The Targeted Therapy Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Targeted Therapy Global Market Report 2024, 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.
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.
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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
Major companies operating in the targeted therapy market are focusing on strategic partnerships to provide reliable services to customers. A strategic partnership is an arrangement between two or more companies or organizations that helps each other or works together to achieve their respective goals. For instance, in September 2023, Shine Technologies, a US-based pharmaceutical industry company that produces radioactive isotopes for medical applications, partnered with Curadh MTR Inc., dedicated to improving and accelerating the development of molecularly targeted radiation therapies for solid tumors. This strategic partnership aims to harness the potential of radioisotopes to target and eliminate cancer cells with precision, offering renewed hope to patients and reshaping the future of cancer treatment.
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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26. South America Targeted Therapy Market
27. Brazil Targeted Therapy Market
28. Middle East Targeted Therapy Market
29. Africa Targeted Therapy Market
30. Targeted Therapy Market Competitive Landscape And Company Profiles
Top Major Players:
- Pfizer Inc
- Johnson & Johnson
- F. Hoffmann-La Roche Ltd
- Merck & Co Inc
- AbbVie Inc
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