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 has 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 2023 as compared to US$7.17 bn in 2014, surging at a CAGR of 8.4% between 2015 and 2023. 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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Higher Percentage of Survivors in North America Puts Region in the Lead
A study conducted by World Cancer Research Fund International (WCRF) stated that North America has the highest percentage of breast cancer survivors after diagnoses, while it is the lowest in the developing countries of Asia and Africa. However, breast cancer continues to be a serious health concern in South America, Africa, and Asia.
WRCF also states that North America has a high incidence of breast cancer, however, the breast cancer therapeutics market is progressing in this region due to supportive insurance schemes meted by the government. The overall North America breast cancer therapeutics market is expected to surge at 7.3% CAGR between 2015 and 2023 during the forecast period. The risks of post-treatment complications and relapse are the only two key factors hampering this regional market.
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Accurate Diagnosis through HER2 Inhibitors Increases Preference for the Drug Class
Amongst the various drug classes, the HER2 inhibitors segment was the leading segment in 2014. During the forecast period, the HER2 inhibitors segment is expected to expand at a CAGR of 6.2% due to their ability to deliver accurate diagnostics. HER2 inhibitors are used in case of metastatic breast cancer (MBC) patients who have undergone a minimum of two chemotherapeutic schedules of taxane and anthracycline. All of these factors are expected to raise the market opportunity of the HER2 inhibitors segment to a significant amount by the end of forecast period.
The key players operating in the global breast cancer therapeutics market are GlaxoSmithKline plc, Eli Lilly and Company, AstraZeneca plc, Pfizer, Inc., F. Hoffmann-La Roche Ltd., Puma Biotechnology, Novartis International AG, and Sanofi S.A. Companies are focusing on research and development to launch new products along with acquiring small companies to improve the existing line of products. However, these companies are governed by strict regulatory framework, which often causes delay in launching products.