The castrate resistant prostate cancer market comprises therapeutics such as chemotherapy, hormonal therapy, immunotherapy and radium-223 dichloride used for treatment of advanced castrate resistant prostate cancer. Advancements in targeted therapies have improved treatment landscape, immunotherapy drugs such as Sipuleucel-T have demonstrated survival benefits. Monoclonal antibodies targeting androgen receptor signaling are emerging as more effective options compared to conventional or established therapies.
The Global Castrate Resistant Prostate Cancer Market Demand is estimated to be valued at US$ 12.82 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the castrate resistant prostate cancer market are Bucher Vaslin, Pera Pellenc, Scharfenberger, Zambelli Enotech, ENOTOOLS, Criveller Group, Della Toffola, Gruppo Bertolaso, Fabbri, Mori Luigi & C. Rising prevalence of prostate cancer and shortage of effective treatment options for castrate resistant disease stage is driving research & development as well as approval and adoption of newer drugs. In the US, one in nine men are diagnosed with prostate cancer during their lifetime. According to NIH data, over 34,000 patients in the US die annually from metastatic castrate resistant prostate cancer indicating unmet need.
Major pharmaceutical companies are investing in immunotherapy and targeted drug development for castrate resistant prostate cancer. Approval of generics and biosimilars are expected to boost the market size during forecast period with rising accessibility and affordability. The global castrate resistant prostate cancer market is also witnessing increase in collaborations and mergers between pharmaceutical companies to develop and commercialize innovative drug therapies.
Market key trends
One of the key trends witnessed in the castrate resistant prostate cancer market is increasing approval and launch of generic drugs. Drugs facing patent expirations are witnessing entry of generic versions with substantially lower prices compared to originator brands. For instance, generic versions of Zytiga and Xtandi, two widely prescribed novel hormone therapies, are expected to be launched in the US by 2023 and 2027 respectively. This will make these important treatment options more affordable and accessible to larger patient pool worldwide.
Porter’s Analysis
Threat of new entrants: Low cost of investments and technology required pose a low threat for new companies to enter this market. However, high costs for R&D and clinical trials to develop new CRPC treatment pose significant barriers.
Bargaining power of buyers: Individual patients have low bargaining power due to inelastic demand but large pharmaceutical companies can negotiate prices with suppliers for bulk purchases.
Bargaining power of suppliers: Suppliers of raw materials and manufacturers of treatment products hold strong bargaining power as switching costs for customers are high. Their differentiated products allow them to influence prices.
Threat of new substitutes: Limited substitutes are available for CRPC treatment. Alternative cancer therapies hold potential but require extensive R&D to pose significant threat.
Competitive rivalry: Intense competition exists among large pharmaceutical companies due to their significant investments in R&D. Small biotech firms also engage in price-based competition.
Geographical Regions
North America accounts for the largest share of the castrate resistant prostate cancer market currently, valued at US$ 12.82 Mn in 2024. Presence of advanced healthcare facilities and high awareness about prostate cancer in the US and Canada drive high treatment rates in the region.
Asia Pacific region is poised to grow at the fastest CAGR of 6.6% during the forecast period. Increasing healthcare expenditures, large geriatric population susceptible to prostate cancer, and growing medical tourism in China, India and Japan are key factors aiding the market expansion in Asia Pacific.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it