Published By : 13 Jun 2016 | Published By : QYRESEARCH
Breast cancer is the second largest cause of cancer deaths across the globe. Thus, breast cancer treatment is seen as a major focus area for governments in several countries. The global breast cancer therapeutics market is expected to witness a high growth due to rising awareness among the people. According to a report published by Transparency Market Research (TMR), a market intelligence company, the global breast cancer therapeutics market is expected to expand at an 8.3% CAGR from 2015 to 2023. The global breast cancer therapeutics market is expected to rise from US$7.1 bn in 2014 to US$16.2 bn by 2023.
Accelerated Approvals for Breast Cancer Drive Breast Cancer Therapeutics Market
Drugs for breast cancer are being approved very fast, which is providing an impetus to the breast cancer research. This is also improving the pathway towards a new and effective therapy for breast cancer, thus driving the market. Pharmaceutical manufactures have announced premium priced therapies which is also having a positive impact on the market. A high prevalence of breast cancer across the globe is the primary driver of the global breast cancer therapeutics market. Increasing prevalence of obesity is also driving the market. Rising private health insurance plans are also responsible for a positive impact on the global breast cancer therapeutics market.
Availability of Substitute Branded Drugs Impede the Growth of Breast Cancer Therapeutics Market
Intense competition has led to a drop in the prices of breast cancer therapeutics. The availability of generic drugs or substitute branded drugs is restraining the global breast cancer therapeutics market. Absence of social health insurance is also hampering the growth of the market. Serious side effects of breast cancer therapeutics will also harm the market’s growth. Countries lacking women empowerment are also impacting the global breast cancer therapeutics market negatively.