The global targeted cancer therapies market has been witnessing significant growth due to rising investments in biotechnology sector for developing advanced targeted therapies to treat various cancer types. Targeted cancer therapies either try to block specific molecular pathways involved in cancer growth and progression or boost the immune system’s ability to fight cancer. Some common targeted therapies include monoclonal antibodies, small molecule inhibitors, immunotherapies, and CAR T-cell therapies.
The global targeted cancer therapies Market is estimated to be valued at US$ 1,603.7 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Rising investments in biotech sector: Increased investments by both private and public sectors in biotechnology, especially in areas such as cancer research is one of the key drivers of the targeted cancer therapies market. For instance, CureMatch, an AI-based precision medicine platform raised US$ 16 Mn in Series A funding in 2022 to develop targeted therapies for lung cancer patients.
Rising biotech sector propelling market opportunities: Robust funding and promising pipeline of novel targeted therapies has created vast opportunities for drug makers, biotech startups as well as pharmaceutical giants. This has also attracted pharmaceutical giants towards strategic acquisitions and partnerships with biotech companies to leverage innovative targeted therapies and expedite product development process. For example, in 2022, Novartis acquired TScan Therapeutics, a biotech focused on developing targeted therapies for hematologic malignancies and solid tumors using gamma delta T cells, for approximately US$ 300 Mn.
The Targeted Cancer Therapies Market Size is segmented by technology into small molecule drugs, immunotherapy, targeted protein drugs, and others. The small molecule drugs segment dominates the market and accounted for over 30% share in 2023. These drugs are easy to manufacture and administer to patients making them an attractive option for pharmaceutical companies.
Political: Government support for cancer research through funding and regulations have increased in major markets positively impacting the targeted cancer therapies market. However, pricing pressures may hamper revenue growth.
Economic: Rising healthcare spending powered by growing economies and increasing incomes is a key driver. The economic burden of cancer also boosts demand for effective targeted therapies.
Social: Growing cancer prevalence due to changing lifestyles and rising pollution levels increases the patient base. Higher health awareness drives demand for improved treatment options.
Technological: Advancements in genomics and precision medicine have enabled development of targeted therapies that act on specific molecular changes in tumors. This has significantly improved treatment outcomes.
The global targeted cancer therapies market is expected to witness high growth supported by rising cancer incidence, increasing demand for personalized medications and government support for R&D.
North America currently dominates due to sizeable research investments and presence of major players. The US market holds over 35% share due to established healthcare infrastructure and widespread medical insurance.
Europe is also a major region fueled by increasing government focus on precision medicine. Countries like Germany and UK are major European markets. Asia Pacific is poised to be the fastest growing region during the forecast period led by China and India. Factors such as growing population, improving access to healthcare, and rising disposable incomes are aiding growth.
Key players operating in the targeted cancer therapies market are Wacker Chemie, Evonik Industries, Cabot Corporation, Solvay SA, PPG Industries. Wacker holds a leading share due to its robust pipeline of cancer drugs and marketing strength. Evonik is among the top companies focused on small molecule targeted therapies. The market is highly competitive with players investing heavily in R&D to develop novel and more effective treatment options.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it