Global Breast Cancer Therapy Market to Grow at a CAGR of ~10% during 2022-2031; Market to Expand Owing to the Growing Incidences of Breast Cancer, and Budding Investment in Research and Development for Cancer Treatment– Kenneth Research
Key Companies Covered in the Global Breast Cancer Therapy Market Research Report by Kenneth Research are Amgen Inc., AstraZeneca PLC, Bristol-Myers Squibb Company, Eli Lilly and Company, GlaxoSmithKline plc, Merck & Co., Inc., Novartis AG, Pfizer Inc., PerkinElmer Inc., and Zimmer Biomet among and other key market players.
New York, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Breast Cancer Therapy Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers and challenges
- Key market players and their detailed profiling
Global Breast Cancer Therapy Market Size:
The global breast cancer therapy market generated the revenue figure of approximately USD 26 billion in the year 2021 and is anticipated to grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. The growth of the market can primarily be attributed to the growing incidences of breast cancer. Further, significantly rising consumption of junk or fried food among women across the world is resulting into upsurge of breast cancer worldwide. Hence, this is expected to be an important factor to fuel the market growth. A recent study indicates significant relationship between excessive consumption of fried foods among women and the odds of breast cancer. Breast cancer in women who frequently consumed fried foods were almost 5 times higher than among their counterparts.
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Global Breast Cancer Therapy Market: Key Takeaways
- The North America region gained the largest portion of the revenue in 2021
- Targeted therapy segment to dominate the revenue graph
- Oral sub-segment remains prominent in the route of administration segment
Rising Prevalence of Breast Cancer across the Globe to Boost Market Growth
Rising consumption of alcohol among the global women population, increasing cases of obesity, and increasing chances of getting exposed to radiation are responsible for the growth of the global breast cancer therapy market over the forecast period. As per the data by The World Bank, as of 2018, alcohol consumption per capita among global female population accounted to 2.6 liters of pure alcohol. Drinking alcohol, having family history of breast cancer, being obese, having postmenopausal hormone therapy, and other reasons increase chance of breast cancer largely.
In addition to this, development & launch of new screening programs, and the initiatives taken by governments around the world to spread awareness about the treatment options, and organizing free camps are anticipated to be major factors to boost the growth of the global breast cancer therapy market. Moreover, growing cases and deaths related to breast cancer have been increasing in the historical years. According to the World Health Organization, in 2020, there were 2.3 million women diagnosed with breast cancer and 685 000 deaths globally. As of the end of 2020, there were 7.8 million women alive who were diagnosed with breast cancer in the past 5 years, making it the world’s most prevalent cancer. Hence, this is expected to fuel the growth of the global breast cancer therapy market.
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Global Breast Cancer Therapy Market: Regional Overview
The global breast cancer therapy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
High Prevalence of Breast Cancer Drove Market Growth in the North America Region
The market in the North America region held the largest market share in the year 2021 as a result of growing prevalence of breast cancer. It was noted that, in the United States, after lung cancer, breast cancer is the second-leading cause of cancer death in women. It is also the leading cause of cancer related deaths among women ages 35 to 54. Furthermore, increasing healthcare expenditure over the region, and developed healthcare infrastructure are also anticipated to be significant factors to propel the growth of breast cancer therapy market in the region. As per The World Bank, healthcare expenditure, considering the total percentage of the GDP in the region, increased from 16.23% in 2018 to 16.32% in 2019.
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Constant Development in Healthcare Infrastructureto Favor Market Growth in the Asia Pacific Region
On the other hand, market in the Asia Pacific region is estimated to witness rapid growth by growing at a higher CAGR over the forecast period. The market growth can be majorly attributed to constant development in healthcare infrastructure, along with the government’s support services and initiatives to create awareness regarding cancer treatment among the mass. Moreover, the increasing cases of breast cancer in the region are anticipated to fuel the market growth majorly in this region. As per the Organization for Economic Co-operation and Development (OECD), nearly 839000 women were diagnosed with breast cancer in the year 2018 in the Asia Pacific region.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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Global Breast Cancer Therapy Market, Segmentation by Therapy
- Hormonal Therapy
- Targeted Therapy
The targeted therapy segment is anticipated to hold largest market size in value and is estimated to grow at a notable CAGR over the forecast period. Targeted therapies are drugs or elements that stop the spread of cancer. The growth of the segment can be associated with the versatile nature of targeted therapy to pool with other therapies in order to show effective results against the cancer disease, and growing total drug expenditure for cancer treatment. Moreover, the research and development in clinical studies for targeted therapy is anticipated to create major opportunities for the growth of the segment in the coming years. A National Library of Medicine study showed that the total drug expenditure on anticancer therapy worldwide was approximately USD 1,011,133.65 as of 2020.
Global Breast Cancer Therapy Market, Segmentation by Route of Administration
The oral segment is estimated to hold a substantial market share during the forecast period. The growth of the segment can be attributed to the existence of a huge patient pool demanding targeted therapy using pills to treat breast cancer. Moreover, rising healthcare expenditure per capita on healthcare is also estimated to propel the growth of the breast cancer therapy market. According to the data by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
Global Breast Cancer Therapy Market, Segmentation by Cancer Type
- In situ
- Ductal Carcinoma In situ (DCIS)
- Invasive Ductal Carcinoma (IDC)
- Invasive Lobular Carcinoma (ILC)
Few of the well-known market leaders in the global breast cancer therapy market that are profiled by Kenneth Research are Amgen Inc., AstraZeneca PLC, Bristol-Myers Squibb Company, Eli Lilly and Company, GlaxoSmithKline plc, Merck & Co., Inc., Novartis AG, Pfizer Inc., PerkinElmer Inc., and others.
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Recent Developments in the Global Breast Cancer Therapy Market
- In August 2022, group of researchers working at Northern Ireland's Queen's University got a funding from Breast Cancer Now. The development is expected to improve anti-cancer drugs for protein p53 which is found in over 90% of breast cancer-specific tumors.
- In August 2022, AstraZeneca in collaboration with Daiichi Sankyo have received FDA nod for Enhertu. the drug which is directed to treat breast cancer patients exhibiting low HER2 protein in their tumors.
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