In 2016, the Global Breast Cancer Therapeutics Market was valued at more than $13 billion US dollars. The market is expected to experience a compound annual growth rate of 9 percent between the years 2017 and 2024. An increased rise in breast cancer diagnoses worldwide is expected to fuel the augmentation of this market during the forecasted time period.
Breast cancer is the most common cancer to affect women worldwide. In 2012, more than 1.7 million cases of breast cancer were diagnosed, making it the second most prevalent type of cancer. Moreover, breast cancer is cited as being the fifth most common cause of cancer-related death among women.
The survival rates of breast cancer have improved, however, thanks to the increased awareness of the disease, earlier diagnoses and advances in the breast cancer therapeutics market. In countries where advanced medical treatment is available, the survival rate of early stage breast cancer is an estimated 80 to 90 percent.
Factors Fueling the Growth of the Breast Cancer Therapeutics Market
There are several factors that are expected to boost the growth of the breast cancer therapeutics market between 2017 and 2024. Among the most common elements that has – and will continue to – augment this market is the increased prevalence of breast cancer. The causes of the heightened prevalence of breast cancer cases will be related to heightened exposure to estrogen, earlier menarche among women, the later age of first pregnancy and childbirth among women, and a later start to menopause. Moreover, the increased rate of alcohol use among women, the rising use of hormone replacement therapy and birth control pills are also expected to lead to cases of breast cancer worldwide.
More advances in the technology, including cutting-edge diagnostics and screening programs, are also expected to fuel the growth of the global breast cancer therapeutics market. Furthermore, the increased adoption of therapeutics, greater access to healthcare, and more awareness of breast cancer worldwide will also help to augment the size of this market.
Factors Prohibiting the Growth of the Global Breast Cancer Therapeutics Market
Though the value of the breast cancer therapeutics market is expected to increase during the forecasted time period, there are factors that could prevent the market from reaching its fullest potential.
The high cost associated with breast cancer therapeutics could pose challenges for the growth of this industry. Early and late stage therapy for the disease can be prohibitive for many, as can continuing care. As a result, this could restrain the growth of the global breast cancer therapeutics market.
Growth of the Breast Cancer Therapeutics Market per Product
Specific products are expected to contribute more to the growth of global breast cancer therapeutics market than others. For example, in 2016, targeted drug therapy dominated the market, as it had the highest market share. Between 2017 and 2024, it is projected that targeted therapy will continue to experience significant growth. This will likely be attributed to factors that are specific associated with this division of therapy, such as targeting certain points of the cells in tumors. Moreover, elements such as prohibiting the growth of new blood vessels, switching proteins, activating the immune system and driving toxins to the cells of the tumor to kill off cells will also boost the demand for this type of therapy during the forecasted time period.
The drug segment that is chemotherapy is expected to see a low rate of growth. This will likely be due to the fact that chemotherapy damages all cells, even those that are healthy and non-cancerous. Additionally, the inflated price of chemotherapy medications will lead to financial stress on consumers, which will slow the growth of this segment of the breast cancer therapeutics market. Furthermore, the negative reactions that patients experience as a result of chemotherapy will also restrain the use of this type of therapy and will directly inhibit its growth.
Growth of the Global Breast Cancer Therapeutics Market per End User
In 2016, retail pharmacies lead the global breast cancer therapeutics market, as it held the highest market share. Retail pharmacies are expected to continue being the largest distribution channel for this industry during the forecasted period. However, there will be a shift from specialty pharmacies to retail pharmacies as distribution centers. Retail pharmacies will offer reimbursement options, as well as extended use of oral formulations, specifically for targeted breast cancer drug therapies. These factors will fuel the growth of this end user segment and fuel the growth of the business.
Additionally, the increased amount of retail pharmacies due to greater investments made by retail giants in both developed and developing markets will contribute to the increased size of the share of the global breast cancer therapeutics market.
The hospital segment is also projected to grow at a substantial rate between 2017 and 2024. This will largely pertain to the dispensation of breast cancer medications available as injections that will be reimbursed through patients’ healthcare coverage.
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Growth of the Breast Cancer Therapeutics Market per Region
The breast cancer therapeutics market in the United States held the highest share of this market regionally in 2016. This was directly relate to the increased prevalence of breast cancer in this region, as well as heightened funding for research and development via both public and private sectors. The growing population of the elderly, the early end of breast feeding among mothers, and the heightened access to and availability of cancer care will also aid in the growth of this industry. Lastly, the increased demand for tumor therapeutics will also boost the growth of the cancer therapeutics market in the United States.
The largest breast cancer therapeutics market is located in Germany. In Poland, the breast cancer therapeutics market is projected to experience a compound annual growth rate of 10 percent in the upcoming years.
Asia Pacific will also see a significant growth rate between 2017 and 2014. This will largely be attributed to increased diagnoses of the disease, as well as the heightened awareness of the prevention of breast cancer.