Breast Cancer Drugs Market to Reach $59.3 Billion, Globally, by 2032 at 8.4% CAGR: Allied Market Research

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Jun 08, 2023, 06:19 ET

PORTLAND, Ore., June 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Breast Cancer Drugs Market by Therapy (Chemotherapy, Hormonal Therapy, Targeted Therapy, and Immunotherapy), Age Group (Below 55 Years and Above 55 Years), and Distribution Channel (Hospital Pharmacies, Drug Stores and Retail Pharmacies, and Online Providers): Global Opportunity Analysis and Industry Forecast, 2023–2032." According to the report, the global breast cancer drugs market was valued at $26.4 billion in 2022 and is estimated to reach $59.3 billion by 2032, growing at a CAGR of 8.4% from 2023 to 2032.

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Prime Determinants of Growth

The global breast cancer drugs market is experiencing growth due to several factors, such as the rise in the prevalence of breast cancer cases, advancements in diagnostic technologies, and high investments in research and development. However, adverse effects of medications used for treating breast cancer are hampering the breast cancer drugs market growth. On the contrary, the high growth potential in untapped emerging economies is expected to offer remunerative opportunities for expansion of the breast cancer drugs market during the forecast period.

Report Coverage & Details

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$26.4 Billion
Market Size in 2032	$59.3 Billion
CAGR	8.4 %
No. of Pages in Report	252
Segments Covered	Therapy, Age Group, Distribution Channel and Region
Drivers	Rise in the prevalence of breast cancer cases Advancements in diagnostic technologies High investments in research and development
Opportunity	High growth potential in untapped emerging economies
Restraints	Adverse effects associated with the use cancer drugs

COVID-19 Scenario

The pandemic has led to disruptions in healthcare systems worldwide, including delays in cancer screenings, diagnosis, and treatment.
In addition, non-urgent medical procedures and appointments were postponed or canceled to prioritize resources for COVID-19 patients. This had resulted in a burden of breast cancer cases and delayed initiation or adjustments of treatment regimens, impacting the demand for breast cancer drugs.
However, the breast cancer drugs market has gradually recovered from the disruptions caused by the pandemic. As healthcare systems stabilize and resume normal operations, there is an opportunity for the key players in the market to regain momentum and address the backlog of breast cancer cases that were postponed or delayed.

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The targeted therapy segment to maintain its leadership status throughout the forecast period

Based on therapy, the targeted therapy segment held the largest share in 2022, accounting for nearly two-thirds of the global breast cancer drugs market revenue, and is projected to maintain its leadership status throughout the forecast period. Owing to rise in adoption of targeted therapy in breast cancer treatment. On the other hand, hormonal therapy is projected to manifest the highest CAGR of 9.2% during forecast period. Owing to proven efficacy of hormonal therapy in hormone receptor-positive breast cancer cases and wide availability of hormonal drugs for breast cancer treatment.

The above 55 years segment to maintain its dominance during the forecast period

Based on age group, the above 55 years segment held the largest share in 2022, accounting for nearly three-fourths of the global breast cancer drugs market revenue, and is projected to maintain its dominance during the forecast period. However, the same segment would showcase the highest CAGR of 8.6% during forecast period. This is due to rise in number of breast cancer cases diagnosed in this age group.

The drug stores and retail pharmacies segment to maintain its lead position during the forecast period

Based on distribution channel, the drug stores and retail pharmacies segment accounted for the largest share in 2022, holding more than half of the global breast cancer drugs market revenue, and is expected to maintain its lead position during the forecast period. Owing to the widespread availability of retail pharmacies and extensive chain distribution systems. However, the online providers segment is estimated to register highest CAGR of 9.5% from 2023 to 2032. This is attributed to the increasing user preference for online pharmacies and their popularity

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North America to maintain its dominance by 2032

Based on region, North America held the highest market share in 2022, accounting for more than half of the global breast cancer drugs market revenue, and is projected to maintain its dominance by 2032. Owing to the presence of a large patient population suffering from breast cancer, the strong presence of key players, ease of drug availability, well-developed healthcare infrastructure, favorable reimbursement policies in the healthcare system, and a higher number of research, development, and innovation activities. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.2% from 2023 to 2032. This is due to an increase in investments for the development of anti-cancer agents, an increase in the number of breast cancer cases, and a rise in awareness related to available treatment options, thereby driving the growth of the market during the forecast period.

Leading Market Players-

Novartis AG
Pfizer Inc.
AstraZeneca Plc
Eli Lilly and Company
Merck and Co., Inc.
Bristol Myers Squibb Company
Zydus Lifesciences Limited
Teva Pharmaceutical Industries Ltd.
F. Hoffmann-La Roche Ltd.
Gilead Sciences, Inc.

The report provides a detailed analysis of these key players in the global breast cancer drugs market. These players have adopted different strategies, such as acquisition, product launch, product approval, and funding, to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.

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