Global Breast Cancer Therapeutics Market: Overview
Changes in lifestyle and obesity are some of the key risk factors causing breast cancer. The incidence of the disease is more prevalent in women than in men, and is aggravated by the presence of several co-morbidity factors, with no clear causes. According to Breastcancer.org, a non-profit organization working on the diagnosis, treatment, and management of the disease, about one in eight women in the U.S. is likely to develop invasive breast cancer over the lifetime span. It is understood that hormone replacement therapy (HRT) occupied a significant role in bringing down the incidence rate among women in the U.S. since 2000.
The growing awareness of the prevalence of breast cancer and recent advances in targeted therapies has positively impacted the growth of the market. Constant efforts by researchers and clinicians in discovering new and better targets for cancer cell growth bode well for the market growth. The growing initiatives related to the development and marketing of next-generation diagnostic assays is expected to open new avenues for therapeutics for the breast cancer therapeutics market.
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Changing Lifestyles Necessitate Change in Game Plan of Breast Cancer Therapeutics Providers
The changing lifestyles and the growing issue of obesity have heightened the risk of breast cancer amongst women in recent years. Statistics indicate that breast cancer has become the second largest cause of fatalities across the globe. Thus, the increasing number initiatives to raise awareness about this deadly disease and treat patients for this disease have boosted the global breast cancer therapeutics market. The increasing awareness amongst patients about the disease and improving accessibility to premium treatments has also augmented the sales of various drugs in this market. Effective research and development for new treatments to efficiently treat breast cancer is also expected to change the game for this market.
Transparency Market Research forecasts that the global breast cancer therapeutics market is expected to be worth US$16.21 bn by 2024 as compared to US$7.17 bn in 2014, surging at a CAGR of 8.4% between 2015 and 2024. The drastically changing reproductive patterns are also responsible for soaring revenue earnings of the breast cancer therapeutics market. The delayed childbearing age, reduced breastfeeding periods, intake of oral contraceptives, and resorting to hormonal therapies to solve other medical conditions is also contributing towards the growth of this market.
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Global Breast Cancer Therapeutics Market: Regional Outlook
Currently, North America is a prominent market for breast cancer therapeutics and the regional market occupies a substantial share. The prominence of the market share is driven by the presence of several favorable insurance schemes. The growing popularity of HER2 (from human epidermal growth factor receptor 2) to meet the demand for generic drugs is attributed to the patent of various biologic drugs in the region. This is expected to significantly boost the regional market over the forecast period. The incidence and prevalence of breast cancer is expected to support the stellar growth of the North America market for breast cancer therapeutics.
Global Breast Cancer Therapeutics Market: Companies mentioned in the report
Several players are actively focusing on research and development activities to launch new drug classes and therapies. They are also acquiring small regional companies to consolidate their product portfolio. Major players operating in the cancer therapeutics market include Sanofi S.A., Novartis, Puma Biotechnology, F. Hoffmann-La Roche Ltd., Pfizer, Inc., AstraZeneca plc, Eli Lilly and Company, and GlaxoSmithKline plc.
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