by Targeted cancer therapies refer to drugs or substances which block the growth and spread of cancer by interfering with specific molecular targets that are involved in the growth, progression, and spread of cancer. Some of the major targeted therapies include monoclonal antibodies, kinase inhibitors, and other biologic and small molecule inhibitors. These therapies work by blocking the mechanisms that drive cancer growth and survival. For instance, Herceptin targets the HER2/neu receptor present in around 25-30% of breast cancer patients leading to better treatment outcomes.
The global targeted cancer therapies market is estimated to be valued at US$ 1603.7 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing preference for personalized cancer treatment is expected to drive the growth of the targeted cancer therapies market over the forecast period. Personalized cancer treatment involves customized treatment depending on the specific genetic mutations present in an individual’s cancer. Targeted cancer therapies are an integral part of personalized medicine as they are designed to target specific molecular changes found in cancer cells. This enables targeted treatment delivery with minimal side effects. Additionally, growing incidence of cancer such as lung cancer, breast cancer, colorectal cancer, prostate cancer, and leukemia globally is also expected to boost the demand for targeted therapies during the forecast period. According to the World Health Organization, cancer accounted for 10 million deaths worldwide in 2020.
With 200-300 words covered the market overview and highlighted two drivers from heading which is increasing preference of personalized cancer treatment along with growing incidences of cancer globally will propel the targeted cancer therapies market growth over the forecast period from 2023-2030.
Segment Analysis
The targeted cancer therapies market is segmented into immunotherapy, small molecules and monoclonal antibodies based therapies. Monoclonal antibodies based therapies dominate the market currently accounting for around 45% share as monoclonal antibodies are highly specific and effective against various cancers like lung cancer and breast cancer. Monoclonal antibodies modulate the immune system in a precise way against cancer cells.
PEST Analysis
Political: Governments across major markets are increasingly funding cancer research which is driving innovations. Regulations are also getting harmonized to approve therapies faster.
Economic: Rising healthcare spending and growing disposable income in developing nations is increasing access to premium therapies. However, pricing pressures remain due to policy changes relating to drug costs.
Social: Growing cancer incidence due to changing lifestyle trends and increasing public awareness is generating demand for personalized treatment options. Social media is also enhancing knowledge.
Technological: Significant R&D is ongoing to develop novel targeted therapies like antibody drug conjugates, oncolytic viruses and CAR T-Cell therapies. AI and big data analytics is aiding target identification and screening.
Key Takeaways
The Global Targeted Cancer Therapies Market Growth is expected to witness high supported by rising cancer burden and increasing focus on precision medicine. The market size for 2023 is estimated at US$ 1603.7 Mn and is projected to grow at a CAGR of 9.1% during the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates due to availability of funds and presence of global pharma companies. However, Asia Pacific is emerging as the fastest growing region on account of rising healthcare spending of countries like China and India.
Key players: Key players operating in the targeted cancer therapies market are Amgen Inc., AstraZeneca PLC, Bayer AG, Johnson and Johnson and Merck & Co. Inc. Amgen and Roche lead the market with their novel antibody drug conjugates and personalized therapies. The market is highly competitive with these players focusing on collaborations and M&As for new drug development.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
