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Breast Cancer Drugs Market 2024-2033: Size, Scope, and Forecast Analysis
Breast Cancer Drugs Global Market Report 2024
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According to The Business Research Company's, The breast cancer drugs market size has grown strongly in recent years. It will grow from $36.42 billion in 2023 to $39.63 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to increasing incidence of breast cancer, advancements in research and development, screening and early detection, evolving treatment guidelines, healthcare infrastructure development.
The breast cancer drugs market size is expected to see strong growth in the next few years. It will grow to $54.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to rising aging population, emerging markets, supportive policies and regulations, patient advocacy and awareness. Major trends in the forecast period include personalized medicine, targeted therapies and immunotherapies, clinical trials and drug pipeline, combination therapies, biomarker-driven treatments, telemedicine and remote monitoring.
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Market Drivers and Trends:
The increasing prevalence of breast cancer is driving the breast cancer drug market. Breast cancer is the most common type of cancer among women and affects around 2.1 million women each year. According to the American Cancer Society, there were an estimated 284,200 new breast cancer cases and an estimated 44,130 people died of breast cancer in 2021. The factors responsible for breast cancer include the heredity, age, and lifestyle of a person, and are more common in developed countries. As the number of people diagnosed with breast cancer rises, the demand for breast cancer drugs increases, thereby driving the growth of the breast cancer drugs market.
Manufacturers of breast cancer drugs are increasingly collaborating or partnering with other companies to share technology, resources, and product knowledge and expand the business. For instance, AstraZeneca entered into a partnership deal worth $6.9 billion for the development of a breast cancer drug. According to the deal, the companies will jointly develop the drug trastuzumab deruxtecan and will share development and commercialization costs for the drug worldwide. Novartis collaborated with IBM Watson Health for the development of a solution that can determine drug combinations and sequences for the best patient outcomes.
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Major Key Players of the Market:
F. Hoffmann-La Roche Ltd., Novartis AG, AstraZeneca PLC, Eli Lilly and Company Inc., Biocon Limited, Merck & Co. Inc., Genzyme Corporation, Johnson & Johnson, MacroGenics Inc., Celldex Therapeutics Inc., Onyx Pharmaceuticals Inc., BioNumerik Pharmaceuticals Inc., AbbVie Inc., Pfizer Inc., OncoGenex Pharmaceuticals Inc., Astellas Pharma Inc., Bristol-Myers Squibb Company, Bayer AG, GlaxoSmithKline plc, Teva Pharmaceutical Industries Ltd., Abbott Laboratories, Apthera Inc., Oncothyreon Inc., BiPar Sciences Inc., Puma Biotechnology Inc., Sanofi S.A., Genentech Inc., Sun Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Eisai Co. Ltd., Mylan N.V., Dr. Reddy's Laboratories Ltd., Accord Healthcare Limited, Alkem Laboratories Limited, Natco Pharma Limited, Fresenius Kabi AG, Lupin Limited, Glenmark Pharmaceuticals Limited
Breast Cancer Drugs Market 2024 Key Insights:
• The breast cancer drugs market size is expected to see strong growth in the next few years. It will grow to $54.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Rising Incidence Of Breast Cancer Fuels Demand For Breast Cancer Drugs Market
• Strategic Collaborations Drive Innovation In Breast Cancer Drug Development
• North America was the largest region in the breast cancer drugs market in 2023
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