Breast Cancer Therapeutics Market size is set to exceed USD 42.6 billion by 2028, according to a new research report by Global Market Insights Inc.
The rapidly aging population coupled with the surging incidence of breast cancer is anticipated to drive the demand for breast cancer therapeutics, thereby fueling the market growth in the coming years. Breast cancer is amongst the most prevalent malignancy and has the highest reported incidence among geriatric populace. According to the Translational Cancer Research Journal, in 2018, an estimated 21% of newly diagnosed breast cancer cases occurred in women aged 70 years and above.
Several clinical studies have stated that breast cancer-associated mortality rises with age, regardless of disease stage. The survival rate is lower among patients that are diagnosed after 55 years of age. Moreover, as per the American Society of Clinical Oncology Journal, the U.S. population is aging, and by 2050, the number of elderly individuals aged 65 years and above is projected to reach 88.5 million, witnessing two-fold growth as compared to 40 million in 2010. The rising geriatric population that is increasingly susceptible to malignancies including breast cancer is anticipated to propel the demand for breast cancer therapeutics. Thus, the increasing geriatric population is expected to fuel the breast cancer therapeutics market demand.
Growing awareness regarding breast cancer is anticipated to boost the market statistics
Increasing awareness regarding breast cancer through supportive initiatives adopted by public health agencies and government organizations is expected to fuel the market share. Clinical studies have evidently reported that timely breast cancer diagnosis during the initial phase translates to better survival rates. Thus, several public originations and public health agencies including the World Health Organization (WHO), Center for Disease Control and Prevention (CDC), and National Health Services (NHS) among others are adopting novel initiatives to drive the awareness and knowledge regarding breast cancer. These initiatives are set to facilitate the breast cancer therapeutics market potential.
For instance, WHO launched a new collaborative effort called as the Global Breast Cancer Initiative, intended to reduce the breast cancer mortality by 2.5% every year until 2040, thereby averting approximately 2.5 million deaths. Through this campaign, WHO operates in collaboration with other UN agencies and partner associations that provide recommendations to regional governments. These recommendations include guidance and strategies to strengthen healthcare systems for diagnosing and treating breast cancer that is expected to lead to the increased adoption of breast cancer therapeutics and propel the market outlook.
The increasing use of hormonal therapy in women with tumors that are hormone receptor-positive is expected to spur the segmental growth
Based on the therapy, the breast cancer therapeutics market is segmented as targeted therapy, hormonal therapy, chemotherapy, and immunotherapy. The hormonal therapy segment is projected to surpass USD 6 billion by 2028 growing at a CAGR of 7.6%. This substantial market share is due to the increasing use of hormonal therapy in women with tumors that are hormone receptor positive. According to the American Cancer Society, approximately 2 out of 3 breast cancers are hormone receptor positive. These cancers feature receptors for estrogen and/or progesterone that aids in rapid development of cancer cell proliferation, thereby increasing the severity of cancer. The high incidence of hormone receptor-positive cancers is expected to accelerate the adoption of hormonal therapy, further stimulating the market expansion.
Hormonal therapy functions by inhibiting the effects of estrogen and curbs the spread of cancer. Also, advancements in hormonal therapy would prove conducive for the market growth. These advents have led to the development of novel drug combination that has promoted the efficiency of estrogen-blocking agents. Clinical studies indicate that patients using hormone therapy in combination with CDK4/6 inhibitors have witnessed better clinical outcomes. Currently, multiple CDK4/6 inhibitors have been approved by the U.S. FDA such as abemaciclib, Palbociclib, and ribociclib. When used in combination with hormonal therapy, these CDK4/6 inhibitors have indicated enormous improvement in progression-free survival in patients suffering from stage IV breast cancer. Thus, the high incidence of HR+ breast cancer and ongoing advancements in hormonal therapy are set to promote the adoption of breast cancer therapeutics.
Browse key industry insights spread across 90 pages with 72 market data tables & 10 figures & charts from the report, “Breast Cancer Therapeutics Market Forecasts By Therapy (Targeted Therapy, Hormonal Therapy, Chemotherapy, Immunotherapy), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Growing incidence of breast cancer in Germany is projected to fuel the business landscape
Germany breast cancer therapeutics market is anticipated to expand at 7.1% CAGR from 2022-2028. This rapid market growth in the country is attributed to the increasing prevalence of diabetes, growing geriatric population, etc. As per the GLOBOCAN statistics, in 2020, breast cancer incidence was highest among all other types of cancers, accounting for 69,697 cases. Also, breast cancer accounted for 20,579 deaths with highest five-year prevalence rate of 707.38 per 100,000 individuals in Germany. The high incidence and prevalence rates coupled with substantial mortalities related to breast cancer in Germany is anticipated to fuel the demand for breast cancer therapeutics in the country.
Players are emphasizing on strategic initiatives and innovative product launch to expand business operations
Some of the major industry players involved in the breast cancer therapeutics market include AstraZeneca, Eli Lilly, & Co., Pfizer, BMS, Novartis, Amgen, Roche, and Merck among others. These industry players are engaged in strategic collaborations, partnerships, and agreements to gain competitive advantage over their competitors. For instance, in January 2022, Celcuity announced the U.S. FDA’s fast track designation to gedatolisib for treatment of certain patients with hormone receptor-positive, HER2-negative metastatic breast cancer. This regulatory approval will help the company to showcase its R&D capabilities concerning breast cancer therapeutics and is expected to improve its brand image in the market.