HER-2 Negative Breast Cancer Market Expected to Witness High Growth Owing to Increasing Prevalence of Breast Cancer
The HER-2 negative breast cancer market is estimated to be valued at US$ 13,873.7 Mn in 2023 and is expected to exhibit a CAGR of 10.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
HER-2 negative breast cancer accounts for around 70% of all breast cancer cases globally. It develops in breast cells that lack excess amounts of the growth-promoting protein HER2. The main treatments for HER-2 negative breast cancer include chemotherapy, hormone therapy, radiation therapy, and surgery. Chemotherapy drugs help destroy cancer cells or stop their growth and division. Hormone therapies prevent estrogen from fueling cancer growth. Radiation therapy uses high-energy beams to kill cancer cells and shrink tumors. Surgery removes cancerous lumps in the breast.
Market Dynamics:
Increasing prevalence of breast cancer is expected to drive growth of the HER-2 negative breast cancer market over the forecast period. Breast cancer is the most common cancer in women worldwide, with an estimated 2.3 million new cases diagnosed in 2020 according to the World Cancer Research Fund International. Growing research into biomarker-driven therapies is also expected to fuel market growth. Biomarker-driven therapies target specific tumor genetics and signaling pathways to improve treatment efficacy while reducing side effects. Recent approval and launch of new drugs such as Ibrance by Pfizer Inc. for hormone receptor-positive, HER2-negative metastatic breast cancer is another key factor propelling the market growth. Furthermore, increasing awareness initiatives by public and private organizations regarding early detection and treatment of breast cancer is also expected to boost the market during the forecast period.
SWOT Analysis
Strength:
- Significant unmet medical need as current treatment options for HER-2 negative breast cancer are limited.
- Growing research focus on developing targeted drugs for breast cancer subtypes.
- Increasing prevalence of breast cancer presenting significant market potential.
Weakness:
- High R&D costs associated with drug development and clinical trials.
- Risk of failure and long development cycle of oncology drugs.
Opportunity:
- Emerging targeted therapies and immune-oncology drugs opening new therapeutic avenues.
- Partnerships and collaborations between pharmaceutical companies and research institutes speeding up drug development.
Threats:
- Threat from generic competition once patents of blockbuster drugs expire.
- Stringent regulatory processes may delay drugs approval and commercialization.
Key Takeaways
The Global HER-2 Negative Breast Cancer Market Size is expected to witness high growth, exhibiting CAGR of 10.1% over the forecast period, due to increasing prevalence of breast cancer. North America currently dominates the market owing to increasing awareness regarding breast cancer and availability of advanced treatment options in the region.
Regional analysis
Asia Pacific is expected to grow at the fastest rate due to large patient pool, improving healthcare infrastructure, and rising healthcare spending. Countries such as China and India are expected to offer promising growth opportunities for players operating in the HER-2 negative breast cancer market.
Key players
Key players operating in the HER-2 negative breast cancer market are Pfizer Inc., Novartis AG, Merck & Co. Inc., GSK PLC, AstraZeneca, Eli Lilly and Company, and Bristol-Myers Squibb Company (Celgene Corporation), among others. Major players are focused on collaborations and new product launches to strengthen their market position.
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