ALBANY, N.Y, Nov. 24, 2020 /PRNewswire/ -- The prevalence of prostate cancer is magnifying across the world at a rapid rate. According to the estimates by the American Cancer Society, the U.S. may record 191,930 novel prostate cancer cases and nearly 33,330 deaths from prostate cancer. These alarming statistics highlight the rising incidences. Hence, this aspect may boost the growth rate of the prostate cancer therapeutics market to a great extent.
Prostate cancer starts when the prostate gland cells grow tremendously. This gland is found only in males. The prostate is below the bladder and in the front of the rectum. The rising geriatric population is also an indicator of growing prostate cancer cases as the majority of cases are detected in men over 65 years of age.
The thorough analysis conducted by the researchers at Transparency Market Research (TMR) prognosticates the global prostate cancer therapeutics market to expand at a healthy CAGR of ~8 percent from 2019 to 2027. The global prostate cancer therapeutics market was valued at ~US$ 10 bn in 2019 and is expected to reach ~US$ 19.6 bn by 2027.
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The advent of promising therapies through extensive research and development activities, a considerable rise in the geriatric population, and incidences of urological disorders at an early age may invite expansive growth prospects for the prostate cancer therapeutics market during the assessment period of 2019-2027.
Prostate Cancer Therapeutics Market: Transparency Expert Diagnosis
The analysts at TMR expect the prostate cancer therapeutics market to display promising growth across the assessment period. The analysts advise the players in the prostate cancer therapeutics market to shift their production facilities to Asia Pacific as it can lead to decreased overhead expenses and eventually bring down the high prices of prostate cancer therapeutics.
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Prostate Cancer Therapeutics Market: Major Findings
- On the basis of distribution channel, the hospital pharmacies segment may garner extensive growth for the global prostate cancer therapeutics market
- The hospital pharmacy segment is likely to account for half of the market share by recording a CAGR of ~9 percent across the assessment period of 2019-2027
- The hormone segment therapy had a larger influence on the prostate cancer therapeutics market in terms of therapy in 2018 and may continue the same from 2019 to 2027
- North America was the largest growth-contributing region in 2018
- Asia Pacific is projected to incur maximum growth for the prostate cancer therapeutics market during the assessment period
Explore 206 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Prostate Cancer Therapeutics Market (Therapy: Hormone Therapy, Chemotherapy, Biologic Therapy, and Targeted Therapy; Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Sales, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/report-toc/6562
Prostate Cancer Therapeutics Market: Growth Propellers
Emerging diagnostic techniques have a great effect on the growth of the prostate cancer therapeutics market and may influence it to a certain extent.
- Advances in prostate cancer therapeutics such as abiraterone acetate, enzalutamide, cabazitaxel, radium-233, and others may bring tremendous growth opportunities
- Cost-effective treatment options for certain therapies across various countries may further boost the growth of the prostate cancer therapeutics market
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Prostate Cancer Therapeutics Market: Growth Restraints
Some therapies have high costs and this may prove to be a prominent restraint for the adoption of these therapies. Less awareness about these therapies in developing countries may further dampen the growth of the prostate cancer therapeutics market. Chemotherapy is also not a feasible option in the later stages of prostate cancer. Hence, all these aspects may restrain the prostate cancer therapeutics market to a certain extent.
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Global Prostate Cancer Therapeutics Market: Segmentation
- Hormone Therapy
- Biologic Therapy
- Targeted Therapy
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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