The increasing number of breast cancer cases all over the world is anticipated to boost the global Breast Cancer Therapeutics Market at promising rates, finds Fortune Business Insights in a new study. The study is titled, “Breast Cancer Therapeutics Industry: Global Market Analysis, Insights, and Forecasts”. According to the report, the global breast cancer therapeutics market, which stood at US$ 17,868.8 Mn in 2018, will reach [US$ 38,573.5 Mn] by the end of 2026. If these figures prove true, the global breast cancer therapeutics market will rise at a CAGR of 10.2% between 2018 and 2026.
According to the World Health Organization, in 2018, an approximate of 627,000 women, which is tantamount to 15% of all cancer deaths worldwide, succumbed to breast cancer. The rising incidence of breast cancer is one of the chief drivers of the global breast cancer therapeutics market.
High Intake of Oral Contraceptives Among Women, Boosting Market
Breast cancer can develop due to reasons such as reduced breast feeding, rise in age of childbearing, undergoing estrogen modifying drug treatments and high intake of oral contraceptive pills. The increase in the number of women complaining of such problems and the successive rise in the number of breast cancer cases are factors boosting the global market for breast cancer therapeutics during the forecast period.
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Another factor creating lucrative growth opportunities for breast cancer therapies is the increasing number of obese women. With change in lifestyle and unhealthy food habits, the rate of obesity is increasing by the day. Obesity further causes various health problems such as cardiovascular disorders, gall bladder diseases, diabetes, breathing problems, and breast cancer among others.
However, some breast cancer drugs may have serious side effects and this may act as a hindrance to the market. Besides this, countries that lack of awareness may restrict expansion of the market. Also social taboos prevalent in these countries may act as major deterrents to growth.
Nevertheless, the rate of demographic transition all around the world and advent of advanced diagnostic screening programs are creating growth opportunities for the market. Also government initiatives aimed at spreading awareness about breast cancer will bode well for the market.
North America to Remain Dominant on Account of Presence of Skilled Professionals
The breast cancer treatment market in North America is currently leading the global landscape, supported by the presence of a well-established healthcare infrastructure and rising uptake of advanced facilities in the region. In 2018, North America generated a revenue of US$ 8,033.8 Mn, because of the increasing prevalence of breast cancer in the region. In addition to this, the region boasts presence of several leading market players and skilled professionals. Besides this, governments of developed nations such as Canada and the U.S. are providing health insurance for cancer diagnostics. Spurred by these factors the breast cancer therapeutics market is likely to flourish in North America to emerge dominant.
Looming Patent Expires Fuels Demand for Generic Drugs
The global breast cancer therapeutics market is likely to witness the prevalence of high competition. According to the report, Genentech, Inc. (F. Hoffmann-La Roche Ltd) held the dominant share in the market in 2018. Growth of the company is backed by its diverse product portfolio in targeted and chemotherapy segment.
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With the expiry of most patent drugs in the market, there is an increased demand for their generic counterparts. Such factors are propelling vendors to invest more on research and development and develop generic drugs for breast cancer treatment. The introduction of combination drug therapy is anticipated to create better growth opportunities for the market. Some of the players operating in the global breast cancer therapeutics market are Puma Biotechnology, Inc., Teva Pharmaceutical Industries Ltd., GlaxoSmithKline plc., Eli Lilly and Company, Novartis International AG, AstraZeneca plc, F. Hoffmann-La Roche Ltd., Sanofi S.A., GlaxoSmithKline plc, and Pfizer, Inc.
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