Albany, NY, June 29, 2018 (GLOBE NEWSWIRE) -- According to the report, the global breast cancer therapeutics market will exhibit an 8.4% CAGR from 2015 to 2023, rising to a revenue opportunity of US$16.21 bn by 2023.
North America Market Remains Dominant Contributor of Revenue
Geographically, the market in North America accounts for a sizeable chunk in the global market, chiefly owing to a well-established medical insurance structure in key country-wide markets in the region. The region is likely to remain the top-grosser, accounting for over 36.2% of the overall market by the end of the report’s forecast period. In terms of drug types, the segment of HER2 inhibitors will emerge as the top-grossing segment over the forecast period as generic drugs are entering the market following the patent expiry of several branded drugs in the category.
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Increased Global Risk of Breast Cancer Drives Demand for Effective Breast Cancer Drugs
One of the key factors to have driven the demand for breast cancer therapeutics in the past few years is the rising prevalence of breast cancer among women across the globe. Risk of developing a number of cancers, including breast cancer, is also largely said to increase with age. Thus the rising geriatric population globally is also leading to a vast rise in the patient-base for the condition, driving increased demand for effective breast cancer treatments. Studies have also associated breast cancer with patterns such as rise in age of childbearing, high intake of oral contraceptive pills, reduced breast feeding, and undergoing estrogen modifying drug treatments. The rising number of women associated with these behaviors and the consecutive rise in breast cancer cases globally is also expected to drive the market.
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Rise in Population of Obese Women Globally Could Drive Market
Moreover, a significant rise in the global numbers of obese women is also a key factor contributing to the increased rates of breast cancer worldwide, which could drive the market. The market is also benefitting from the rising number of pharmaceutical companies ploughing in increased resources into R&D activities related to breast cancer drugs and a number of new vendors focusing on the manufacture of generic drugs to serve a vast pool of unmet demands across emerging economies. Furthermore, the development of customized companion diagnostic models for patients according to the molecular characteristics of the cancer is expected to provide promising growth opportunities to the market. However, the increased and easy availability of generic drugs in the global market, which has massively increased the level of competition in the market, could hamper its growth to a certain extent.
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Featuring a largely consolidated vendor landscape where the leading three companies, namely Astra Zeneca, F.Hoffmann-LaRocheLtd., and Novartis AG, collectively accounted for over 93% of the overall market in 2014, the global market for breast cancer therapeutics has remained tough for small players over the years, observes Transparency Market Research in a recent report. The scenario, however, is increasingly changing as the patents of a number of blockbuster drugs from these vendors have either already expired or are soon to expire, allowing the entry of generic drug manufacturers in the market.
In the face of these changing dynamics, there has been a surge in strategic collaborations, mergers, and acquisitions, allowing companies to expand their product portfolios, geographical outreach, and consumer bases. Focus on the development of new and more effective drug classes has also increased as companies plough in increased resources into R&D activities in the bid of remaining ahead of competitors.
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