three-fold increase in prostate cancer market in the nine major pharmaceutical markets (9MM) which include countries such as US, France, Germany, Italy, Spain, UK, Japan, Brazil and Canada.
Going by recent research, it is estimated that the global prostate cancer treatment market value will touch $8.2 billion by 2023 at a Compound Annual Growth Rate (CAGR) of 12.3%, which would be a whopping threefold increase in sales from $2.6 billion in 2013.
Reasons for Growth of the Prostate Cancer Market over the Forecast Period
- The main driving force for this would be the introduction of nine new, prostate treatment therapies by 2023, and the launch of products extensions for both Zytiga� and Xtandi� for hormone-sensitive prostate cancer.
- Product line extension of Xtandi� into chemotherapy-na�ve metastatic CRPC, non-metastatic CRPC and hormone-sensitive prostate cancer could also be one of the reasons for significant market shares across 9MM.
- Xtandi�, which was launched in 2012, is forecasted to be the market leader with an estimated total sales of $3.8 billion by 2023 mainly due to its use in multiple prostate cancer patient segments. In addition, Xtandi� is postulated to be popular amongst prostate cancer patients due to its favorable safety and efficacy profile and ease of administration.
- Increase in the aging population, which would in turn lead to increase in prostate cancer cases across the 9MM.
Barriers to the Growth of the Prostate Cancer Market over the Forecast Period
- Zytiga�, which was the leading drug in the prostate cancer market in 2013, would lose patent protection by the end of 2016, leading to entry of generic versions of the drug, which would significantly affect its sales.
- Healthcare austerity measures would limit premium pricing opportunities for all the drugs which are in the pipeline for prostate cancer.
- Strict cost control could hinder the reimbursement and uptake of drugs that are priced too high.
References:
1. http://www.researchandmarkets.com/publication/m72ka4q/pharmapoint_prostate_cancer
_global_drug_fo
2. http://www.slideshare.net/Ambikabasa/pharma-point-prostate-cancer-global-drug-forecast-and-market-analysis-to-2023
3. http://www.cancer.gov/types/prostate
Source: Medindia
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Sudha Bhat. (2015, October 31). Study on Global Prostate Cancer Drugs and Treatment Market Expected to Reach US$8.2 Billion by 2023. Medindia. Retrieved on Jan 11, 2025 from https://www.medindia.net/news/healthinfocus/study-on-global-prostate-cancer-drugs-and-treatment-market-expected-to-reach-us82-billion-by-2023-155072-1.htm.
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Sudha Bhat. "Study on Global Prostate Cancer Drugs and Treatment Market Expected to Reach US$8.2 Billion by 2023". Medindia. Jan 11, 2025. <https://www.medindia.net/news/healthinfocus/study-on-global-prostate-cancer-drugs-and-treatment-market-expected-to-reach-us82-billion-by-2023-155072-1.htm>.
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Sudha Bhat. "Study on Global Prostate Cancer Drugs and Treatment Market Expected to Reach US$8.2 Billion by 2023". Medindia. https://www.medindia.net/news/healthinfocus/study-on-global-prostate-cancer-drugs-and-treatment-market-expected-to-reach-us82-billion-by-2023-155072-1.htm. (accessed Jan 11, 2025).
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Sudha Bhat. 2015. Study on Global Prostate Cancer Drugs and Treatment Market Expected to Reach US$8.2 Billion by 2023. Medindia, viewed Jan 11, 2025, https://www.medindia.net/news/healthinfocus/study-on-global-prostate-cancer-drugs-and-treatment-market-expected-to-reach-us82-billion-by-2023-155072-1.htm.