by Targeted cancer therapies market involves specific therapies that target cellular proteins involved in cancer cell growth and survival. Targeted therapies include monoclonal antibodies and small molecule inhibitors, which block the growth and spread of cancer by interfering with specific molecules involved in tumor growth and progression.
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 market are Wacker Chemie, Evonik Industries, Cabot Corporation, Solvay SA, PPG Industries, Madhu Silica, Fuji Silysia Chemical, Tosoh Silica Corporation, Oriental Silicas Corporation etc.
The key opportunities in the targeted cancer therapies market include development of combination therapies and biomarker-based targeted therapies. Combination therapies involve use of targeted therapies along with other therapeutic agents like chemotherapy to enhance treatment efficacy. Biomarker-based targeted therapies help in identification of patients who are most likely to respond to a particular targeted therapy based on their tumor biomarkers.
Globally, the Targeted Cancer Therapies Market Share is expected to witness high growth in Asia Pacific region owing to increasing healthcare expenditure, rising awareness about cancer treatment, and developing healthcare infrastructure in emerging countries like China and India. The large patient pool and improving access to novel therapies will further drive the regional market growth during the forecast period.
Market drivers
The major market driver for targeted cancer therapies is the increasing prevalence of cancer globally. As per World Cancer Research Fund, approximately 18 million new cancer cases were reported worldwide in 2018. The disease burden is growing especially in low and middle-income countries. New targeted therapies provide safer and effective treatment options compared to conventional chemotherapy, thereby driving their demand. Moreover, targeted therapies have lesser side effects compared to chemotherapy which further promotes their adoption in cancer management.
PEST Analysis
Political: The targeted therapies market is influenced by regulations set by authorities like FDA for drug approval and patient access to new therapies. Stringent regulations can slow down the market growth.
Economic: Growing healthcare budgets and expenditure on cancer care is driving the demand for targeted cancer therapies. High R&D costs involved in developing innovative targeted therapies can restrain the market to some extent.
Social: Rising cancer incidence rates due to changing lifestyle habits and growing awareness about personalized medicines is fueling the adoption of targeted therapies. Long-term impact of cancer on social life also prompts patients to opt for customized treatment options.
Technological: Next-generation sequencing technologies and biomarkers help identify specific genes and proteins involved in cancer, enabling development of novel targeted drugs. Adoption of combination therapies and personalized medicine approach further advances the technology.
Europe has been a major contributor to the global targeted cancer therapies market in terms of value due to large cancer patient pool and advanced healthcare infrastructure in countries like Germany, UK and France. In Asia Pacific, Japan, China and India are projected to be highly lucrative markets during the forecast period supported by their improving economic conditions and healthcare reforms.
The targeted cancer therapies market is anticipated to experience the fastest growth in the Asia Pacific region in the coming years. Factors such as rising healthcare spending, increasing incidence of cancer, growing demand for premium therapies and expansion of key market players into emerging countries will drive the market in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
