Prostate Cancer Therapeutics Market

The global prostate cancer therapeutics market size was estimated to be USD 13.24 billion in 2023 and is expected to reach USD 32.32 billion by 2034 with a CAGR of 8.45% during the forecast period 2024-2034. Increasing incidence of prostate cancer, advancements in research and development, technological advancements in diagnostics, increasing awareness and screening programs, strategic collaborations and partnerships, government initiatives and support, and rising patient demand for personalized medicine will drive market growth.

Prostate cancer is one of the most frequent malignancies in males around the world. As more individuals seek therapy for prostate cancer, the market for prostate cancer treatments expands. Ongoing oncology research and development activities lead to identifying novel therapeutic agents and treatment strategies for prostate cancer. Novel medications and tailored therapies are expected to drive the market since they have higher efficacy and fewer adverse effects than standard treatments. For instance, AstraZeneca announced a cooperation with Personalis, Inc. in October 2023 to develop a companion diagnostic tool for the POLARISTAR trial, which is assessing AZD2281, a next-generation AR inhibitor, in metastatic castration-resistant prostate cancer (mCRPC).

By drug class, the hormonal therapy drug class segment accounted for the highest revenue-grossing segment in the global prostate cancer therapeutics market in 2023 owing to the widespread adoption of and success in treating hormone-sensitive prostate cancer cases. The efficacy of hormonal therapy, also known as androgen deprivation therapy, in managing the progression of prostate cancer by suppressing testosterone levels, has significantly contributed to its dominance in the market. For instance, AbbVie was granted FDA Breakthrough Therapy Designation in December 2023 for VENCLEXTA (venetoclax) in combination with azacitidine for the treatment of metastatic prostate cancer with TP53 mutations. Additionally, the chemotherapy drug class segment is predicted to grow at the fastest CAGR during the forecast period owing to the increased emphasis on developing and introducing innovative chemotherapy agents with enhanced efficacy and reduced side effects, as well as the expanding utilization of combination therapies that incorporate chemotherapy in comprehensive prostate cancer treatment regimens.

By distribution channel, the hospital pharmacies segment accounted for the highest revenue-grossing segment in the global prostate cancer therapeutics market in 2023 owing to the pivotal role of hospital pharmacies in facilitating the accessibility and dispensing of specialized prostate cancer therapeutics. For instance, Amgen announced a cooperation with Blueprint Medicines Corporation in September 2023 to research and market new medicines for prostate cancer. Additionally, the online pharmacies segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising demand for convenient and accessible healthcare services, coupled with the increasing trend of digitalization in the pharmaceutical industry.

North American region is anticipated for the highest revenue share during the forecast period owing to its well-established healthcare facilities, access to cutting-edge medical technologies, and a proactive approach to cancer detection and treatment. Moreover, a high level of awareness, early diagnosis initiatives, and a favorable regulatory environment for the approval and adoption of novel prostate cancer therapeutics contribute to the anticipated dominance of the North American market in terms of revenue. For instance, Bayer announced a cooperation with the University of California, San Francisco (UCSF) in November 2023 to discover novel medicines for prostate cancer, utilizing Bayer's expertise in targeted protein breakdown. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the growing awareness of prostate cancer, improving healthcare systems, and expanding access to advanced therapies. Additionally, supportive government initiatives, rising disposable incomes, and the presence of a large and underserved patient population contribute to the anticipated accelerated growth of the Asia Pacific prostate cancer therapeutics market.

This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.

Report Scope:

• Base Year: 2023
• Forecast Period: 2024-2034
• Study Coverage
• Market Forecast by Drug Class, and Distribution Channel
• Market Forecast for 5 Regions and 17+ Countries
• North America (U.S. and Canada)
• Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
• Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
• Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
• MEA (South Africa, GCC, Rest of MEA)
• Exhaustive Company Profiles of the Top 10+ Major Market Players

Segmentation: Prostate Cancer Therapeutics Market Report 2023 - 2034

Prostate Cancer Therapeutics Market Analysis & Forecast by Drug Class 2023 - 2034 (Revenue USD Bn)

• Hormonal Therapy
• Luteinizing Hormone-Releasing Hormone (LHRH) Antagonists
• Zytiga
• Gonax
• Luteinizing Hormone-Releasing Hormone (LHRH) Agonists
• Lupron
• Zoladex
• Eligard
• Decapeptyl
• Vantas
• Others
• Anti-Androgen
• Xtandi
• Casodex
• Chemotherapy
• Taxotere
• Jevtana
• Immunotherapy
• Provenge
• Targeted Therapy
• Xofigo
• Others

Prostate Cancer Therapeutics Market Analysis & Forecast by Distribution Channel 2023 - 2034 (Revenue USD Bn)

• Hospital Pharmacies
• Drug Stores & Retail Pharmacies
• Online Pharmacies

Prostate Cancer Therapeutics Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• UK
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of LATAM
• Middle East & Africa
• South Africa
• GCC
• Rest of MEA