Global Breast Cancer Therapeutics Market to Soar at a CAGR 9% to 2024: Growth Factors & Trends
Rising prevalence of breast cancer, launch of numerous diagnostic and screening programs globally and favorable insurance and reimbursement policies will serve as high influential factors for the breast cancer therapeutics market growth.
Advancement in technologies for cancer biology, increasing research and development for introduction of novel drugs to treat the disease will stimulate industry growth over the coming years. Rising adoption of minimally invasive cancer therapy methods should improve patient compliance.
Breast Cancer Therapeutics Market is set to exceed USD 28 billion by 2024; as per a new research report.
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Moreover, increasing awareness towards disease prevention, early screening and diagnosis will further propel the industry. However, prohibitive cost associated with breast cancer therapeutics may restrain its adoption in emerging economies. Compliance to therapy may reduce due to high maintenance treatment price.
Targeted drug therapy market should witness significant growth over the forecast period owing to factors such as their structure that is deliberately designed to interact with their target and search for specific molecular targets that are associated with cancer. Growing focus of much anticancer drug development on targeted therapies will drive the augmented demand for these products.
Some of the companies operating in breast cancer therapeutics market are Roche Diagnostics, Pfizer, AstraZeneca, Novartis, Sanofi, Eisai, and Eli Lily. New product launches, strong product pipeline, geographical expansion, mergers and acquisition will mainly boost the business. Chief industry players will endeavor to strengthen their place in this competitive market by implementation these strategies.
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Hormone drugs segment will grow at substantial rate. Features like affecting the activities of tissues and cells at numerous sites in the body, frequently reaching their targets through bloodstream will drive the segment growth. Moreover, slowing or stopping the development of hormone-sensitive tumors by interfering with effects of hormones on breast cancer cells or by blocking the body's capability to produce hormones will offer significant segment growth opportunity.
Distribution of breast cancer therapeutics through retail pharmacies has become the most popular medium. In 2016, retail pharmacies held the largest market share and will grow at considerable rate over the forecast timeframe owing to increased number of pharmacies in both developed and developing regions.
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U.S. breast cancer therapeutics market accounted for largest business share in 2016 and is anticipated to grow substantially over the forecast period. Increases access to breast cancer screening, diagnosis and treatment services will be the chief growth rendering factor. Moreover, increasing adoption of therapy drug by patients will fuel regional business growth.
Rising incidence of disease due to increasing exposure to factors such as use of hormone replacement therapy (HRT), lifestyle related factors such as alcohol consumption, obesity and alteration in family which stimulates the usage rate of therapeutics over the forecast period will propel the industry growth.
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