According to a well-known research firm – Market Research Future (MRFR), the global breast cancer market is projected to register a CAGR of 9.2% accruing pervasively during the forecast period (2020 – 2023).
Breast Cancer Market: Growth Factor & Highlights
Breast Cancer is the second-most common type of cancer in women and one of the paramount concerns, globally. According to WHO, every year, around 200,000 new cases get registered, and the digits are continuously increasing. Many statistics show that breast cancer is more prevalent in developed countries such as the UK, the US, and Australia as their women are more prone to acquire the disease.
This doesn’t mean that women from developing countries like India and China are out of breast cancer’s radar. On the contrary, they are more vulnerable than women from developed regions. Unavailability of proper treatment due to the lack of funds and awareness towards the government’s programs is killing them more than breast cancer can.
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Advancements in medical science and biotechnology have improved the outlook of diagnosis. However, the recovery is still challenging as survivors adjust to the scars that remain mentally and physically. Surprisingly, the Breast Cancer Market is still accruing vastly, and the changing lifestyle is to be blamed.
On the other hand, increasing economic conditions are providing better access to quality care. Technological advancements and the increasing government initiatives that are sufficiently controlling the spread of the disease are some of the key driving forces behind the growth of the market.
In addition to the adoption of an unhealthy lifestyle, other risk factors driving the market growth include increasing female geriatric population, exposure to harmful radiation, heredity reasons, and genetic mutations (abnormal changes). The lack of absolute treatment presages a large scope for the market to evolve further and prompting to pharmaceutical companies to invest increasingly in R&D to discover more effective medicines.
Conversely, high costs of the treatments, long approval time for the drugs along with the adverse effects associated with therapies are restricting the growth of the market. Nevertheless, advent of breast cancer treatments brought forward during the past few years and the approval of medication called CDK45 Inhibitors, are expected to support the growth of the market, impacting the market hugely.
CDK45 Inhibitors, when used combining with endocrine therapy for positive breast cancer hormone-receptor, patients have shown improvements in survival – up to 10 months. Additionally, innovations such as 3-D digital tomosynthesis imaging and Mammography that allow a clearer view through dense breast tissue are providing impetus to the market growth.
Also, changes such as signed bill into law that allows commercial insurance providers to cover breast screening, including 3-D Mammography and others are expected to increase the size of the market.
Global Breast Cancer Market – Competitive Landscape
Fiercely competitive, the breast cancer market appears to be fragmented due to the presence of numerous large & small players. These players incorporate strategic approaches such as acquisition, collaboration, expansion, and technology launch in order to gain a competitive advantage and thus to maintain their positions in this market.
Players leading the global breast cancer market include Novartis AG (Switzerland), Apthera Inc. (UK), Pfizer (US), Teva Pharmaceutical Industries (Israel), Accord Healthcare, Inc. (India), Oncogenex (US), BioNumerik Pharmaceuticals (US), Bayer AG (Germany), Puma Biotechnology (US), and Oncothyreon Inc. (US), among several others.
Industry/ Innovation/Related News:
August 16, 2019 —- Generex Biotechnology Corporation (Canada), announced its Plans for NuGenerex Immuno-Oncology Spinout through targeted acquisition of a public company and planned merger with Kiromic, a clinical-stage immuno-oncology company.
The company has identified this public company, Kiromic, which is in its development stage. Generex expects that Kiromic’s latest filings with the SEC and DTC would serve it as a vehicle for the spin-out of its subsidiary NuGenerex Immuno-Oncology (NGIO) as a separate public company.
NGIO is currently working on a research collaboration with Merck on a phase II trial, Establishing the Recommended Biologic Dose for AE37 Peptide Vaccine in Combination with Pembrolizumab (Keytruda) that will enhance the Tumor-specific Immune Response and Demonstrate Efficacy in Patients with Advanced Triple-negative Breast Cancer.
Global Breast Cancer Market – Segments
The report is segmented into four market dynamics to widen the scope of understanding,
By Types: Invasive Lobular Carcinoma and Invasive Ductal Carcinoma, among others.
By Treatment : Chemotherapy (Anthracyclines, Antimetabolites, Taxanes & Alkylating Agents, and others), Biologic Therapy, Hormone Therapy (Selective Estrogen-receptor Modulators (SERMs), Aromatase Inhibitors) Targeted Therapy (Tyrosine Kinase Inhibitors &Monoclonal Antibodies), and Surgery & Radiation Therapy, among others.
By End-users : Private Pharmacies and Hospital Pharmacies, among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Breast Cancer Market – Geographical Analysis
North America dominates the global breast cancer market, holding the largest share. The growth of the regional market is largely supported by the increasing prevalence of the disease fuelled by the consequences of the wrong lifestyle. Besides, factors such as technological advances and high healthcare expenditure support the breast cancer market in the region. The US is the major contributor to regional market growth.
The breast cancer market in the European region takes the second lead globally. The market is predominantly driven by increasing breast cancer cases and the increasing per capita healthcare expenses. Also, substantial investments made in R&D activities and government support to drive the researches to discover novel breast cancer therapeutics foster the growth of the regional market.
The Asia Pacific breast cancer market is emerging as the fastest-growing market, owing to the rising medical tourism market in the region. With its huge patient population and untapped market, the APAC region offers substantial growth opportunities to the international market players. Moreover, the rapidly developing economy and the presence of huge opportunity for the growth of the market substantiate the regional market growth.
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