The Castrate Resistant Prostate Cancer market is estimated to be valued at US$ 11.12 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Castrate resistant prostate cancer (CRPC) is an advanced stage of prostate cancer that does not respond to hormone therapy. The market comprises of therapies targeting different mechanisms such as androgen receptor, microtubules inhibitors, immune checkpoint inhibitors and PARP inhibitors. These therapies offer diverse treatment options for advanced prostate cancer patients.
Market Dynamics:
The growth of the Castrate Resistant Prostate Cancer market is attributed to growing research and development activities for targeted treatment options and emerging pipeline drugs. For instance, according to ClinicalTrials.gov, there are around 5055 active clinical trials being carried out for prostate cancer currently. Diverse pipeline drugs such as Capmatinib (Novartis), Vorapaxar (Merck Sharp & Dohme), Niraparib (Tesaro) and others target key pathways like angiogenesis, PARP inhibition and are in various stages of clinical development which is expected to bring more targeted and effective treatment options. This is expected to significantly drive the market growth during the forecast period.
Additionally, rising incidence of prostate cancer across the globe is also driving the market growth. According to Globocan 2020, there were 1.4 million new cases of prostate cancer reported globally in 2020. Prostate cancer is the fourth common cancer in men worldwide. Increasing geriatric population which is at high risk of developing prostate cancer further contributes to the market growth.
SWOT Analysis
Strength: The Castrate Resistant Prostate Cancer market has several treatment options available including chemotherapy, hormone therapy, immunotherapy, and radiation therapy which provides patients with multiple alternatives. Furthermore, increasing research and development activities by market leaders as well as government funding for cancer research is resulting in novel drug developments which present new opportunities for improved patient outcomes. Weakness: High cost of treatment is a major barrier especially in low and middle income countries where the majority of the population have limited or no medical insurance. Additionally, late diagnosis of the disease and resistance to available drugs poses challenges in effective management of the disease. Opportunity: Emerging economies in Asia Pacific region represent lucrative growth opportunities owing to rising healthcare expenditure, large patient pool and increasing awareness about cancer treatments. Continuous trials for developing pipeline drugs targeting specific gene mutations and combinations therapies also offers potential for better drugs. Threats: Expiry of patents for blockbuster drugs will increase competition and potentially reduce prices of existing therapies. Stringent regulatory pathways for approval of new drug candidates can delay market entry and impact revenues of companies.
Key Takeaways
The Global Castrate Resistant Prostate Cancer Market Share is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing prevalence of prostate cancer driven by aging population and adoption of western lifestyle in developing nations.
Regional analysis:
North America dominated castrate resistant prostate cancer market in 2021 owing to high adoption of premium priced therapeutics in the region. Asia Pacific is anticipated to witness fastest growth over the forecast period supported by rising healthcare expenditure, large patient pool and improving access to advanced treatment options in countries like China and India.
Key players
Key players operating in the Castrate Resistant Prostate Cancer market are Sanofi, Johnson & Johnson Services Inc., Pfizer Inc., Astellas Pharma Inc., Bayer AG, Bristol Myers Squibb, Merck Sharp & Dohme, Novartis International AG, Eli Lilly & Company, and AstraZeneca plc.
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