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The global breast cancer therapeutics market is set to increase in value from $10.4 billion in 2014 to $17.2 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 7.3%, according to business intelligence provider GBI Research.
The company's latest report states that this strong growth will be primarily due to substantial increases in the prevalence of breast cancer, with rates of the disease expected to rise over the forecast period due to an aging population, changing lifestyles and higher survival rates.
Furthermore, Ms Deekshita Allavarapu, Analyst for GBI Research, says that the introduction of several new therapies will help to drive breast cancer treatment market growth by 2021.
She explains: "In terms of upcoming breast cancer treatments, the overall pipeline is strong, with 743 products, and the early pipeline has many experimental molecules designed to target novel pathways.
"Promising pipeline drugs include abemaciclib, buparlisib, LEE 011, Olaparib and NeuVax, all of which are expected to be approved within the forecast period and have demonstrated significant clinical benefits in trials. In addition, rapid uptake of premium-priced biologics, such as Perjeta and Kadcyla, in all settings of the disease will contribute to the market growth."