Breast Cancer Drugs Market Expected to Reach $59.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Breast Cancer Drugs Market," The 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.

The major factors that drive the growth of breast cancer drugs market trends are surge in number of people suffering from breast cancer, rise in demand for novel therapeutic agents, and increase in diagnosis of cancer. The rise in incidence of breast cancer globally is a major driver of the breast cancer drugs market growth. In addition, factors such as change in lifestyles, sedentary habits, hormonal imbalances, genetic predisposition, and aging population contribute to the surge in prevalence of breast cancer. The need for effective drugs to treat breast cancer has therefore increased to meet the rise in demand for treatment.

Furthermore, significant advancements in R&D activities drive the growth of the breast cancer drugs market. Pharmaceutical companies, academic institutions, and research organizations invest heavily on R&D to discover and develop innovative drugs for breast cancer. This includes the exploration of novel drug targets, identification of biomarkers and development of targeted therapies. The integration of genomics, proteomics, and immunology in research has led to a better understanding of breast cancer biology and the development of more effective drugs, thus propelling the market growth.

Furthermore, adoption of targeted therapies in breast cancer treatment is expected to fuel the growth of the breast cancer drugs market size. Targeted therapies have emerged as a significant driver for breast cancer drugs market. These therapies specifically target cancer cells or specific molecules involved in tumor growth, such as HER2, estrogen receptors, and progesterone receptors. Targeted therapies offer enhanced efficacy, improved survival rates and reduced toxicity compared to conventional chemotherapy. 

In addition, rising investments on R&D have focused on exploring the benefits of combining different drugs to enhance treatment efficacy and overcome drug resistance in breast cancer. For instance, an article published by National Library of Medicine in 2022, reported that the combination of chemotherapy and new targeted therapies with existing immunotherapy methods, especially immune checkpoint inhibitors, has greatly improved the efficacy of immunotherapy in treating triple-negative breast cancer. These combination approaches have the potential to revolutionize breast cancer treatment and provide more personalized and effective therapeutic options.

Moreover, public awareness initiatives and breast cancer screening programs have played a crucial role in the early detection of breast cancer. Regular mammograms, clinical breast examinations, and self-examinations enable early diagnosis and treatment, resulting in improved outcomes. As awareness and screening programs expand, more cases of breast cancer are being detected at an early stage, driving the demand for effective drugs to treat these early-stage cancers.

In addition, governments across the globe have implemented supportive initiatives and provide funding for breast cancer research, awareness, and treatment programs. This includes providing funding and resources for drug development, clinical trials, screening programs, and access to affordable breast cancer drugs. Government support and funding act as catalysts for the growth of the breast cancer drugs market forecast.

Furthermore, an increase in adoption of personalized medicine is anticipated to boost the growth of the market. Personalized medicine approaches, based on individual patient characteristics and tumor profiling, have gained prominence in breast cancer treatment. The use of biomarkers, genetic testing, and molecular profiling allows physicians to select the most appropriate drug therapies for each patient, increasing treatment effectiveness and reducing adverse effects. The surge in trend of personalized medicine in breast cancer treatment drives the demand for targeted therapies and companion diagnostics.

However, the cost of breast cancer drugs and treatment regimens can be a significant barrier for patients. Many novel targeted therapies and immunotherapies are expensive, making them inaccessible for some patients, especially in regions with limited healthcare resources or inadequate insurance coverage. The high cost of treatment can limit patient access and affordability, restraining market growth. On the other hand, factors such as development of combination therapies, advancements in immunotherapy, patient-centric approaches, and focus on early detection & prevention of breast cancer are expected to provide the growth opportunities to key players of the market.

On the basis of therapy, the market is categorized into chemotherapy, hormonal therapy, targeted therapy, and immunotherapy. The targeted therapy segment accounted for largest breast cancer drugs market share in 2022, owing to a rise in adoption of targeted therapy in breast cancer treatment. In addition, recent advances in cellular technology have contributed to improving the understanding of tumor cells and their metabolism at molecular level, thus driving the need for targeted drug therapies for cancer treatment. On the other hand, hormonal therapy is expected to witness highest CAGR during the 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. 

On the basis of age group, the market is categorized into below 55 years and above 55 years. The above 55 years segment accounted for the largest breast cancer drugs market share in 2022 and is expected to register highest CAGR during forecast period owing to rise in number of breast cancer cases diagnosed in this age group. 

On the basis of distribution channel, the breast cancer drugs market analysis is categorized into hospital pharmacies, drug stores & retail pharmacies, and online providers. The drug stores and retail pharmacies segment accounted for the largest share in 2022, owing to accessibility of retail pharmacies everywhere and large chain of distribution networks. In addition, drug stores and retail pharmacies play an important role in providing education and counseling to patients about their medications, potential side effects, and the importance of adhering to their treatment plans. The online providers segment is projected to register the highest CAGR during the forecast period owing to the rise in popularity of online pharmacy and number of users preferring online pharmacies.

Region wise, North America accounted for largest share in 2022 and is expected to remain dominant during the forecast period owing to presence of large patient population suffering from breast cancer, strong presence of key players, ease of drug availability, well developed healthcare infrastructure, favorable reimbursement policies in healthcare system, higher number of research, development, & innovation activities, and upsurge in adoption of advanced therapeutics for breast cancer. However, Asia-Pacific is anticipated to witness notable growth owing to increase in investments for development of anti-cancer agents, increase in number of breast cancer cases, and rise in awareness related to available treatment options, thereby driving the growth of market during the forecast period.

Key findings of the study

• On the basis of therapy, the targeted therapy segment dominated the breast cancer drugs industry in terms of revenue in 2022. On the other hand, hormonal therapy is expected to witness highest CAGR during the forecast period.
• On the basis of age group, the above 55 years segment dominated the market in terms of revenue in 2022.
• On the basis of distribution channel, the drug stores and retail pharmacies segment dominated the breast cancer drugs industry in terms of revenue in 2022. However, the online providers segment is anticipated to grow at the highest CAGR during the forecast period.
• Region wise, North America generated the largest breast cancer drugs market size in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.