Global Prostate Cancer Treatment Market is projected to grow at a CAGR of 5% during the forecast period 2020-2027

A new research report published by Fior Markets with the title Prostate Cancer Treatment Market by Drug Type (Biological Therapy, Chemotherapy, Hormone Therapy, Others), Distribution Channel (Hospital Pharmacies, Drug Stores & Retail Pharmacies, Online Pharmacies), Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.

The global prostate cancer treatment market is expected to grow from USD 7.22 billion in 2019 to USD 10.67 billion by 2027, at a CAGR of 5% during the forecast period 2020-2027. The Asia-Pacific region dominated the market by raising awareness about the disease, advanced diagnosis, government support, increased investment in R&D of immunotherapy and targeted therapies, and rising awareness about prostate cancer treatment. Other factors like the rise in the adoption of prostate cancer treatment products and improvements in healthcare infrastructure will propel the region’s market growth. North America is expected to witness significant growth due to the presence of advanced healthcare facilities with trained medical professionals.

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

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Some of the notable players in the market are AstraZeneca plc, Ipsen Pharms, Astellas Pharma Inc., Bristol-Myers Squibb Company, Bayer AG, GlaxoSmithKline Plc., Johnson & Johnson, Takeda Pharmaceutical Company Ltd., Ferring Pharmaceuticals Inc., and Hoffmann-La Roche AG. In June 2018, AbbVie and Calibr, a non-profit drug discovery division of Scripps Research, collaborated to develop T-cell therapies for the treatment of cancers, which also includes solid tumors.

The drug type segment includes biological therapy, chemotherapy, hormone therapy, and others. Hormone therapy segment holds the largest market share, owing to an increase in demand for hormone therapy, promising pipeline drugs, increased prevalence of prostate cancer, rising demand for hormone therapy, rise in the geriatric population, availability of generic drugs, rise in public awareness towards prostate cancer treatment, and the evolving treatment of prostate cancer treatment. The biological therapy segment holds the moderate share and is expected to witness significant growth, owing to top-end technological advancements in drug development. The distribution channel segment includes hospital pharmacies, drug stores & retail pharmacies, and online pharmacies. The hospital pharmacies segment dominated the market in the year 2019. This growth is ascertained to the rise in the number of hospitalized prostate cancer patients, hospital pharmacies’ convenience, and the strong presence of hospital pharmacies worldwide. The online pharmacy segment is anticipated to witness significant growth, due to the increase in the awareness of online pharmacy and increase in the number of internet users.

The factors driving the market are increased investment in research for the development of therapeutic products to treat these tumors, increasing prevalence of prostate cancer, availability of new prostate cancer treatments and adoption of innovative technologies in screening and diagnostic tests, and incorporation of multiparametric MRI. The factors restraining the market growth are prolonged treatment durations, high costs associated with tissue biopsy in advanced cancer stage, and side effects of the treatment. The factors possessing market growth opportunities is the improvement in R&D investment by drug innovators.

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About the report:
The global prostate cancer treatment market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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