The Europe Prostate Cancer drugs market size stood at USD 16.69 billion in 2020 and is expected to rise to USD 33.5 billion by the end of 2028 exhibiting a CAGR of approximately 9.1% during the forecast period.
Sweden reports the seventh highest prostate cancer cases in Europe. According to Globocan 2020, Sweden recorded 10,949 new prostate cancer cases accounting for 17.5% of all the cancer cases, making this the most common cancer in the country among both the sexes. This is the second most common cause of death in Sweden, following lung cancer.
Prostate cancer arises from uncontrolled proliferation of cells in the prostate gland of males. The risk of prostate cancer increases with increase in age. Since the cancer is mostly slow growing, it provides sufficient time for diagnosis and treatment, thus providing innumerable opportunities to the pharmaceutical companies to come up with new treatment methods.
The Swedish market is majorly driven by the increase in prevalence of prostate cancer cases in the country.
With the rise in risk as age progresses, the increase in geriatric population makes a significant contribution towards propelling the market for growth. Since this is the most common cancer in the country, there is a rise in demand for novel drugs to treat the illness which boosts market growth.
The increased per capita spending on healthcare in Sweden is also a contributing factor for market growth.