The Business Research Company’s Global HER2 Inhibitors Market Report 2020-30: Covid 19 Growth And Change
LONDON, GREATER LONDON, UK, September 24, 2020 /EINPresswire.com/ — Biotechnology companies are focusing on acquiring or partnering with biopharmaceutical companies to develop and promote the HER-2 inhibitors market. There have been several partnerships in recent years which help these companies to increase their HER-2 inhibitors portfolio, enhance their revenues and share the costs.
For instance, in June 2020, Alphamab Oncology, a biotechnology company, collaborated with Sanofi, a pharmaceutical company, for investigating KN026 in combination with other drugs for the treatment of HER2 breast cancer. KN026 is a HER2 inhibitor developed by Alphamab Oncology. In 2019, Daiichi Sankyo announced its collaboration with AstraZeneca for the development and commercialization collaboration for Daiichi Sankyo’s HER2 targeting antibody drug conjugate.
The global HER2 inhibitors market is expected to decline from $6.21 billion in 2019 to $6.07 billion in 2020 at a compound annual growth rate (CAGR) of -2.19%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of several activities resulting in operational challenges. The global HER2 inhibitors market is then expected to recover and reach $8.29 billion in 2023 at a CAGR of 10.96%.
The rise in the number of breast cancer cases across the globe is likely to contribute to the growth of the global HER-2 inhibitors market during the forecast period. According to the American Cancer Society, there were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the USA. As of January 2020, there were more than 3.5 million women with a history of breast cancer in the US. This includes women currently being treated and women who have completed their treatment.
According to the World Health Organization (WHO), 627,000 people died of breast cancer in 2018, which is about 15% of all women cancer deaths. Therefore, the rise in the breast cancer incidence rate globally is anticipated to boost demand in the global HER-2 inhibitors market over the forthcoming years.
The HER2 inhibitors market consists of sales of HER2 inhibitors and related services by entities (organizations, sole traders, and partnerships) that manufacture HER2 inhibitors. Human epidermal growth factor receptor (HER2) inhibitors slow down or stop cell growth, thus reducing the risk for cancer growth.
The global HER2 inhibitors market is segmented by treatment into monotherapy and combination therapy. By application, the market is segmented into squamous cell carcinoma, adenocarcinoma, large cell carcinoma, breast cancer, and others.
High costs associated with the HER-2 inhibitors treatment is a major issue faced by citizens of many countries. The pressure to contain costs and demonstrate value is widespread. Political uncertainty and persistent economic stress in numerous countries are calling into question the sustainability of public health care funding. In less wealthy countries, the lack of cost-effective therapies for cancer has influenced the health conditions of the population and has led to a low average life expectancy.
Trastuzumab, a licensed HER2 inhibitor, has been the most expensive systemic cancer therapy procedure at a variety of disease sites. In 2019, the cost of trastuzumab in India ranged from $774.6 to $841.35 per 440 mg vial. In patients with HER 2 positive early breast cancer, nearly 18 cycles of therapy based on trastuzumab are needed that further charge more than $1,335.52 in India. Therefore, the high cost of HER2 inhibitors is expected to hinder the growth of the HER2 inhibitors market.
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Gastric Cancer Drugs Global Market Report 2020-30: Covid 19 Impact And Recovery
Trastuzumab Biosimilars Market Global Report 2020-30: Covid 19 Growth And Change
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Source: EIN Presswire