Breast Cancer Drugs Market In-Depth Research On Basis By Therapy (Targeted, Hormonal), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies), By Cancer Type, And Segment Forecasts, 2023 - 2030

 

San Francisco, 31 January 2024: The Report Breast Cancer Drugs Market Size, Share & Trends Analysis Report By Therapy (Targeted, Hormonal), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies), By Cancer Type (Hormone Receptor, HER2+), And Segment Forecasts, 2023 - 2030

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.

The market is being driven by several factors, including the increasing incidence of breast cancer, advancements in technology, growing demand for personalized medicine, government initiatives, and increasing healthcare expenditure. Similarly, the growing drug pipeline for treatment is increasing the competition and driving investment in the market. As research continues to advance, new drugs and treatment options will likely continue to emerge, further driving the growth of the market. For instance, in April 2023, thousands of breast cancer patients in England are to be offered the first-of-its-kind oncology drug, developed to target a hereditary genetic fault.

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Olaparib has been approved for women with HER2-negative, high probability of breast cancer at an early stage who have genetic faults in their BRCA2 or BRCA1 genes. The drug is expected to reduce the risk of the disease returning within 4 years by nearly one-third. The drug’s approval and subsequent availability to thousands of breast cancer patients in England are expected to increase the demand for targeted therapies and encourage other pharmaceutical companies to develop similar drugs to compete in the market.The COVID-19 pandemic has had a significant impact on the market. Due to the pandemic, there have been disruptions in the supply chain, reduced access to healthcare facilities, and delays in diagnosis and treatment, which have affected the market.

Breast Cancer Drugs Market Report Highlights

• 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

One of the major impacts of COVID-19 on the drug market was the delays in clinical trials, which slowed down the development of new drugs. Clinical trials were postponed or canceled due to the pandemic, which affected the timelines for drug development and regulatory approval. In addition, high drug prices can limit their use and affect the demand for the drugs thereby could slow down the market growth. For instance, in February 2023, pharmaceutical companies, such as Pfizer Inc., Novartis AG, and Eli Lilly & Co., raised the list prices of 983 prescription drugs used for arthritis, cancer, and other ailments, with an average increase of 5.6%.

These increases were somewhat restrained due to the industry facing a new federal law aimed at lowering medical costs. Moreover, the cost of developing new oncology drugs is high, and pharmaceutical companies often recoup their investment by pricing the drugs high. This can make the drugs unaffordable to many patients, particularly those in developing countries. As a result, many patients may not receive the most effective treatments, leading to poorer health outcomes and reduced demand for the drugs.

Breast Cancer Drugs Market Report Scope

Report Attributes	Details
The market size value in 2023	USD 32.94 billion
Revenue forecast in 2030	USD 58.69 billion
Growth rate	CAGR of 9.09% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

The global market is highly competitive due to the presence of a large number of players. These companies have a strong presence in the market, extensive product portfolios, broad geographic reach, and strong distribution networks. In addition, many of these companies have invested heavily in research and development to stay ahead of the competition and offer their customers the most advanced and innovative testing. For instance, in March 2023, Pfizer acquired Seagen for USD 43 billion, which would enhance its access to cancer medications.

Seagen already has four treatments that are available in the market, and it has a portfolio of drugs in the developmental phase, including potential remedies for advanced breast and a type of lung cancer. Seagen has a partnership with Pfizer’s Array BioPharma for the manufacture, development, and sale of Tukysa, a breast, and colorectal cancer medication. Tukysa generated USD 353 million in sales for Seagen in 2022.

List of Key Players of Breast Cancer Drugs Market

• Novartis AG
• Pfizer Inc.
• Merck KGaA
• Janssen Pharmaceuticals, Inc.
• Celgene Corporation, Inc.
• Genzyme Corp.
• F. Hoffmann-La Roche Ltd.
• AstraZeneca
• AbbVie Inc.
• Bristol-Myers Squibb Company
• Macrogenics, Inc.
• Celldex Therapeutics
• Onyx Pharmaceuticals Inc.