The size of the prostate cancer market in Europe is estimated to grow from USD 19.86 billion in 2023 to USD 30.7 billion by 2028, growing at a CAGR of 9.1% from 2023 to 2028.
Prostate cancer is a commercially profitable indication with a high amount of diagnosis incidences. As a result, the drug treatment of prostate cancer has evolved quickly over the last few years, with the metastatic castrate-resistant prostate cancer (mCRPC) situation becoming more crowded and competitive.
The growth of the European prostate cancer market is majorly driven by the growing geriatric population, an increase in the prevalence of prostate cancer, a surge in generic products, an increase in public awareness about prostate cancer treatment, increased R&D investment by drug innovators, potent emerging pipeline drugs, and the availability of new prostate cancer treatments. Other factors that contribute to the market's growth include an increase in demand for prostate cancer therapy and management and an increase in the use of hormonal treatments in non-metastatic castration-resistant and metastatic hormone nave (mHNPC) prostate cancer settings. This increase is attributed to an aging population, increased smoking, obesity, poor dietary habits, rising prostate cancer prevalence, increased uptake of hormonal agents in non-metastatic castration-resistant and metastatic hormone naive prostate cancer settings, pipeline drugs, and increased demand for prostate cancer treatment and management.
The growing male aging population is driving prostate cancer medications. In males over the age of 60, prostate cancer is one of the most frequent cancers. Growth is expected to be fueled by the adoption of innovative technologies in screening and diagnostic testing. For example, multiparametric MRI can dramatically increase tumor identification while also verifying whether tissue biopsy is required. Furthermore, manufacturers in the market are spending research to create treatments for the treatment of such tumors. Again, due to the expiration of patents on major existing products throughout the projected period, many generic products are likely to join the market. As a result, growth is expected to be fueled by these factors.
Europe's Prostate Cancer market's growth is likely to be hampered by long treatment times and low demand for prostate cancer treatment medications in this nation. In addition, the market's growth would be impeded by treatment side effects, high expenses. The high costs of a tissue biopsy, especially during the advanced stages of a tumor, and medical consultation fees are projected to limit growth. Furthermore, issues such as poor reimbursement of treatment expenses may have a detrimental impact on the adoption rate of treatment procedures.
This research report on the European Prostate Cancer Market has been segmented and sub-segmented into the following categories.
By Diagnostic Techniques:
By Radiation Therapy:
The European Commission has approved the use of apalutamide in adult males with metastatic hormone-sensitive prostate cancer undergoing androgen deprivation therapy. The European Commission approved the drug based on the phase III TITAN research findings, which looked at the effects of adding apalutamide to ADT in a broad spectrum of patients. Furthermore, due to the expiration of patents on major existing products throughout the forecast period, many generic products are likely to join the market. As a result, growth is expected to be fuelled by these reasons. Furthermore, many generic products are predicted to enter the market when patents on essential incumbent products expire over the forecast period.
During the forecast period, the UK prostate cancer market is forecasted to be registering a healthy CAGR in the EU market. However, in 2020, the German prostate cancer market held the leading share in the EU market and is estimated to grow at a promising CAGR during the forecast period.
KEY MARKET PLAYERS:
A few noteworthy companies operating in the European prostate cancer market profiled in the report are Sanofi S.A, GlaxoSmithKline, AstraZeneca, AbbVie, Varian Medical Systems, Elekta, Theragenics, Pfizer, Novartis, Roche, Bayer, Johnson & Johnson, Abbott Laboratories, and Genentech.
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