Rise in the prevalence of breast cancer cases, advancements in diagnostic technologies, and high investments in research and development.

PORTLAND, OR, UNITED STATES, September 4, 2024 /EINPresswire.com/ — 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.

Economic Downturn Analysis 2024:

The pandemic has led to disruptions in healthcare systems worldwide, including delays in cancer screenings, diagnosis, and treatment.

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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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.

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.

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.

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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.

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