July 13, 2024
Castrate Resistant Prostate Cancer Market

Increasing Awareness To Boost Growth Of Castrate Resistant Prostate Cancer Market

The global 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

Prostate cancer occurs when abnormal cells in the prostate gland start to grow uncontrollably. The prostate gland is a small walnut-sized gland in men that produces seminal fluid, which protects and transports sperm. Castrate-resistant prostate cancer occurs after initial hormone treatments such as surgery or medication stop working to control the cancer cells’ growth and spread to other parts of the body. Castrate resistant prostate cancer treatments focus on slowing progression of the disease and relieving symptoms. They include chemotherapy, radiation therapy, immunotherapy and supportive care.

Market key trends

One of the major trends in the Castrate Resistant Prostate Cancer Market is increasing awareness programs about prostate cancer across the globe. Various organizations conduct awareness campaigns about symptoms, risk factors, screening and treatment options for prostate cancer. For instance, Prostate Cancer Foundation (PCF) conducts awareness programs in the U.S. to educate men about prostate cancer risks and importance of early detection through screening tests such as PSA test and digital rectal exam. Such programs play a vital role in boosting early detection of prostate cancer, including castrate resistant prostate cancer, thereby driving the growth of the market. Another key trend is increasing research and development activities to develop advanced treatment approaches involving novel drugs and combination therapies. This is expected to offer effective treatment options and improve patient outcomes over the forecast period.

Porter’s Analysis

Threat of new entrants: The castrate resistant prostate cancer market requires high R&D investments and regulatory approvals which makes it difficult for new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of alternative treatment options. However, the threats of cancer progression and limited treatment options increase dependence on suppliers.
Bargaining power of suppliers: Major suppliers in this market include biotechnology and pharmaceutical companies. Suppliers have moderate to high bargaining power due to the importance of their drugs and therapies in the treatment of castrate-resistant prostate cancer.
Threat of new substitutes: The threat of substitutes is low as alternative treatment options provide limited benefits for late-stage castrate-resistant prostate cancer.
Competitive rivalry: The market sees intense competition among major players to develop novel drugs and combination therapies.

Key Takeaways

The global Castrate Resistant Prostate Cancer Market Growth is expected to witness high growth, exhibiting a CAGR of 8.2% over the forecast period of 2023 to 2030, due to increasing prevalence of prostate cancer and approval of novel drugs.
North America dominates the castrate resistant prostate cancer market owing to growing incidence of prostate cancer in the US and Canada. According to Prostate Cancer Foundation, around 248,530 new cases of prostate cancer were projected to be diagnosed in the US in 2021.

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. Major players are focusing on partnerships, acquisitions and development of combination therapies to strengthen their market position. For instance, in February 2022, Pfizer acquired global rights to an investigational therapy, Daiichi Sankyo’s (DS’s) enfortumab vedotin, for treating various cancers including castrate resistant prostate cancer.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it