Major players in the breast cancer drugs market are F. Hoffmann-La Roche Ltd, Novartis AG, AstraZeneca, Eli Lilly and Company, and Celgene Corporation. The global breast cancer drugs market is expected to grow from $14.
New York, May 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Breast Cancer Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067908/?utm_source=GNW
25 billion in 2020 to $14.82 billion in 2021 at a compound annual growth rate (CAGR) of 4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $19.49 billion in 2025 at a CAGR of 7.1%.
The breast cancer drugs market consists of sales of breast cancer drugs and related services. This industry includes establishments that produce drugs used in chemotherapy, surgery and radio therapy for treating breast cancer.
Manufacturers of breast cancer drugs are governed by various regulatory bodies such as the Food and Drug Administration in the USA and the European Medicines Agency in the European Union.The European medicinces agency (EMA) regulates the market for breast cancer drugs by granting licences to the drugs that have been proven to be safe and clinically effective.
The drug is evaluated to understand its benefits and risks and then tested for any post usage effects.The drug can be commercially sold in the European Union upon approval from the EMA.
The EMA can also grant a “conditional marketing authorisation"" indicating approval, but can withdraw it if found unsafe or ineffective.
Manufacturers of breast cancer drugs are increasingly collaborating or partnering with other companies to share technology, resources, product knowledge and expand business. For instance, in March 2019, Astrazeneca entered into a partnership deal worth $6.9 billion for the development of a breast cancer drug. According to the deal, the companies will jointly develop the drug trastuzumab deruxtecan and will share development and commercialization costs for the drug worldwide. Novartis collaborated with IBM Watson Health for the development of a solution that can determine drug combinations and sequences for best patient outcomes.
The increasing prevalence of breast cancer is driving the breast cancer drugs market. Breast cancer is the most common type of cancer among women and affects around 2.1 million women each year. According to the World Health Organization, in 2018, an estimated 627,000 women died from breast cancer, accounting for 15% of all cancer related deaths among women. The factors responsible for breast cancer include heredity, age, lifestyle of a person and is more common in developed countries. As the number of people diagnosed with breast cancer rises, the demand for breast cancer drugs increases, thereby driving market growth.
Adverse side effects caused by the use of breast cancer drugs is acting as a restraint on the breast cancer drugs market.Breast cancer drugs can result in long term or short term side effects including headaches, dental issues, osteoporosis, heart problems, cataracts, blood clots, infertility and others.
As a result, patients depend on alternate or complementary treatments to deal with the side effects, thereby increasing overall treatment costs. Also, the long lasting nature of some of the side effects discourage the use of breast cancer drugs, affecting market growth.
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