The targeted therapeutics market size was reached at US$ 67 billion in 2021 and is predicted to hit US$ 109 billion by 2028 with a registered CAGR of 2.4% from 2021 to 2030.
The targeted therapeutics market size was reached at US$ 67 billion in 2021 and is predicted to hit US$ 109 billion by 2028 with a registered CAGR of 2.4% from 2021 to 2030.
Growth Factors
The targeted therapeutics helps in the treatment of variety of cancers such as colorectal cancer, renal cancer, lung cancer, and breast cancer. The types of targeted therapeutics used in the treatment of cancer are small molecule and monoclonal antibodies. The targeted therapeutics is widely supplied through online pharmacies, hospital pharmacies, and retail pharmacies.
Cancer is considered as one of the most common causes of mortality worldwide and its incidence has been gradually rising. According to World Health Organization (WHO), nearly 10 million people died in 2020 due to cancer. As a result, the growing prevalence of cancer is driving the growth of the global targeted therapeutics market during the forecast period.
Get the sample copy of report@ https://www.precedenceresearch.com/sample/1358
Many of the drugs and medications used in the treatment and diagnosis of cancer and oncological disorders need approval from Food and Drug Administration. The approval from Food and Drug Administration has become quite easy for the major players in the targeted therapeutics market. Thus, this has resulted in the growth of the global targeted therapeutics market at a rapid pace over the projected period.
The worldwide targeted therapeutics market’s major players are heavily involved in agreements, collaboration, new product launches, and acquisitions. These initiatives are projected to boost the global targeted therapeutics market’s expansion.
Report Highlights:
- Based on the type, the monoclonal antibodies segment dominated the global targeted therapeutics market in 2020 with largest market share. The monoclonal antibodies are highly utilized in the treatment of cancer. These medications help cancer patients in recovering at a faster rate. Thus, the growing prevalence of cancer is driving the growth of the segment.
- On the basis of application, the lungs cancer segment holds the largest market share the global targeted therapeutics market in 2020. Among all types of cancer, lung cancer is very severe. This type of cancer mostly occurs among geriatric population. The people above the age of 65 are mostly victims of lung cancer. The people with the history of respiratory disorders are more prone to lung cancer. Thus, all these factors are driving the use of targeted therapeutics for lung cancer.
- Based on the distribution channel, the hospital pharmacies segment dominated the global targeted therapeutics market in 2020 with largest market share. The hospital pharmacies have the widest range of drugs and medications, which is boosting the growth of the targeted therapeutics market.
- North America is the largest segment for targeted therapeutics market in terms of region. This is attributed to the presence of major market players of targeted therapeutics and growing consumer awareness regarding targeted therapeutics in the region.
- Asia-Pacific region is the fastest growing region in the targeted therapeutics market. The factors such as rising prevalence of chronic diseases combined with growing disposable income of people and surge in the activities of research and development are contributing towards the growth of the targeted therapeutics market in the region.
Ask here for customization@ https://www.precedenceresearch.com/customization/1358
Future of Targeted Therapeutics Market
The high investments in the development of drugs and medications for the treatment and diagnosis of different types of cancer are paving way for the expansion of the global targeted therapeutics market. Moreover, new technologies and techniques have been utilized for the treatment of cancer. Several market players are constantly engaged in research and development activities for the growth and development of targeted therapeutics market. Such innovations and developments are going to boost the growth of the targeted therapeutics market in the near future.
COVID-19 Impact Analysis:
- The COVID-19 pandemic had a negative impact on the growth of the global targeted therapeutics market in 2020.
- This is due to the supply chain disruptions and lack of proper resources for treatment of oncological disorders such as cancer.
- Moreover, people were afraid of visiting hospitals for the treatment of disorders during the coronavirus outbreak.
Key Developments in the Marketplace:
- Five Prime Therapeutics and Amgen, a biotechnology firm focusing on development of immune-oncology and targeted cancer medicines, declared a deal in March 2021 that will see Amgen purchase Five Prime Therapeutics.
- Merck & Co. got Food and Drug Administration’s clearance for KEYTRUDA in July 2021 for the treatment of patients with high risk of breast cancer who are also receiving chemotherapy. This approval helped the company to expand its breast cancer medicines range while also increasing market share.
- Sanofi purchased Prinipia Biopharma Inc. in September 2020. This acquisition is expected to boost Sanofi’s key areas of allergy and autoimmune illnesses, giving the company complete control of developing targeted therapeutics.
Browse more Healthcare Industry Reports@ https://www.precedenceresearch.com/industry/healthcare
Segments Covered in the Report
By Type
- Monoclonal Antibodies
- Small Molecule
By Application
- Lung Cancer
- Breast Cancer
- Renal Cancer
- Colorectal Cancer
- Others
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Click Here to View Full Report Table of Contents
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1358
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333