Prostate Cancer Market Size (2024 – 2030)

The Prostate Cancer Market was valued at USD 12.24 billion in 2023. Over the forecast period of 2024-2030, it is projected to reach USD 22.09 billion by 2030, growing at a CAGR of 8.8%.

Prostate cancer refers to the uncontrolled proliferation of cells within the prostate, a gland located in the male reproductive system just below the bladder. The abnormal growth of prostate tissue is often identified through screening methods, primarily blood tests that measure prostate-specific antigen (PSA) levels. Elevated PSA levels in the bloodstream indicate an increased risk of developing prostate cancer. A definitive diagnosis necessitates a biopsy of the prostate. If cancer is confirmed, the pathologist assigns a Gleason score, where a higher score indicates a more aggressive tumor. Medical imaging techniques are utilized to detect any cancer that may have metastasized beyond the prostate. Based on the Gleason score, PSA levels, and imaging findings, the cancer is categorized into stages 1 to 4, with higher stages indicating a more advanced and perilous form of the disease.

Key Market Insights:

The significant growth in the market can be attributed to ongoing advancements in treatment methods, an increasing incidence of prostate cancer, heightened awareness, and enhanced screening initiatives, along with a growing pipeline of innovative therapies.

Additionally, prostate cancer is among the most commonly diagnosed tumors in males worldwide. Factors such as an aging population and shifts in lifestyle behaviors—including diet, smoking, and physical activity—contribute to the rising incidence and prevalence of prostate cancer.

For example, the National Institutes of Health (NIH) projects that the number of new prostate cancer cases in the U.S. will reach 299,010 by 2024. As the number of diagnosed cases continues to rise, so too does the demand for effective treatment options.

Prostate Cancer Market Drivers:

The prominence of prostate cancer is expected to drive demand for both diagnostic tools and drug development.

As the prevalence of prostate cancer continues to rise, there is an increasing utilization of hormonal therapies for treating hormone-naive and non-metastatic cases. With significant untapped potential in developing countries, numerous market opportunities are emerging. Growth in the prostate cancer market can also be attributed to unmet treatment needs, heightened public awareness, and advancements in the healthcare sector during the forecast period. Furthermore, new opportunities are expected to arise from the expiration of patents for major drugs, such as Zytiga.

The growing number of internet users and heightened awareness of online pharmacies are anticipated to enhance the trend toward online drug purchases, leading to increased adoption of medications. For instance, the drug Xtandi is projected to experience rapid growth in the coming years due to its high patient adoption rates and longer usage compared to other available therapies.

Prostate Cancer Market Restraints and Challenges:

The global market is anticipated to face significant limitations due to the high costs associated with targeted therapies and other immunotherapies. Developing countries, in particular, are likely to encounter challenges in therapeutics due to a low level of awareness regarding technological advancements in this area. Additionally, the ever-changing reimbursement policies are extending treatment timelines, and the rising costs of combination therapies are complicating drug lifecycle management, thereby hindering the growth of the prostate cancer market.

Moreover, the shortage of skilled personnel to operate laboratory equipment is impeding market expansion, as the lack of qualified workers contributes to market decline. Frequent changes in government policies further complicate the landscape, making it difficult for the market to thrive. In developing nations, there is a scarcity of prostate cancer medications, which, coupled with prolonged treatment durations, is expected to restrict market growth.

Furthermore, low success rates in clinical trials and high associated costs could further limit market potential. The expenses related to medical consultations and tissue biopsies are also likely to constrain industry growth. Consequently, issues such as inadequate reimbursement for treatment costs may pose challenges to the adoption of therapeutic techniques.

Prostate Cancer Market Opportunities:

Advanced technology is generating numerous opportunities within the market.

Technological advancements in the prostate cancer sector are facilitating the entry of new companies into the market, allowing them to secure a competitive edge. These companies continually invest in research and development to adapt to evolving consumer preferences and enhance their market position.

Prostatype is an online platform designed for obtaining second opinions on prostate cancer. Users can schedule appointments and submit necessary information for initial assessments and medical advice through the platform. For biopsy tests, the platform provides referrals and contact details for urologists. Based on test results and prior assessments, medical second opinions are offered to help determine the appropriate treatment plan.

PROSTATE CANCER MARKET REPORT COVERAGE:

Prostate Cancer Market Segmentation: By Drug Type

• Chemotherapy

• Biological Therapy

• Hormone Therapy

• Others

Hormone therapy, also known as androgen deprivation therapy (ADT), constitutes a substantial portion of the prostate cancer treatment market due to its effectiveness in managing the disease, especially in advanced stages. Prostate cancer growth is driven by androgens, such as testosterone. By either reducing the production of these hormones or blocking their effects on prostate cancer cells, hormone therapy can slow or halt disease progression. This approach is crucial for patients with cancer that has metastasized beyond the prostate gland, as well as for those who are not suitable candidates for surgery or radiation.

Moreover, hormone therapy is often utilized in conjunction with other treatments, such as radiation therapy, to enhance outcomes, particularly in cases of high-risk localized cancers. This combination strategy further strengthens the prostate cancer treatment market.

Prostate Cancer Market Segmentation: By Distribution Channel

• Hospitals Pharmacies

• Drug Stores & Retail Pharmacies

• Online Pharmacies

Hospital pharmacies represent the largest segment of the industry, driving revenue in the prostate cancer treatment market. This is largely due to the complex nature of cancer treatment, which often necessitates specialized medications administered under strict medical supervision. Hospital settings offer the integrated healthcare services essential for a comprehensive approach to cancer care, encompassing surgery, chemotherapy, radiation, and hormone therapy. These treatments, particularly chemotherapeutic agents and advanced immunotherapies, require careful handling, specific storage conditions, and precise administration protocols best managed within hospital pharmacies.

The immediate availability of pharmaceuticals in hospital pharmacies is crucial for ensuring timely treatment, an important factor in cancer care. Additionally, the centralized care model of hospitals, along with the need for specialized care protocols for prostate cancer, reinforces the dominant position of hospital pharmacies in the industry, contributing to market growth.

In contrast, online pharmacies are projected to experience a robust growth rate of 9.8% during the forecast period. This growth can be attributed to increased internet access and rising awareness among consumers regarding over-the-counter medications, leading to a rapid rise in the popularity of online pharmacies.

Prostate Cancer Market Segmentation- by region

• North America

• Europe

• Asia Pacific

• South America

• Middle East & Africa

North America dominates the prostate cancer treatment market, holding the largest market share. This leadership can be attributed to the region's advanced healthcare infrastructure, significant healthcare spending, and the strong presence of prominent pharmaceutical and biotechnology companies involved in cancer research and drug development. North America benefits from a robust regulatory framework that fosters rapid advancements in medical technologies and therapeutic approaches, including expedited drug approvals and innovative treatment modalities.

Additionally, there is a high level of awareness regarding prostate cancer risks and symptoms among the population, supported by widespread screening practices that facilitate early detection and treatment. This early intervention plays a crucial role in improving treatment outcomes and sustaining investments in prostate health. The presence of leading cancer research institutions, such as the National Cancer Institute and top-tier universities, further drives innovation and enhancement in prostate cancer therapies, reinforcing the region's prominent position in the global market.

In contrast, the Asia Pacific region is projected to experience the fastest growth during the forecast period. This growth is driven by several factors, including cost-effective treatment options, tailored medicines, technological advancements, a wide array of treatment choices, and an increasing incidence of prostate cancer. For example, Xtandi (enzalutamide), co-licensed by Astellas Pharma in Japan and Pfizer in the United States, is priced significantly lower in this region—up to five times cheaper than in the U.S. Such affordability and advancements in technology are expected to significantly boost market growth in the Asia Pacific over the forecast period

COVID-19 Pandemic: Impact Analysis

COVID-19 has positively influenced the sector, driving the market's growth at an exponential rate, largely due to restrictions on people's movement. Additionally, the rise of e-prescriptions has contributed to this growth, and as this trend continues to gain momentum, it is expected to further enhance the viability of online pharmacies.

Latest Trends/ Developments:

In April 2024, Astellas Pharma Inc. obtained approval from the European Commission to extend the label for XTANDI (enzalutamide). This approval permits XTANDI to be used either as a standalone treatment or in conjunction with androgen deprivation therapy (ADT) for adult men diagnosed with high-risk biochemical recurrent (BCR), non-metastatic hormone-sensitive prostate cancer (nmHSPC) who are not candidates for salvage radiotherapy. This extension enhances the treatment options available for this specific patient population, providing a new therapeutic approach for effective management of their condition.

In February 2023, Pfizer announced positive outcomes from the Phase 3 TALAPRO-2 trial involving TALZENNA (talazoparib), an oral PARP inhibitor, in combination with XTANDI (enzalutamide). These findings underscore the potential of this combination as a promising treatment option for patients with metastatic castration-resistant prostate cancer (mCRPC), addressing a significant unmet medical need in advanced prostate cancer therapy.

Key Players:

These are top 10 players in the Prostate Cancer Market:-

1. Pfizer Inc.

2. Johnson & Johnson Services, Inc.

3. Eli Lilly and Company