Antihormonal Cancer Therapies Market: Introduction
- Hormones are chemicals that are naturally produced by the organs and regulate just about every cell in the body. Hormone therapy is also known as endocrine therapy. Insulin, thyroid hormone, epinephrine, cortisol, testosterone, and estrogen are some examples of hormones.
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Key Drivers and Opportunities of Global Antihormonal Cancer Therapies Market
- Increase in incidence and prevalence of cancer such as breast cancer and prostate cancer is anticipated to drive the antihormonal cancer therapies market. For instance, according to a study conducted by Breastcancer.org, in 2020, estimated 12% women in U.S. are likely to develop invasive breast cancer over the lifetime and estimated 48,530 new cases of non-invasive (in situ) breast cancer along with 276,480 new cases of invasive breast cancer are expected to be diagnosed in women in the U.S.
- According to the American Cancer Society, Inc., in 2017, estimated 63,410 in situ cases, 252,710 invasive cases and 40,610 deaths in all ages due to breast cancer were recorded in U.S.
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- Moreover, rise in demand for newer agents that aim to circumvent resistance and combination therapies is leading to fuel the growth of antihormonal therapies. Thus, the industry players are engaged in research and development in order to develop new products and therapies. For instance, U.S. Food and drug Administration approved Piqray in May 2019 to be used in combination with the FDA-approved endocrine therapy fulvestrant, to treat postmenopausal women, and men, with hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative, PIK3CA-mutated, advanced, or metastatic breast cancer.
- Furthermore, increase in government and private organization initiatives to increase awareness regarding the cancer treatment is likely to propel the market. For instance, the World Health Organization promotes breast cancer control within the context of comprehensive national cancer control programs.
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- The incidence rate of breast and prostate cancer has been increasing steadily in developing countries. Prostate cancer is one of the leading cancers in India. For instance, according to Cytecare Hospital, estimated 26,120 and 28,079 cases of prostate cancer were reported in 2010 and 2015, respectively, in India. Moreover, the five-year survival rate for prostate cancer in India was 64%.
- Moreover, governments in developing countries are making significant investments toward modernization of health care infrastructure which is likely to increase access to health care
- Thus, rising prevalence and government initiatives in developing countries present lucrative opportunities in the global market
North America to Capture Major Share of Global Antihormonal Cancer Therapies Market
- North America is expected to account for major share of the global antihormonal cancer therapies market due to high prevalence of cancer. Moreover, early adoption of advanced therapies is anticipated to drive the market in the region.
- The antihormonal cancer therapies market in Asia Pacific is expected to grow at a rapid pace during the forecast period, owing to rise in awareness and increase in cases of cancer
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Key Players Operating in Global Antihormonal Cancer Therapies Market
- The global antihormonal cancer therapies market is highly concentrated due to the presence of key players. A large number of manufacturers hold major share in their respective regions. Demand for antihormonal cancer therapies products has increased in emerging as well as developed markets. Growth strategies adopted by leading players and focus on research and development are the key factors likely to drive the global antihormonal cancer therapies market.
Major players operating in the global antihormonal cancer therapies market are:
- Bristol-Myers Squibb Pharmaceuticals
- Novartis AG
- Pfizer Inc.
- AbbVie Inc.
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