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| Targeted Cancer Therapies Market |
Targeted cancer therapies are pharmaceutical drugs or other substances which block the growth and spread of cancer by interfering with specific molecules ("molecular targets") that are involved in the growth, progression, and spread of cancer. The need for targeted cancer therapies is rising as traditional chemotherapy is non-specific in nature and causes significant side effects and damage to healthy cells. Targeted cancer therapies such as monoclonal antibodies help directly attack cancer cells with greater accuracy and precision.
The global
targeted cancer therapies market is estimated to be valued at US$ 1847.47 Bn in 2024 and is expected
to exhibit a CAGR of 15% over the
forecast period 2024 to 2030.
Key Takeaways
Key players operating in the targeted cancer therapies are Wacker Chemie,
Evonik Industries, Cabot Corporation, Solvay SA, PPG Industries, Madhu Silica,
Fuji Silysia Chemical, Tosoh Silica Corporation, Oriental Silicas Corporation
etc. These players are investing heavily in R&D activities to develop more
effective and precise targeted therapies. For instance, in 2022 Roche received
FDA approval for Gavreto for treating RET-mutant medullary thyroid cancer and
lung cancer.
There is a high opportunity for targeted cancer therapies in personalized and
precision medicine. With advancement in cancer genome sequencing, more
molecular targets can be identified which can be blocked using targeted
therapies. This allows development of treatments tailored to the genetic
changes and biomarkers in a patient's tumor.
The targeted cancer therapies market is expanding globally with large
pharmaceutical companies entering emerging markets of Asia Pacific, Middle
East, and Africa. For example, in 2021 Novartis launched various targeted
cancer treatments in China and India through partnerships with local players.
Major players are also conducting clinical trials for various pipeline drugs in
different regions to gain early regulatory approvals.
Market drivers
Rising prevalence of cancer globally is a major driver as it increases the
potential patient population for targeted cancer therapies. According to WHO,
cancer burden is projected to grow to 27.5 million new cancer cases and 16.3
million cancer deaths by 2040. This will upsurge the demand for innovative
targeted medicines.
Increasing healthcare expenditure also aids the market growth. Various
governments and healthcare systems are allocating higher budgets for cancer
screening and treatments including premium targeted therapies. This allows more
patients to access costly precision medicines.
Market restrain
High costs of targeted therapies remains a key challenge for widespread
adoption, especially in low and middle-income countries. Developing novel
targeted drugs requires massive investments in R&D which makes the final
costs unaffordable for many. Generics might limit the sales potential of
leading market players once patents expire. Stringent regulatory approvals also
delay the launch of new targeted treatments in the market.
Segment Analysis
Targeted
Cancer Therapies Market Share comprises of various sub segments
including antibody drug conjugates, small molecule, immunotoxins and others.
The antibody drug conjugates sub segment holds major share of the targeted
cancer therapies market currently and is expected to dominate the market during
forecast period as well. This is because antibody drug conjugates offers
targeted delivery of cytotoxic agents directly to cancer cells while sparing
normal cells. This reduces side effects and improves antitumor activity as compared
to conventional chemotherapy. The key players are focusing more on development
of antibody drug conjugate drugs with improved stability, potency and safety
profile which is further driving growth of this sub segment.
Global Analysis
Regionally North America is the largest as well as the fastest growing market
for targeted cancer therapies. This is majorly due to presence of
well-established healthcare system, high healthcare spending, availability of
advanced treatment options and increasing prevalence of cancer in the region.
Asia Pacific market is expected to witness highest growth during forecast
period mainly due to growing cases of cancer, rising healthcare expenditure,
increasing awareness about advanced treatment therapies and improving access to
healthcare facilities in major Asia Pacific countries like China and India. Key
market players are also expanding their presence in developing Asia Pacific
countries by entering into various strategic collaborations to leverage growth
opportunities in these emerging markets.
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