Indian 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 9% during the forecast period.
Prostate cancer develops when abnormal cells in the prostate gland in an uncontrolled way, forming a malignant tumour. In India, the incidence of prostate cancer is less as compared to the western economies as prostate cancer is among the top 3 cancer in men in western economies whereas it is at 16th rank in the incidence cancer cases in the country in 2018. As per the World Health Organization, the estimated new cases in 2018 were 26,000- and 5-year prevalence is around 47,500. The average annual cancer incidence rate for prostate cancer in India ranged 5.0-9.1 per 100,000/year. Advancement in technology, personalized medicine, cost-effective treatment procedures and rising incidence of prostate cancers and the availability of various treatment modalities are also fuelling market growth.
Prostate cancer is the second most common cancer diagnosed in men in India and the third most common cause of cancer death. 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 Indian 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.