USD 69.4 billion
Report ID: SQMIG35H2052 | Region: Global | Published Date: February, 2024 | Pages: 157
Targeted Therapeutics Market size was valued at USD 69.4 billion in 2021 and is poised to grow from USD 71.2 billion in 2022 to USD 87 billion by 2030, growing at a CAGR of 2.1% in the forecast period (2023-2030).
The market has grown rapidly due to biologics’ popularity and rapid growth. In addition, the global market is expanding due to increased investment in the biotechnology sector. The monoclonal antibody is one of the most popular medicines to come out of the biologics industry's explosive growth and development. The targeted therapeutics effectively stop the proliferation of tumor cells. In the coming years, the expansion of online pharmacies is anticipated to boost the sales of specific therapeutic drugs. Another significant factor that will significantly impact the industry's growth is increasing government spending on developing sophisticated healthcare infrastructure in the global targeted therapeutics market. In 2040, 28.4 million cases are expected to be recorded worldwide. Additionally, increasing awareness of the availability of targeted therapeutics among the population is fuelling the growth of the global market. However, targeted therapies and drug-related side effects are expected to hamper the market growth.
US Targeted Therapeutics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 69.4 billion
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Global Targeted Therapeutics Market is segmented on the basis of type, application, and region. On the basis of type, global market is segmented into Monoclonal antibodies and small molecule. On the basis of application, global Targeted Therapeutics Market is segmented into Breast cancer, colorectal cancer, lung cancer, and renal cancer. On the basis of region, global Targeted Therapeutics Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Targeted Therapeutics Market Analysis by Type
On the basis of type, global targeted therapeutics market is segmented into monoclonal antibodies and small molecule. The monoclonal antibodies segment will account for the largest revenue share. Monoclonal antibodies are the most effective drugs for treating many types of cancer. It is less toxic and dangerous than standard chemotherapy in cancer treatment. Consequently, reduced side effects along with efficient cancer treatment support the growth of this segment.
The small molecule segment is expected to grow at the fastest CAGR during the forecast period. Small-molecule drugs are highly effective at targeting specific cancer cells. Small molecules are gaining traction in cancer treatment in developed markets. The FDA approved about 89 anti-tumour small-molecule drugs in 2020.
Targeted Therapeutics Market Analysis by Application
On the basis of application, global targeted therapeutics market is segmented into Breast cancer, colorectal cancer, lung cancer, and renal cancer. Lung cancer segment dominated the global market. This may lead to an increase in lung cancer diagnoses and deaths worldwide. According to the International Agency for Research on Cancer, lung cancer is the leading cause of cancer death, accounting for about 18% of all cancer deaths worldwide. Consequently, increasing demand for lung cancer therapy has contributed significantly to the expansion of this segment.
Breast cancer is expected to be the fastest growing segment during the forecast period. Breast cancer has overtaken lung cancer to become the most commonly diagnosed form of cancer. The increasing number of breast cancer cases among the global female population is expected to fuel the growth of this segment.
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On the basis of region, global targeted therapeutics market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the global market. This is because the biologics industry in North America is expanding rapidly. The presence of various biotechnology companies in this sector has contributed significantly to the growth of the market. Also, increased investment, along with government support for the development and expansion of biopharmaceutical manufacturing facilities, is expected to boost the targeted therapeutics market in North America.
Asia Pacific market is expected to grow at the fastest CAGR during the forecast period. This is due to increasing consumer awareness of the availability of targeted therapies, increasing prevalence of cancer and other chronic diseases, increasing disposable income, the growing popularity of health insurance, and rapid expansion of healthcare infrastructure. Also, consumers believe in the safety and efficacy of targeted therapies due to their ability to stop the growth of cancer cells without harming normal cells. This reduces the risk of adverse effects of cancer therapy.
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Targeted Therapeutics Market Driver
The widespread cancer is the primary driver of the targeted therapeutics market. Due to the increase in the amount of smoking, the number of smokers is increasing. It is the primary cause of cancer deaths worldwide. About 235,760 people in the United States will be diagnosed with lung cancer in 2021. Also, approximately 130,000 lung cancer deaths are reported in the United States each year. With the fact that smoking prevalence has increased by over 19% globally, its prevalence is not limited to the US.
Targeted Therapeutics Market Restraint
Targeted therapies and their associated drugs have numerous applications in cancer treatment. However, there are significant health issues associated with such surgery, which is expected to hamper the market growth. Hepatitis, diarrhoea, and liver problems such as elevation of liver enzymes are also common risks. Other symptoms that people may experience include hair loss, rashes, decreased sperm production, and high blood pressure.
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Global targeted therapeutics market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global targeted therapeutics market.
For example, on July 21, 2021, United Kingdom-based pharmaceutical giant AstraZeneca announced that it had closed the acquisition process for US-based biopharmaceutical company, Alexion Pharmaceuticals. AstraZeneca paid Alexion USD 39 billion. The move will give AstraZeneca an opportunity to expand its expertise in immunology and in rare medicines.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global targeted therapeutics market analysis, breast cancer, bladder cancer, colorectal cancer, kidney cancer, leukaemia, liver cancer, lung cancer, lymphoma, and prostate cancer are all treated with targeted therapy. By region, Asia Pacific is expected to grow at the fastest CAGR during the forecast period. This is due to increasing consumer awareness of the availability of targeted therapies, increasing prevalence of cancer and other chronic diseases, increasing disposable income, the growing popularity of health insurance, and rapid expansion of healthcare infrastructure. However, targeted therapies and drug-related side effects are expected to hamper the market growth.
|Market size value in 2021
|USD 69.4 billion
|Market size value in 2030
|USD 71.2 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Targeted Therapeutics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Targeted Therapeutics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Targeted Therapeutics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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