Prostate Cancer Market Size, Share, Growth & Industry Analysis, By Drug Class (Hormonal ADT, AR-Directed Therapies, Cytotoxic agents, Bone metastases, Therapeutic Vaccines, PARP inhibitors and Others), By End-User (Hospital Pharmacies, Drug store & Retail pharmacies, and Online pharmacies), and Regional Analysis, 2024-2031

Prostate Cancer Market Size

The global Prostate Cancer Market size was valued at USD 11.94 billion in 2023 and is projected to grow from USD 12.72 billion in 2024 to USD 21.45 billion by 2031, exhibiting a CAGR of 7.74% during the forecast period. The market is growing substantially due to an aging population, high disease prevalence, and advancements in medical technology.

Increased government funding and regulatory approvals are further supporting this expansion, fostering innovation and expanding treatment options for patients globally. In the scope of work, the report includes solutions offered by companies such as Johnson & Johnson Services, Inc., Astellas Pharma Inc., Eli Lilly and Company, Sanofi, Ipsen Pharma, Bayer AG, AstraZeneca, Valeant Pharmaceuticals International, Inc., Merck & Co., Inc., Pfizer Inc., and others.

The prostate cancer market is witnessing significant growth, mainly driven by an aging global population and a high prevalence of prostate cancer. Advances in medical research and technology, coupled with rising government funding and regulatory approvals, are expanding treatment options and enhancing therapeutic outcomes. Increased awareness and screening initiatives are promoting early detection, leading to increased demand for diagnostic tools and therapeutic interventions.

Furthermore, collaborations between healthcare providers, pharmaceutical companies, and research institutions are accelerating innovation in prostate cancer therapies. This dynamic landscape underscores a robust market that is well-positioned for continuous expansion to meet the evolving healthcare needs of patients worldwide.

Prostate cancer is a prevalent malignancy originating in the prostate gland of men, characterized by abnormal cell growth. It typically progresses at a slow pace and may not present symptoms in its early stages. However, at advanced stages, the condition can spread to other organs, thereby posing significant health risks. Screening tests such as PSA (prostate-specific antigen) levels and digital rectal exams aid in early detection.

Treatment options vary from active surveillance for low-risk cases to more aggressive interventions such as surgery, radiation therapy, hormone therapy, and chemotherapy for advanced stages. Advances in medical research continue to refine treatment approaches, with the aim of improving survival rates and the quality of life for patients with prostate cancer.

Analyst’s Review

The increasing global incidence of prostate cancer, particularly among aging populations, highlights the rising demand for effective therapies and innovative treatment options. This demographic trend, coupled with advancements in medical technology and pharmaceutical research, significantly expands the treatment landscape.

• For instance, on August 11, 2023, the Food and Drug Administration granted approval to Janssen Biotech, Inc. for Akeega, a fixed-dose combination of niraparib and abiraterone acetate, in conjunction with prednisone.

This approval targets adult patients diagnosed with deleterious or suspected deleterious BRCA-mutated castration-resistant prostate cancer (mCRPC), as confirmed by an FDA-approved test. These developments underscore ongoing innovation within the prostate cancer treatment sector.

Prostate Cancer Market Growth Factors

The growth of the prostate cancer market is primarily driven by an aging population and a high prevalence rate of the disease. As populations age globally, the incidence of prostate cancer increases, thereby contributing to rising demand for diagnostic, therapeutic, and supportive care solutions. Advances in medical technology and treatment options further bolster market expansion by offering improved outcomes and the quality of life for patients.

Additionally, increased awareness and screening programs enhance early detection, facilitating market growth by promoting timely intervention and effective management of prostate cancer, a leading concern in men's health worldwide.

• According to the American Cancer Society, in 2022, approximately 268,490 new cases of prostate cancer were diagnosed in the USA. About 34,500 individuals are expected to lose their lives to this disease.

The market faces challenges due to the variability in treatment outcomes and the complexity involved in predicting disease progression. These factors contribute to uncertainty in treatment decisions and patient outcomes. Key players are addressing these challenges through advancements in precision medicine,. They are leveraging biomarker testing and genomic profiling to personalize treatment strategies based on individual patient characteristics.

This approach aims to improve treatment efficacy and prognosis by tailoring therapies more effectively. Additionally, collaborative research efforts among institutions and pharmaceutical companies are focused on developing innovative therapies and predictive models, inteneded to enhance the overall management of prostate cancer and optimize patient outcomes.

Prostate Cancer Market Trends

The surge in government funding and increased public and private sector initiatives to enhance knowledge and awareness regarding medicines is propelling market growth. Increased funding facilitates research and development efforts, thereby accelerating the introduction of new medicines and treatments to the market.

Furthermore, enhanced public and private sector initiatives increase awareness among healthcare providers and patients, leading to higher prescription rates and the widespread adoption of medicines. Moroever, educational campaigns and subsidies reduce financial barriers to accessing medicines, thereby expanding the patient base. These efforts contribute to higher demand for pharmaceutical products, thus boosting market expansion and improving healthcare outcomes globally.

The growth of the prostate cancer market is bolstered by rising product approvals and developments.

• For instance, in March 2022, the United States Food and Drug Administration approved Novartis's Pluvicto (lutetium Lu 177 vipivotide tetraxetan) for treating adult patients with prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer.

These approvals are expected to increase the adoption of prostate cancer therapies, thus propelling market expansion. These advancements broaden treatment options and enhance both efficacy and patient outcomes, reinforcing the market's trajectory toward meeting the growing demand for innovative and effective prostate cancer treatments.

Segmentation Analysis

The global market is segmented based on drug class, end-user, and geography.

By Drug Class

Based on drug class, the market is categorized into hormonal ADT, AR-directed therapies, cytotoxic agents, bone metastases, therapeutic vaccines, PARP inhibitors, kinase inhibitors, and PSMA-targeted radioligands. The hormonal ADT segment led the prostate cancer market in 2023, reaching a valuation of USD 4.07 billion. It is a fundamental treatment for advanced prostate cancer, effectively suppressing androgen hormones that fuel cancer growth. As a standard of care, ADT is widely prescribed both as a standalone therapy and in combination with other treatments such as radiation or chemotherapy.

Continuous advancements in ADT formulations, including new drugs and delivery methods, enhance efficacy while minimizing side effects, thereby expanding its adoption. The increasing prevalence of prostate cancer and ongoing research efforts further boost the demand for hormonal ADT, thereby contributing significantly to segmental expansion.

By End-User

Based on end-user, the market is divided into hospital pharmacies, drug store & retail pharmacies, and online pharmacies. The hospital pharmacies segment captured the largest prostate cancer market share of 44.86% in 2023. Hospital pharmacies play a vital role in the distribution of medications, ensuring that patients receive timely access to their treatments. Furthermore, they are critical in managing and optimizing medication use within healthcare facilities, which is essential for improving patient outcomes and reducing healthcare costs.

Additionally, as hospitals expand their services and experience increased patient volumes, the demand for pharmaceuticals and related services provided by hospital pharmacies is growing. Moreover, advancements in technology and automation within hospital pharmacies enhance efficiency and accuracy, thereby supporting segmental growth.

Prostate Cancer Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

North America prostate cancer market share stood around 45.09% in 2023 in the global market, with a valuation of USD 5.38 billion. The region's robust healthcare infrastructure and technological advancements support the innovation and adoption of new medical treatments and products. Additionally, high healthcare expenditure and insurance coverage enhance patient access to healthcare services and pharmaceutical products.

Additionally, a favorable regulatory environment facilitates faster approvals and market entry for new drugs and medical devices. Moreover, a growing aging population and increasing prevalence of chronic diseases boost the demand for healthcare services, thus contributing to the North America market expansion. 

Asia-Pacific is projected to witness notable growth at a robust CAGR of 9.68% over the forecast period.  Growing aging population and increasing incidence of cancer contribute to the rising demand for advanced treatments. Improved healthcare infrastructure and rising expenditure enhance access to diagnostics and therapies.

Government initiatives and healthcare reforms further stimulate domestic market expansion. Additionally, partnerships between international pharmaceutical firms and local providers facilitate the introduction of new treatments, thereby fostering regional market growth. 

Competitive Landscape

The global prostate cancer market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Companies are implementing impactful strategic initiatives, such as expanding services, investing in research and development (R&D), establishing new service delivery centers, and optimizing their service delivery processes, which are likely to create new opportunities for market growth.

List of Key Companies in Prostate Cancer Market

• Johnson & Johnson Services, Inc.
• Astellas Pharma Inc.
• Eli Lilly and Company
• Sanofi
• Ipsen Pharma
• Bayer AG
• AstraZeneca
• Valeant Pharmaceuticals International, Inc.
• Merck & Co., Inc.
• Pfizer Inc.

Key Industry Development

• November 2023 (Approval): Astellas Pharma Inc. and Pfizer Inc. announced that they had received FDA approval for a supplemental New Drug Application for XTANDI (enzalutamide). This approval followed expedited FDA review programs, including Priority Review, Fast Track designation, and Real-time Oncology Review, based on results from the Phase 3 EMBARK trial. XTANDI became the first and only androgen receptor signaling inhibitor approved for treating patients with nonmetastatic castration-sensitive prostate cancer (nmCSPC) with biochemical recurrence at high risk for metastasis (high-risk BCR). Treatment options included XTANDI alone or in combination with a gonadotropin-releasing hormone (GnRH) analog therapy.

The global prostate cancer market is segmented as:

By Drug Class

• Hormonal ADT
• AR-Directed Therapies
• Cytotoxic agents
• Bone metastases
• therapeutic vaccines
• PARP inhibitors
• Kinase inhibitors
• PSMA-targeted radioligands

By End User

• Hospital Pharmacies
• Drug store & Retail pharmacies
• Online pharmacies

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • U.K.
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America