Prostate cancer is a serious health issue among men and has a large socioeconomic impact on the society. It is the most common cancer diagnosed among men in developed regions, while it is the fourth-most common cancer diagnosed globally. Routine screening, early diagnosis, and recent treatment options have enabled increased survival of prostate cancer patients. Prostate cancer is an abnormal and uncontrolled growth of cells in prostate gland of a male individual.
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Approximately 75% of prostate cancers are developed sporadically, in which genetic changes occur after birth. Although, the real cause of prostate cancer is largely unknown, some of the prime factors associated with the disease include obesity, overweight, and past history of certain cancers. The global prostate cancer therapeutics market was valued at US$8.78 bn in 2015. Rising at a CAGR of 8.1% between 2016 and 2024, the market is expected to reach US$17.53 bn by the end of 2025. The overall market is segmented on the basis of therapy type, and distribution channel segments.
Rise in geriatric Population to Propel the Growth of Prostate Cancer Therapeutics Market
Lessened morbidity, particularly in created countries, has brought about the ascent in ageing population and is viewed as a main source fuelling the frequency of prostate cancer. As per a study directed by the (PCF) Prostate Cancer Foundation, a greater part of prostate cancer patients are analyzed in men maturing above 65 years. Consequently, stationary way of life and persistent ascent in maturing populace is anticipated to be the major factors the worldwide prostate cancer therapeutics market. The increased occurrence of heftiness additionally builds the danger of prostate cancer, along these lines making open doors in the global market.
Other than this, the dispatch of promising rising treatments holds guarantee for the market’s development. Different rising analytic advancements have empowered detecting prostate cancer at a beginning time. Such encouraging novel treatments in stage II and III stage trials are required to support development open doors in the global market after launch. Moreover, advancements in the improvement of effective and affordable therapeutics are offering impulse to the worldwide prostate cancer therapeutics market.
Increased Cost of Cancer Medication to Hamper the Global Market Growth
On the drawback, the soaring cost of cancer therapeutics and treatment is conflicting with the market requirement. The prostate cancer treatment demands different treatments, for example, hormonal treatment, chemotherapy, and natural and focused on treatment. Be that as it may, inferable from increased cost of focused treatments, development possibilities for the market are being bargained with. Low awareness regarding innovative progressions and additionally growing cost of these exceptional medicines are hindering the market’s direction especially in creating countries. A noteworthy segment of male populace, particularly in immature nations is as yet oblivious about prostate cancer. Thus a substantial number of cases whose disease is left undiscovered.