Increasing Prevalence of Cancer and Rise in Initiatives by Market Players Drive the Growth of the Targeted Therapy Market

Targeted therapy is developing pharmacotherapy for cancer. It is a kind of precision cancer treatment. Targeted therapy used to treat breast cancer, bladder cancer, colorectal cancer kidney cancer, leukaemia, lung cancer, liver cancer, lymphoma and prostate cancer. Targeted therapies are made to find and attack precise areas or substances in cancer cells.

The growth in incidence of cancers such as breast, lung, and leukaemia has fuelled the demand for targeted therapies. Cancer is a prominent cause of death across the world. It is more dominant in developed and emerging nations. As per the International Agency for Research on Cancer, one in five persons grows cancer throughout their lifetime, and one in eight men, and one in 11 women succumbs to the ailment. Tobacco smoking, changing lifestyle, pollution, and spread of carcinogens and carcinogenic infections such as H. Pylori, HPV, and HCV have augmented the incidence rate of cancer across the world.

As per the International Agency for Research on Cancer (IARC), a projected 19.3 million new cancer cases were documented in 2020 and approximately 10 million individuals died from cancer-related reasons. The global burden is projected to upsurge to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040, principally due to elderly population. Targeted therapy has confirmed to offer hopeful therapeutic results across a broad range of cancers and is gradually used in healthcare facilities. Therefore, high prevalence and growth in incidence rate of cancer around the globe is a major aspect anticipated to boost the growth of the global targeted therapy market during the forecast period.

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The global demand for targeted therapy market was predicted to be about USD 100 billion in 2022, and by the end of 2031, existing and expected developments would hit valuations of around USD 172 million. The industry players and analysts predict the global Targeted therapy market growth of around 9.0% in terms of CAGR. During the forthcoming years, strategic development by major market players, robust focus on research and development are anticipated to upsurge the market growth. However, higher cost of therapy is hindering the growth of the market in the forecasted period.

Some of the leading and top targeted therapy companies in the global targeted therapy market include Amgen Inc., GlaxoSmithKline plc, Sanofi, Takeda Pharmaceutical Company Limited, Merck & Co., Inc., Novartis AG, Pfizer Inc., F. Hoffmann-La Roche Ltd, AstraZeneca, Seagen Inc., Bayer AG, Bristol Myers Squibb among others. The leading five players such as Amgen Inc., AstraZeneca, Bayer AG, Bristol Myers Squibb, and F. Hoffmann-La Roche Ltd, hold around 40% market share of the global targeted therapy market.

On the basis of type, the global targeted therapy market can be segmented into small molecule medicines and monoclonal antibodies, with the ‘monoclonal antibodies’ category having the leading market share of about 60 percent, closely followed by the “small molecule medicines” category at about 40 percent of the global targeted therapy market share. On the basis of application, the market can be segmented into breast cancer, colorectal cancer, leukaemia, lung cancer, lymphoma, renal cancer, and others. On the basis of distribution channel, the market can be segmented into hospital pharmacies, retail pharmacies, online pharmacies. In terms of geography, North America region held the leading market share of around 30% among other regions such as Asia Pacific, Europe, Latin America, and Middle East & Africa in the global targeted therapy market.

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