Global Breast Cancer Therapeutics Market to Grow at 8.3% CAGR Through 2023
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Breast cancer has emerged as a highly prevalent ailment, affecting the lives of millions of women around the world. The WHO has recognized breast cancer as the leading cancer type killing women aged between 20 and 59 years. In the U.S. alone, a staggering 231,000 new cases of breast cancer were likely to be diagnosed by the end of 2015, as per the findings of the American Cancer Society. While in the last few years substantial developments have been made in the available therapeutics for breast cancer treatment, the research and development activities that are underway are expected to lead to major breakthroughs in cancer diagnosis in the near future. The global market breast cancer therapeutics is, therefore, poised to grow exponentially.
According to the report, rising at a CAGR of 8.3%, the global breast cancer therapeutics market is likely to reach US$16.2 bn by 2023, from US$7.1 bn in 2014.
HER2 receptor type cancer is identified as the most invasive form of breast cancer. It is easy to detect and treat this cancer type due to the latest advances in targeted therapies and companion testing. Drugs administered in the treatment of this type of cancer, therefore, witness high demand in the global breast cancer therapeutics market. Other drug segments of the global breast cancer therapeutics market include HER2 inhibitors, anti-metabolites, mitotic inhibitors, hormone receptors, and aromatase inhibitors hormones. Of these, the HER2 inhibitors segment led the market in 2014 with an estimated value of US$4.9 bn. Rising at a CAGR of 6.2% between 2015 and 2023, the market is anticipated to reach US$9.2 bn by 2023.
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Aromatase inhibitors are likely to continue as the second largest segment of the global breast cancer therapeutics market during the report’s forecast period. Ibrance will lead this segment due to the growing progression-free survival of breast cancer patients in their post-menopausal period.
Regionally, North America led the global breast cancer therapeutics market in 2014. The region boasts a favorable insurance system that also entitles the high price of products. This, coupled with the presence of most prominent pharmaceutical companies in the U.S., aids the expansion of the breast cancer therapeutics market in North America. However, due to the growing awareness regarding breast cancer and favorable government support, Asia Pacific is likely to exhibit the fastest CAGR during the forecast period.
The report provides a holistic overview of the global breast cancer therapeutics market. It also profiles the leading companies operating in the market such as Eisai Co. Ltd., Genentech, Inc. AstraZeneca plc, Pfizer, Inc., Eli Lilly and Company, Novartis AG, and Sanofi S.A.
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