The global breast cancer drugs market size is expected to reach USD 58.69 billion by 2030, registering a CAGR of 9.09% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly attributed to the rising disease prevalence, increasing R&D investments, and initiatives by prominent players. Moreover, the trend towards personalized medicine, which involves tailoring treatment for individual patients based on their genetic makeup, is driving the growth of the market. Advances in genomics and molecular biology have led to the development of targeted therapies, which are more effective and have fewer side effects than traditional chemotherapy. Governments around the world are investing in the research and development of new drugs and treatment options. For instance, the U.S.
National Cancer Institute has established several research programs to develop new drugs and improve the efficacy of existing treatments. Similarly, in January 2023, the Australian government announced an investment of USD 16.01 million in developing targeted treatments for women. The investment is expected to fund 23 projects including research on breast cancer through a grant program by the National Health and Medical Research Council. The increasing participation of non-profit organizations is anticipated to propel the market growth. For instance, in June 2022, Susan G. Komen, a breast cancer organization, announced to receive USD 21 million to support around 48 research projects at 26 academic institutions. The majority of funds are allocated to research on aggressive breast cancers, followed by clinical trials and research on eliminating the disparities in the market.
Furthermore, breast cancer patients have been affected by the pandemic as the risk of complications from COVID-19 increases due to their weakened immune systems. As a result, many patients had to postpone or cancel their treatments, which affected the demand for drugs. Moreover, the economic impact of the pandemic also affected the market. The loss of employment or deduction in the income level impacted the affordability of drugs. This, in turn, resulted in reduced product demand and short to medium-term effects on the market. The cost of drugs has a significant impact on the market. High drug prices can limit their usage and affect demand, while lower prices can increase accessibility and demand. Thus, stakeholders need to balance the need for affordable drugs with the need for continued R&D to improve treatment options.
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The immunotherapy type segment was one of the fastest-growing areas of therapy in the market in 2022. Immunotherapy works by stimulating the patient's immune system to recognize and attack cancer cells. This approach has shown promising results in a variety of types, including breast cancer
By type, the hormone receptor segment captured the majority of the market share in 2022. Hormone receptor-positive breast cancer is the most common subtype. As a result, hormone therapy drugs have been a mainstay of treatment
The hospital pharmacies distribution channel segment held the largest share in 2022. Hospital pharmacies often have access to a wide range of specialized drugs and therapies as compared to retail pharmacies or other channels
In terms of revenue share, North America had a dominant position in the global industry in 2022 owing to the increased prevalence of breast cancer, high healthcare expenditures, and ongoing R&D activities
Grand View Research has segmented the global breast cancer drugs market on the basis of therapy, cancer type, distribution channel, and region:
Breast Cancer Drugs Therapy Outlook (Revenue, USD Million, 2018 - 2030)
Selective Estrogen Receptor Modulators (SERMs)
Estrogen Receptor Down regulators (ERDs)
Breast Cancer Drugs Cancer Type Outlook (Revenue, USD Million, 2018 - 2030)
Breast Cancer Drugs Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)
Breast Cancer Drugs Regional Outlook (Revenue, USD Million, 2018 - 2030)
Middle East & Africa
List of Key Players of Breast Cancer Drugs Market
Janssen Pharmaceuticals, Inc.
Celgene Corporation, Inc.
F. Hoffmann-La Roche Ltd.
Bristol-Myers Squibb Company
Onyx Pharmaceuticals Inc.
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