LONDON--(BUSINESS WIRE)--The global castration-resistant prostate cancer (CRPC) treatment market is expected to grow at a CAGR of more than 9% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global CRPC treatment market for 2017-2021. The market is segmented by therapy (hormonal therapy and chemotherapy) and by geography (the Americas, APAC, and EMEA).
Prostate cancer is the second-leading cause of cancer death for men in the US. CRPC is an advanced stage of prostate cancer in which 90% of individuals develop metastases, specifically in the skeleton. The disease finds a higher prevalence rate especially in the Americas, Eastern Europe, and Australia, thus leaving massive opportunities for the healthcare providers to introduce different treatments for CRPC.
Technavio’s healthcare and life sciences research analysts categorize the global CRPC treatment market into the following segments by regions:
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Americas: largest CRPC treatment market
The Americas dominated the global CRPC treatment market, accounting for over 48% of the global revenue in 2016. The US was the largest revenue contributor, capturing a significant portion of the market. The higher prevalence rate of prostate cancer is expected to boost the growth of the CRPC treatment market in the region. One in seven male population in the US has a lifetime probability of developing prostate cancer.
“The growing demand for novel hormonal therapies is expected to drive market growth in the Americas. The strong demand for these therapies is due to the higher effectiveness. Some of the novel hormonal therapies that are approved by the US FDA include XTANDI and ZYTIGA,” says Sapna Jha, a lead analyst at Technavio for research on oncology.
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CRPC treatment market in EMEA
“The growing awareness and established healthcare infrastructure in Europe have led to higher demand for cancer drugs, particularly for prostate cancer, which is the major cancer type affecting the older male population of the region. The developed economies of Europe such as the UK, Italy, Spain, Germany, and France are witnessing an increased uptake of drugs for the treatment of CRPC. This is expected to fuel the market growth in EMEA,” adds Sapna.
The growing product approvals are expected to fuel the market growth in EMEA. Also, there has been growing R&D activities in countries such as the UK, which is expected to fuel the market growth. For instance, in May 2016, Institute of Cancer Research, UK, developed a new drug (HSP inhibitor) for the treatment of individuals with aggressive prostate cancer. This therapy is expected to improve the patient outcomes, owing to its unique mechanism in treating the disease.
CRPC treatment market in APAC
Although the incidence of prostate cancer is relatively low compared with the Americas and EMEA, the presence of under-diagnosed population represents significant growth opportunities in the region. Further, the growing strategic initiatives of vendors are expected to fuel the market growth. For instance, in March 2016, Panacea Biotech launched Cabapen, an indigenously developed drug for the treatment of prostate cancer. The newly launched drug is expected to fuel the market growth.
Countries such as China and India hold great opportunities for the healthcare industry owing to many factors such as rising investment in the healthcare sector, huge population, and rising diabetic population.
The top vendors in the global CRPC treatment market highlighted in the report are:
- Astellas Pharma
- Johnson & Johnson
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