Targeted Cancer Therapy Market to Grow with a CAGR of 7.30% through 2028
Rising prevalence of various types of cancer worldwide
and increasing government initiatives for cancer awareness is expected to drive
the Global Targeted Cancer Therapy Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Targeted
Cancer Therapy Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Targeted Cancer Therapy
Market stood at USD 14.32 billion in 2022 and is anticipated to grow with a
CAGR of 7.30% in the forecast period, 2024-2028. The global targeted cancer
therapy market is being driven by several significant factors. The increasing
incidence of various types of cancer worldwide is leading to a greater demand
for more effective and targeted treatments. Advancements in genomics and
personalized medicine are enabling the development of therapies that
specifically target cancer cells, thereby reducing the side effects associated
with traditional treatments. The growing investment in research and development
by pharmaceutical and biotechnology companies is propelling innovation in this
market. Increased awareness and understanding of cancer among both patients and
healthcare providers are also contributing to the growth of the targeted cancer
therapy market.
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The global targeted cancer therapy market has
experienced remarkable growth in recent years, completely transforming the
approach to cancer treatment and management. These innovative therapies are
designed to specifically target cancer-specific genes, proteins, or the tumor
environment, resulting in reduced harm to healthy cells and improved treatment
effectiveness. One of the key drivers behind the expected significant growth of
the Targeted Cancer Therapy Market is the alarming rise in cancer prevalence
worldwide. According to the World Health Organization, cancer is now the second
leading cause of death globally, with an estimated 9.6 million deaths, or one
in six deaths, attributed to cancer in 2018 alone. This high incidence of
cancer has created an urgent demand for more effective and less toxic treatment
options. Advancements in genomics have played a pivotal role in identifying
specific gene mutations associated with different types of cancer, thus
providing new targets for therapy. These groundbreaking discoveries have paved
the way for more personalized treatment plans tailored to individual patients.
For instance, therapies targeting HER2/neu receptors have demonstrated
remarkable success in treating certain types of breast cancer.
Furthermore, the increasing healthcare expenditure and
substantial investments in research and development across the globe have also
contributed to the growth of this market. The robust pipelines of
pharmaceutical companies further indicate promising future prospects in the
field of targeted cancer therapy. As the field continues to evolve, it holds
immense potential to revolutionize cancer treatment, offering hope to millions
of patients worldwide. The ongoing efforts in research, development, and
investment are expected to drive further advancements and breakthroughs in this
critical area of healthcare.
With the growing understanding of the complex
mechanisms underlying cancer development and progression, researchers are
continually exploring new therapeutic targets and treatment strategies. The
application of precision medicine approaches, such as next-generation
sequencing and immune checkpoint inhibitors, is expanding the scope of targeted
cancer therapy. Moreover, emerging technologies like nanomedicine and gene
editing hold promise for more precise and efficient delivery of therapeutic
agents to cancer cells. These advancements not only enhance treatment efficacy
but also minimize adverse effects, leading to improved patient outcomes and
quality of life.In addition to the scientific advancements, the integration of
multidisciplinary approaches in cancer care, including collaboration between
oncologists, geneticists, immunologists, and computational biologists, is
crucial for translating research findings into clinical practice. This
interdisciplinary collaboration fosters a comprehensive understanding of cancer
biology and enables the development of innovative treatment strategies.
As the field of targeted cancer therapy continues to
progress, it will bring about a paradigm shift in cancer treatment, offering
new hope and improved survival rates for patients worldwide. With ongoing
research, development, and investment, we can anticipate even more
transformative breakthroughs in the future, ultimately leading to a world where
cancer is no longer a devastating disease but a manageable condition.The Global
Targeted Cancer Therapy Market is segmented into therapy type, disease
indication, end user, regional distribution, and company.
Based on disease indication, the breast cancer segment
is projected to exhibit a high compound annual growth rate (CAGR) in the market
during the forecast period. Breast cancer ranks as the second most prevalent
cancer among women in the United States, following skin cancer. The market's
growth is primarily driven by factors such as the rising prevalence of breast
cancer, increased investments in research and development by both companies and
government entities, and advancements in cancer biology and pharmacology that
foster drug development. According to the Breastcancer.org's facts and
statistics for 2022, an estimated 287,850 new cases of invasive breast cancer
are anticipated to be diagnosed in women across the United States this year.
These figures highlight the significant number of cancer cases, underscoring
the demand for advanced targeted therapies and their potential to boost the
market over the forecast period.
Moreover, recent research studies on targeted
therapies for breast cancer have the potential to propel market growth. For
instance, a study report published by PNAS in September 2022 showcased an
antibody-based therapy that effectively eliminated circulating tumor cells
(CTCs) in mouse models of breast cancer. In isogenic and xenograft models of
triple-negative breast cancers in mice, the cadherin protein-targeting antibody
(23C6) successfully prevented blood-borne metastases. These promising findings
suggest that new targeted therapy studies for breast cancer hold significant
potential for widespread applications, further bolstering the market within
this segment. Companies are actively engaged in the development of targeted
therapies for breast cancer and are adopting various strategies to maintain
their market position. For example, in May 2021, Zydus Cadila launched
Trastuzumab Emtansine, an antibody-drug conjugate biosimilar named Ujvira, for
the treatment of early and advanced HER2-positive breast cancer. The high
burden of breast cancer, coupled with new therapy approvals and launches, is
driving the demand for breast cancer treatment and thereby contributing to
market growth.
Based on region, North America segment is expected to
grow during the forecast period. North America is projected to capture the
largest market share during the forecast period. This can be attributed to a
robust regulatory environment that facilitates the development of targeted
therapies, the presence of key industry players, and prestigious universities
that support research activities in the region. Factors driving market growth
include the rising prevalence of various types of cancer, increased adoption of
targeted cancer therapy, growing awareness about cancers, and a surge in
product launches.The region faces a significant burden of cancer, which serves
as a major driver for market growth. For instance, according to the Cancer
Facts & Figures 2023 report by the American Cancer Society, it is estimated
that there will be 1.95 million new cancer cases in the United States in 2023,
with 1.01 million cases affecting males and 0.94 million cases affecting
females. Similarly, Statistics Canada's 2022 cancer estimates project that
approximately 233,900 individuals in Canada will receive a cancer diagnosis in
2022. These statistics highlight the substantial burden of cancer in the
region, necessitating advanced targeted therapies and contributing to market
expansion. Moreover, the region is expected to experience market growth due to
new product approvals and launches. For instance, in May 2021, the United
States FDA approved Janssen's Rybrevant (amivantamab) as a targeted therapy for
adult patients with non-small cell lung cancer harboring epidermal growth
factor receptor (EGFR) exon 20 insertion mutations. Therefore, the increasing
number of cancer cases and the approval of targeted therapy products are
anticipated to propel market growth in the forthcoming years.
Major companies operating in
Global Targeted Cancer Therapy Market are:
- Amgen Inc.
- AstraZeneca plc
- Bayer AG
- Bristol-Myers Squibb Company
- F. Hoffmann-La Roche Ltd
- GlaxoSmithKline plc
- Johnson & Johnson
- Merck & Co. Inc.
- Novartis AG
- Pfizer Inc.
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“The future of the Global Targeted Cancer Therapy
Market looks highly promising, driven by significant advances in genetic
testing, molecular diagnostics, and personalized medicine. These cutting-edge
technologies are revolutionizing the field of cancer treatment, allowing for
more precise and tailored therapies based on individual genetic profiles. As researchers
delve deeper into the intricate molecular pathways of cancer, they continue to
discover new targets for therapy and develop innovative treatment approaches. Moreover,
the increasing prevalence of various types of cancer worldwide underscores the
pressing need for more effective and specific treatments. With the rising
incidence of cancer cases, there is a growing demand for therapies that can
provide better outcomes and improve patients' quality of life. This demand,
coupled with the urgency to address the unmet medical needs in cancer care,
will be a significant driver of market growth. Additionally, the continuous
advancements in drug discovery techniques, such as high-throughput screening
and computational modeling, are fueling the development of targeted therapies.
These technologies enable researchers to identify specific molecules or genetic
abnormalities that drive cancer growth and design drugs that selectively target
them. As a result, targeted therapy offers the potential for improved treatment
efficacy with reduced side effects compared to traditional chemotherapy.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Targeted Cancer Therapy Market Segmented
By Therapy Type (Hormone Therapies, Monoclonal Antibodies, Signal Transduction
Inhibitors, Gene Expression Modulators, Apoptosis Inhibitors, Others), By
Disease Indication (Lung Cancer, Breast Cancer, Colorectal Cancer, Leukemia,
Melanoma, Lymphoma, Others), By End User (Hospitals & Clinics, Cancer &
Radiation Therapy Centers, Academic & Research Institutions), By Region and Competition, Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Targeted Cancer Therapy Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Targeted
Cancer Therapy Market.
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