PUBLISHER: Allied Market Research | PRODUCT CODE: 1344457
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344457
According to a new report published by Allied Market Research, titled, "Breast Cancer Drugs Market," The breast cancer drugs market was valued at $26.4 billion in 2022, and is estimated to reach $59.3 billion by 2032, growing at a CAGR of 8.4% from 2023 to 2032.
Breast cancer is a type of cancer that develops in the breast tissue. It occurs when the cells in the breast grow and divide uncontrollably, forming a tumor. These tumors can be malignant (cancerous) or benign (non-cancerous). It predominantly occurs in women, however, it can also occur in men, although it is relatively rare. It can originate in different parts of the breast, such as the milk ducts, the lobules (which produce milk), or the connective tissue. The most common type of breast cancer occurs in the milk ducts and is known as ductal carcinoma, while cancer originating in the lobules is called lobular carcinoma. Moreover, the treatment for breast cancer involves a combination of different approaches, including chemotherapy, targeted therapy, and hormone therapy. Each treatment modality serves a specific purpose in managing and combating breast cancer, and the selection of treatment depends on various factors, such as the stage & type of breast cancer, the presence of specific receptors, and the patient's overall health & preferences.
The major factors that drive the growth of breast cancer drugs market are rise in prevalence of breast cancer, advancements in diagnostic techniques, and increase in awareness about breast cancer and available treatment options. It is a significant global health concern, impacting millions of women worldwide. The incidence of breast cancer has been steadily rising over the years, making it one of the most prevalent cancers among women. For instance, according to World Health Organization (WHO) 2021, about 2.3 million women were diagnosed with breast cancer globally in 2020, thus rise in prevalence of breast cancer is expected to fuel the growth of market. In addition, early detection and diagnosis are vital in improving the prognosis of breast cancer. Regular breast self-examinations, clinical breast examinations, and mammography screenings can help detect breast cancer in its early stages when treatment is most effective. Thus, advancements in diagnostic techniques for early detection of breast cancer is anticipated to boost the growth of the market.
Furthermore, with rise in incidence of breast cancer cases, there is an upsurge in focus on improving treatment options for breast cancer patients. The objective is to develop drugs that not only enhance survival rates, however, also minimize side effects and improve the quality of life for patients. This drive for better treatment options encourages pharmaceutical companies and researchers to invest in the development of more effective and well-tolerated drugs to treat breast cancer and drive the market growth. Furthermore, growing awareness about breast cancer, its risk factors, and the importance of regular screenings have led to an increase in the number of women undergoing breast cancer screening. In addition, government initiatives, non-profit organizations, and healthcare campaigns have played a crucial role in raising awareness and encourage women to undergo regular mammograms and clinical examinations. Increased screening rates drive early diagnosis and subsequently lead to surge in demand for breast cancer drugs, thus propelling the market growth.
However, factor such as side effects associated with drugs is anticipated to restrain the growth of market. Many breast cancer drugs have associated side effects and toxicities that can affect patients' quality of life. For instance, chemotherapy is known for causing side effects such as hair loss, nausea, fatigue, and immunosuppression, thereby hindering market growth. Moreover, rise in demand for novel therapeutics for treating breast cancer, increase in R&D activities for development of new and more effective drugs, and rise in regulatory approvals for anticancer drugs are expected to offer lucrative opportunities to key players of breast cancer drugs market.
The breast cancer drugs market is segmented on the basis of therapy, age group, distribution channel, and region. On the basis of therapy, the market is categorized into chemotherapy, hormonal therapy, targeted therapy, and immunotherapy. On the basis of age group, the market is bifurcated into below 55 years and above 55 years. On the basis of distribution channel, the market is segregated into hospital pharmacies, drug stores & retail pharmacies, and online providers. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major Key players that operate in the global breast cancer drugs market are Gilead Sciences, Inc., Novartis AG, Pfizer Inc., AstraZeneca, Eli Lilly and Company, Merck & Co., Inc., Bristol-Myers Squibb Company, Zydus Lifesciences Limited, Teva Pharmaceutical Industries Ltd., and F. Hoffmann-La Roche Ltd. The key players have adopted strategies such as acquisition, funding, product launch, and product approval to expand their product portfolio.