The global targeted therapy market size was valued at USD 98.5 billion in 2021 and is projected to reach around USD 170.0 billion in 2030 exhibiting a CAGR of 9.0% in the forecasted period. The 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.

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.

COVID-19 causes several challenges to cancer practice, specially to ensure steadiness of treatment throughout this period. It has considerably affected healthcare systems and markets in a short timeframe. Numerous diagnostic & research centres had to slow their action owing to public health events. Thus, the developing cancer research was affected owing to the COVID-19. Though, targeted therapy is being assessed in COVID-19 treatment. Thus, by boosting clinicians to pursue targeted therapy agents through the pandemic is likely anticipated to create opportunity during the forecasted period.

Type Insights
Based on type, the monoclonal antibodies segment accounted largest revenue share in 2021. The monoclonal antibodies are the most active drugs used in the treatment of several types of cancer. It is safer and has lesser toxicity as linked to that of the customary chemotherapy used in the cancer treatment. Hence, the reduced side effect along with the effective treatment of cancer has boosted the growth of this segment.

The small molecule segment is anticipated to be the fastest-growing segment throughout the forecast period. The small molecule drugs are very much active in aiming the specific cancer cells. The small molecule is receiving traction in the established markets for the treatment of malignancies. In 2020, the FDA accepted around 89 anti-tumor small molecule drugs. Thus, this section is anticipated to drive the growth of the targeted therapy market during the forecasted period.

Application Insights
Breast cancer segment expects to register the highest CAGR in the forecasted period. The major factors fuelling the market's growth are the growing prevalence of breast cancer, rising investment by the businesses in research and development, and developments in cancer biology and pharmacology promoting drug development. The higher incidence and prevalence rate of breast cancer globally is a major factor driving the market's growth. As per the American Cancer Society, 2021, breast cancer has exceeded lung cancer as the most commonly diagnosed cancer and the fifth leading cause of death from cancer across the globe. As per the statistics published by the National Breast Cancer Foundation, in 2021, it is projected that 281,550 new cases of invasive breast cancer and 49,290 new cases of non-invasive (in situ) breast cancer will be identified in women in the United States. Moreover, around 63% of breast cancer patients have been detected with local-stage breast cancer, 27% with regional stage, and 6% with a distant (metastatic) ailment. As per the statistics printed by Cancer Australia, in 2021, it was projected that 20,030 new cases of breast cancer were detected in Australia (164 males and 19,866 females).

Region Insights
North America dominated the global targeted therapy market in 2021, followed by Europe. The U.S. led the targeted therapy market in North America in 2021, owing to the presence of major players, acceptance of targeted therapeutics monoclonal antibodies, and satisfactory reimbursement policies. This, in turn, is projected to increase the market in the region.
The targeted therapy market in Asia Pacific is likely to grow at a high CAGR from 2021 to 2030. The growth of the market in the region can be accredited to the acceptance of new targeted therapeutic drugs, growth in awareness about several oncological disorders, upsurge in healthcare expenditure, and great penetration of research activities through the region.

Key Companies Insights
The market for targeted therapy is moderately competitive. With the rising applications of Targeted therapy, new players are considering to enter the market. The companies are also involved in activities like joint ventures, acquisitions, partnerships, mergers, and collaborations. These activities aid in growing the effect of the players in the Targeted therapy market, ultimately boosting the market growth. 

Some of the key companies working 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
• Other players

Some of the Recent Developments:
• In May 2021, Xilio Therapeutics entered into a clinical trial collaboration and supply agreement with Merck outside the U.S. and Canada, to estimate XTX101, Xilio’s caused tumor-selective Fc-enhanced, anti-CTLA-4 monoclonal antibody (mAb) product candidate, in mixture with KEYTRUDA (pembrolizumab), Merck’s anti-PD-1 (programmed death receptor-1) therapy.
• In March 2020, Sanofi’s Sarclisa was approved along with pomalidomide and dexamethasone in the U.S. for the treatment of grown-ups with relapsed refractory multiple myeloma (RRMM) who have received at least two prior therapies, comprising lenalidomide and a proteasome inhibitor, and by the European Commission in June 2020. Sarclisa has currently been launched in the U.S., Austria, Japan, Switzerland, Canada, and the U.K.

Segments
By Type
• Small Molecule Medicines
o Tyrosine Kinase Inhibitors
o mTOR Inhibitors
o PARP Inhibitors
• Monoclonal Antibodies
o Angiogenesis Inhibitors
o HER-2 Targeted Agents
o Anti-CD20 Monoclonal Antibodies

By Application
• Breast Cancer
• Colorectal Cancer
• Leukaemia
• Lung Cancer
• Lymphoma
• Renal Cancer
• Others

By Distribution Channel
• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt