Castrate resistant prostate cancer (CRPC) is an advanced stage of prostate cancer that fails to respond to androgen deprivation therapy. It is more aggressive and difficult to treat compared to localized prostate cancer. The mainstay of treatment for CRPC includes chemotherapy drugs such as docetaxel, abiraterone acetate, enzalutamide, and cabazitaxel. However, these drugs provide only minimal increase in survival and are often associated with adverse effects compromising quality of life. The global castrate resistant prostate cancer market is estimated to be valued at US$ 11.12 billion in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The opportunity for development of advanced therapeutic options holds potential to drive significant growth of the castrate resistant prostate cancer market. Several biopharma companies are focusing on development of novel therapies including immunotherapies, gene therapies, targeted therapies, and stem cell therapies to improve treatment outcomes. For instance, immunotherapies aimed at harnessing the power of body's own immune system are emerging as a promising approach and several immune checkpoint inhibitors are under evaluation for CRPC. Their approval is expected to transform treatment landscape and meet the existing unmet need for effective therapies. This is expected to boost demand and adoption of advanced therapeutics, thereby fueling revenue growth of the market during the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the castrate resistant prostate cancer market is moderate. High capital requirements for R&D and manufacturing pose entry barriers.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of several treatment options. Buyers can negotiate on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as they have cost advantages being manufactures of bulk chemicals and materials.
Threat of new substitutes: Threat of new substitutes is high as research is ongoing to develop newer treatment options.
Competitive rivalry: The competitive rivalry is high due to presence of many global players investing in R&D to develop innovative therapies.
SWOT Analysis
Strength: Growing prevalence of prostate cancer, rapid drug approvals, generous governmental funding for research.
Weakness: High treatment cost, lack of awareness, drug resistance.
Opportunity: Emerging economies, collaboration between pharma companies and research institutes, personalized medicine.
Threats: Patent expiries of blockbuster drugs, stringent regulations.
Key Takeaways
The Global Castrate Resistant Prostate Cancer Market Growth is expected to witness high during the forecast period.
Regional analysis: The Asia Pacific region is expected to grow at the fastest rate during the forecast period. Growing geriatric population, increasing awareness about prostate cancer, and rising healthcare expenditure is expected to drive the market. India and China are likely to offer lucrative opportunities for players operating in the region.
Key players related content: Key players operating in the castrate resistant prostate cancer market are Bayer AG, Johnson & Johnson, Astellas Pharma Inc., Sanofi, Dendreon Pharmaceuticals LLC (Subsidiary of Bayer AG), Ipsen Group. Bayer AG dominates the market with its product Nubeqa (darolutamide).
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