Breast Cancer Therapeutics Market to Exhibit 13.1% CAGR and Hit USD 55.27 Billion by 2027; Increasing Patient Population to Aid Growth in Latin America: Fortune Business Insights(TM)
According to the report, Breast Cancer Therapeutics market size is projected to reach USD 55.27 Billion by 2027. Breast Cancer Therapeutics Market was worth USD 21.58 billion in 2019 and will exhibit a CAGR of 13.1% during the forecast period. The global breast cancer therapeutics market is set to gain impetus from the ongoing research and developments to come up with state-of-the-art drugs.
Nowadays, several renowned companies are constantly launching new breast cancer therapeutics worldwide. Most of these drugs are meant for the treatment of those types of breast cancers that were previously untreatable or the available drugs were not successful for providing positive outcomes. These factors are expected to accelerate the breast cancer therapeutics market growth in the forthcoming years. However, certain severe reactions can come up while undergoing this type of cancer therapeutics, such as targeted therapies. Patients can suffer from nausea, fatigues, rashes, gastrointestinal problems, or high blood pressure. These may hinder growth.
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COVID-19 Pandemic to Affect Growth Moderately as Cancer Requires Immediate Attention
Based on therapy, the hormonal therapy segment generated 8.3% in terms of the breast cancer therapeutics market share in 2019. It is likely to exhibit lower growth in the coming years on account of the rising availability of their generic equivalents.
Regionally, North America procured USD 10.34 billion in 2019 in terms of revenue. The rising prevalence of breast cancer, presence of numerous providers of breast cancer therapeutics, and the surging awareness of this condition are expected to augment growth in this region. The American Cancer Society, for instance, declared that the U.S. is set to experience around 276,480 new cases of invasive breast cancer in 2020.
Europe, on the other hand, is likely to retain its second position fueled by the high demand for advanced and sophisticated breast cancer therapeutics. In Asia Pacific, the market would grow rapidly because of the increasing healthcare expenditure. Lastly, the Middle East & Africa and Latin America are anticipated to show robust growth on account of the rising patient population in both regions.
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Increasing Development of State-of-the-art Products to Favor Growth
This global market houses a large number of companies that are nowadays striving to gain fast track approvals from government healthcare agencies to distribute and market their products. Some of the others are focusing on developing unique breast cancer therapeutics to cater to the unmet demand. Below are the two latest industry developments:
September 2020: Lupin introduced Lapatinib Tablets, 250 mg, after its partner Natco Pharma received approval from the USFDA. These will be used to treat patients suffering from metastatic or advanced breast cancer.
November 2019: Daiichi Sankyo Company and AstraZeneca declared that their HER2-directed antibody-drug conjugate named Enhertu was approved by the USFDA. It is meant for the treatment of adult patients living with metastatic or unresectable HER2-positive breast cancer.
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-- Genentech (F. Hoffmann-La Roche Ltd) (South San Francisco, U.S.)
-- Eli Lilly and Company (Indianapolis, U.S.)
-- Novartis AG (Basel, Switzerland)
-- AstraZeneca (Cambridge, U.K.)
-- Pfizer Inc. (New York City, U.S.)
-- Sanofi (Paris, France)
-- Eisai Co. Ltd. (Tokyo, Japan)
-- Kyowa Kirin (Tokyo, Japan)
-- Bristol Myers Squibb (Celgene Corporation) (New York City, U.S.)
-- Merck & Co., Inc. (Kenilworth, U.S.)
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Global Breast Cancer Therapeutics Market Segmentation:
-- General Surgery
-- North America (USA, Canada)
-- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
-- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
-- Latin America (Brazil, Mexico, Rest of Latin America)
-- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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