According to a new report published by Allied Market Research, titled, "Prostate Cancer Treatment Market by Drug Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global prostate cancer treatment market size was valued at $6,887 million in 2018, and is projected to reach $9,904 million by 2026, growing at a CAGR of 4.6% from 2019 to 2026.
Prostate cancer is a type of cancer that develops into male reproductive system. Prostate cancer begins when normal cells in the prostate gland start multiplying uncontrollably. It is more prevalent in geriatric men over the age of 65 years. Risk factors for development of prostate cancer are family history, race, and old age. It can be treated by radiation therapy, surgery, chemotherapy, biological therapy, and hormone therapy. The treatment for prostate cancer can be decided on the basis of the stage of cancer. The healthcare professionals such as radiation oncologists and urologists treat prostate cancer.
The prostate cancer treatment market is expected to experience significant growth during the forecast period, owing to rise in prevalence of prostate cancer, increase in demand for prostate cancer treatment products, strong emerging pipeline drugs, availability of new prostate cancer treatments, and increase in awareness among people regarding the treatments of prostate cancer. In addition, surge in uptake of hormonal agents in non-metastatic castration resistant (nmCRPC) & metastatic hormone nave (mHNPC) prostate cancer settings, rise in geriatric population, improved R&D investment by drug innovators, rise in generic products, increase in healthcare expenditure in the developed and developing regions, growth in pharmaceutical industries & diagnostic centers across the globe are expected to further drive the growth of the global prostate cancer treatment market. However, prolonged treatment durations and poor demand for prostate cancer treatment drugs in underdeveloped countries are expected to restrain the growth of the market.
Based on drug type, the prostate cancer treatment market is categorized into chemotherapy, biological therapy, and hormone therapy. Presently, hormone therapy segment dominates the global market, and is anticipated to continue this trend during the forecast period. The key factors that drive the prostate cancer treatment market growth include rise in prevalence of prostate cancer coupled with growing public awareness regarding the treatments of prostate cancer, surge in demand for hormone therapy drugs, availability of generic drugs, and increase in number of pharmaceutical companies across the globe.
Based on distribution channel, the market is classified into hospital pharmacies, drug stores & retail pharmacies, and online pharmacies. Currently, the hospital pharmacies segment accounted for the majority of market share, owing to rise in number of hospitalized prostate cancer patients, convenience offered by them, and strong presence of hospital pharmacies across the globe. The online pharmacies is the fastest growing segment, at a CAGR of 6.4% from 2019 to 2026, owing to increase in preference for online purchasing of drugs over the traditional methods, increase in awareness regarding online pharmacies, and rise in number of internet users.
Key Findings of the Study:
- Based on drug type, the hormone therapy segment held more than one-third share in the global prostate cancer treatment market in 2018.
- Based on distribution channel, the hospital pharmacies segment held more than half share in the global market in 2018.
- Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 6.6% during the forecast period.
North America accounted for approximately one-half of the global prostate cancer treatment market share in 2018, and is expected to remain dominant throughout the forecast period. This was attributed to the higher adoption of prostate cancer treatment products, large presence of pharmaceutical companies, well developed healthcare infrastructure, and wide availability of prostate cancer treatment drugs. On the other side, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, developing R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare.