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Global Breast Cancer Therapeutics Market to Capitalize on R&D Activities Underway for Developing Novel Treatment Modalities

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According to the World Health Organization (WHO) breast cancer has been the leading cancer type killing women aged between 20 years and 59 years. As per the findings of the World Cancer Research Fund International, breast cancer accounts for 12% of all new cancer cases diagnosed globally, and 25% of all cancer cases in women. Furthermore, the American Cancer Society has stated that by the end of 2015 there will be more than 231,000 new cases of breast cancer diagnosed in the U.S. alone. While the disease has become prevalent enough to effect the lives of millions of families around the world, relentless research to find an effective cure for inhibiting the prevalence of this chronic ailment is already underway.

Global Breast Cancer Market to Exhibit 8.3% CAGR during 2015-2023 

The treatment administered to patients diagnosed with breast cancer has substantially evolved in the last few years. The growing use of targeted therapy has also helped in lowering the mortality and morbidity rates among breast cancer patients. With further research and development activities being conducted to discover novel therapeutics, the market for breast cancer therapeutics is likely to gain significant impetus in the forthcoming years. Presently, the product landscape of the breast cancer therapeutics market includes hormonal therapies, combination therapies, targeted therapies, and chemotherapies.

Browse the full Report of Global Breast Cancer Market

According to a report published by Transparency Market Research, the global breast cancer therapeutics market, which in 2014 stood at US$7.1 bn, is anticipated to reach US$16.2 bn by the end of 2023, rising at a positive CAGR of 8.3% between 2015 and 2023.

HER2 Inhibitors Witness High Demand as Breast Cancer Therapeutics

The currently available major classes of drugs for breast cancer treatment include anti-metabolites, HER2 inhibitors, mitotic inhibitors, hormone receptors antagonists, and aromatase inhibitors. Of these, the global breast cancer therapeutics market was dominated by the HER2 inhibitors segment in 2014. Accurate diagnosis and relatively higher cost are key factors aiding the commercial dominance of this segment in the market. However, over the next few years, a recently launched molecule Ibrance, an aromatase inhibitor, is anticipated to emerge as the fastest growing drug segment of the global market for breast cancer therapeutics.

In 2014, the HER2 inhibitors market stood at US$4.9 bn, and it is likely to reach US$9.2 bn by the end of 2023. If the figures hold true, the segment will rise at a CAGR of 6.2% between 2015 and 2023.

North America Dominates Breast Cancer Therapeutics Market

Regionally, the global breast cancer therapeutics market was dominated by North America in 2014. The region boasts favorable insurance systems entitling high price of products, which significantly contributes to the growth of the breast cancer therapeutics market in the region. The North America market is also significantly capitalizing on the presence of major pharmaceutical companies in the U.S. and the high prevalence of breast cancer in the region.

Browse the full Press Release of Global Breast Cancer Market

However, in the near future, the Asia Pacific market is likely to exhibit the fastest CAGR due to the growing awareness about breast cancer treatment and diagnosis in the region. Additionally, the supportive stance of multiple APAC governments to eliminating breast cancer has also substantially benefited the expansion of the breast cancer therapeutics market in Asia Pacific.