Targeted Therapeutics Market Growth – at a CAGR of 7.1% During Forecast Period 2021-2030
Rising caseload of cancer across the globe, increasing investment to develop robust anti-cancer therapies, and growing need for tailored and customized therapeutic approaches for maximum effect are some key factors expected to drive market growth
According to Emergen Research, the global targeted therapeutics market size was USD 93.75 Billion in 2020 and is expected to reach USD 162.89 Billion in 2028 and register a revenue CAGR of 7.1% during the forecast period, 2021-2028.
Targeted therapies and therapeutics are a new approach for cancer treatment that use drugs and other therapeutic agents to precisely identify and attack certain types of cancer cells. Targeted therapeutics can be administered alone or in combination with other treatments such as traditional or standard chemotherapy, surgery, or radiation therapy. Targeted therapeutics are drugs that target specific parts of cancer cells that help in proliferation of cancer cells. Over the recent years, the U.S. FDA has approved targeted therapeutics for over 15 types of cancers including prostate, colon, breast, and lung.
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Increasing importance of targeted therapeutics due to their increased specificity towards cancer cells and reduction in off-target effects is a key factor boosting their applications and is expected to contribute to market revenue growth over the forecast period. In addition, rising global prevalence of cancer, increasing need to overcome challenges of cancer chemotherapy, and rising investment to accelerate R&D activities to develop monoclonal antibodies and oral small drugs are some other factors expected to drive revenue growth of the market going ahead.
Personalized therapy with targeted drugs to treat cancer has gained prominence and large number of drugs that target oncogenic drivers that support cancer cell growth and spread have been developed and continue to be developed. Targeted cancer therapeutics are extensively being tested in clinical trials with increasing success rates. Over the recent past, discovery of oncogenes and tumour suppressor genes along with completion of human genome sequences have significantly advanced understanding of molecular mechanisms of cancer. According to the World Health Organization, cancer continues to be a significant global public health problem with numbers associated with cancer deaths expected to increase rapidly by 2030 due to rising geriatric population and adoption of unhealthy lifestyles. This has led to a growing need for robust cancer therapies that maximize clinical output while reducing damage to surrounding healthy tissues. Newly emerging biological and genetic information is prompting the introduction of a large number of new targeted therapeutics for different types of cancers. Targeted therapeutics involve development of drugs that block cancer cell proliferation, promote cell cycle regulation or induce apoptosis, and targeted delivery of substances that are specifically toxic to cancer cells to destroy them. Rapid advancements in cancer research, growing information regarding cancer cell biology and pharmacokinetics, and development of innovative trial designs for early and late phase testing of monoclonal antibodies are some other factors expected to boost market revenue growth over the forecast period.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Monoclonal Antibodies Segment to Register Rapid Revenue CAGR:
Monoclonal antibodies segment revenue is expected to expand at a robust revenue CAGR over the forecast period attributable to increasing use of monoclonal antibodies to treat cancer, development of robust monoclonal antibody-based therapeutic strategies, and rising number of clinical trials to establish efficacy of mAbs against solid tumors and hematologic malignancies.
Lung Cancer Segment to Account for Largest Revenue Share:
Lung cancer segment is expected to account for largest revenue share in the global market over the forecast period attributable to rapidly rising prevalence of lung cancer and associated deaths, increasing implementation of targeted therapeutics to treat and manage lunch cancer, advancements in precision medicine, and rising preference for targeted therapy to treat non-small cell lung cancer over conventional chemotherapy. Targeted therapies reduce damage to healthy cells and interrupt growth of cancer cells in the lung to improve survival among patients. Increasing investment to develop novel therapeutic agents for non-small cell lung cancer is another factor expected to contribute to revenue growth of the segment.
North America to Dominate Other Regions in Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period attributable to rising prevalence of cancer and other chronic diseases, increasing R&D activities to expand application scope of precision medicine, and growing number of approvals from the U.S. FDA. In addition, availability of robust healthcare and clinical research facilities, increasing number of clinical trials for experimental therapeutics, and presence of key market players in the region are some other factors expected to drive market growth in the region.
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Major Companies in the Market Include:
- Amgen Inc.
- Genentech Inc.
- Arcus Biosciences Inc.
- Gilead Sciences Inc.
- AstraZeneca PLC
- Serina Therapeutics Inc.
- F. Hoffmann-La Roche & Co.
- Agenus Inc., Pfizer Inc.
- Aurinia Pharmaceutical Inc.
For the purpose of this report, Emergen Research has segmented global targeted therapeutics market on the basis of therapy, disease indication, end-use, and region:
Therapy Outlook (Revenue, USD Billion; 2018–2028)
- Monoclonal Antibodies
- Small Molecule Inhibitors
Disease Indication Outlook (Revenue, USD Billion; 2018–2028)
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Prostate Cancer
- Multiple Sclerosis
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Cancer Treatment Centers
- Research Institutes
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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