Press Release

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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