The Australian Prostate Cancer drugs market size stood at around USD xx billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Prostate cancer develops when abnormal cells in the prostate gland in an uncontrolled way, forming a malignant tumor. In 2016, 19,305 new cases of prostate cancer were diagnosed in Australia. Early (localized) prostate cancer refers to cancer cells that have grown but do not appear to have spread beyond the prostate. The prostate cancer market has a high demand for novel drugs that concentrate on unmet needs, such as improved survival time, less toxicity, better progression-free survival, improved effectiveness, and lesser cost.
Prostate cancer is the second most common cancer diagnosed in men in Australia and the third most common cause of cancer death. One in 6 men will be diagnosed with prostate cancer by the age of 85. It is more common in older men, with over 63% of cases diagnosed in men over 65 years of age. There are factors such as a growing number of novel drugs expected to get launched in the short-term future and rising old-age male population are driving the growth of the market. Altering lifestyle, technological advancements in researching for new techniques to fight prostate cancer, increase in the funding in both the public and private sectors in the field of drug advancement are some of the key reasons driving the growth of the Australian prostate cancer market. The prostate cancer market is further anticipated to expand during the forecast period owing to growth opportunities such as untapped market potential due to unmet requirements of medical treatment, growing awareness among people, and advancements in the healthcare field.