Overview and Scope
Targeted therapy refers to a kind of cancer treatment that employs medications or other chemicals to attack particular molecules required for the survival and spread of cancer cells. It uses drugs to target specific genes and proteins that help cancer cells survive and grow.
Sizing and Forecast
The targeted therapy market size has grown strongly in recent years. It will grow from $97.72 billion in 2023 to $105.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to advancements in molecular biology, increasing cancer incidence, personalized medicine trend, FDA approvals and regulatory support.
The targeted therapy market size is expected to see strong growth in the next few years. It will grow to $140.77 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to expanding oncology research, rising demand for precision medicine, emergence of immunotherapies, growing investment in biopharmaceuticals, patient awareness and advocacy. Major trends in the forecast period include integration of artificial intelligence (AI) in drug discovery, patient advocacy and involvement in treatment decisions, expansion of companion diagnostics, regulatory support for expedited approvals, increasing investment in biotechnology and pharma.
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Segmentation & Regional Insights
The targeted therapy market covered in this report is segmented –
1) By Type: Small Molecule Medicines, Monoclonal Antibodies
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
3) By Application: Breast Cancer, Colorectal Cancer, Leukemia, Lung Cancer, Lymphoma, Renal Cancer, Other Applications
North America was the largest region in the targeted therapy market in 2023. The regions covered in the targeted therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing prevalence of cancer is expected to propel the growth of the targeted therapy market going forward. Cancer is a term for conditions where aberrant cells can infect surrounding tissues and divide uncontrollably. Targeted therapy can disable the signals that encourage the growth of cancer cells or signal the cancer cells to self-destruct. It employs medication to specifically target genes and proteins that support the growth and survival of cancer cells, thus increasing its demand. For instance, in September 2021, according to the National Cancer Institute, a US-based government organization that is a part of the National Institutes of Health, reported that 1,806,590 new cancer cases were registered, which indicated a 43% increase from previous year. Therefore, the increasing prevalence of cancer is driving the growth of the targeted therapy market.
Key Industry Players
Major companies operating in the targeted therapy market report are Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd, Merck & Co Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi SA, Bristol Myers Squibb, AstraZeneca, GlaxoSmithKline plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Gilead Sciences Inc., Amgen Inc., Genmab A/S, Regeneron Pharmaceuticals Inc., Biogen Inc., Vertex Pharmaceuticals Incorporated, Agilent Technologies Inc., Illumina Inc., Incyte Corporation, Sysmex Corporation, Exact Sciences Corporation, Seagen Inc., Exelixis Inc., Seattle Genetics Inc., Genentech Inc., Daiichi Sankyo Company Limited, ChemGenex Pharmaceuticals Ltd
The targeted therapy market report table of contents includes:
1. Executive Summary
2. Targeted Therapy Market Characteristics
3. Targeted Therapy Market Trends And Strategies
4. Targeted Therapy Market – Macro Economic Scenario
5. Global Targeted Therapy Market Size and Growth
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32. Global Targeted Therapy Market Competitive Benchmarking
33. Global Targeted Therapy Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Targeted Therapy Market
35. Targeted Therapy Market Future Outlook and Potential Analysis
36. Appendix
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