Targeted Cancer Therapy Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 7.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Targeted Cancer Therapy Market Analysis
The targeted cancer therapy market is projected to record a CAGR of 7.1% during the forecast period.
During the early period of the pandemic, healthcare systems were impacted since the majority of businesses were devoted to the creation of medications for COVID-19 therapy. However, the market for targeted cancer therapies was less negatively impacted by many companies due to increased sales of targeted cancer therapies during the pandemic. For instance, as per the 2021 annual report of Amgen Inc, several of the company's targeted cancer medications, such as BLINCYTO (+25%), Vectibix (+8%), and KYPROLIS (+4%), showed robust, volume-driven sales growth despite the obstacles posed by the COVID-19 pandemic. As a result, the market for targeted cancer medicines was less affected and is anticipated to remain unchanged in the near future.
The major factors propelling the targeted cancer therapy market growth are the rising prevalence of various types of cancer worldwide, increasing government initiatives for cancer awareness, strong research and development initiatives from key players, and increasing approvals for targeted cancer therapies.
The high burden of cancers is the key driving factor for the growth of the targeted cancer therapy market. For instance, as per the study report published by the Indian Journal of Medical Research in December 2022, the number of new cancer cases in India is estimated to be 14,61,427 cases in 2022. In India, one in nine individuals has a lifetime risk of developing cancer. The most common cancers in men and women, respectively, were lung and breast cancers. This shows the high burden of cancers and increases the demand for advanced treatment options like targeted therapies which propel the market growth over the study period.
Moreover, a strategic market initiative by market players will also lead to significant market growth. For instance, in January 2022, HaemaLogiX Ltd (HaemaLogiX) and Lonza agreed to manufacture the next clinical batch (cGMP) of HaemaLogiX's lead multiple myeloma drug candidate, KappaMab, a monoclonal antibody that binds to a cell surface target called kappa myeloma antigen (KMA) that is only found on myeloma cancer cells and not on normal plasma cells. Similarly, in January 2022, Helsinn Group launched its Fully Integrated Targeted Therapy (FITT) strategy and board and management changes. Hence, all the new product approvals, launches, and strategies of market players are expected to increase the applications of the targeted cancer therapies and boost the market over the forecast period.
Therefore, the high burden of cancers, along with new initiatives among the market players, increases the demand for targeted cancer therapies and is expected to boost the market over the forecast period. However, the high cost of targeted therapies and the side effects associated with these therapies are likely to hinder the market's growth over the forecast period.
Targeted Cancer Therapy Market Trends
This section covers the major market trends shaping the Targeted Cancer Therapy Market according to our research experts:
Breast Cancer Segment is Expected to Register a High CAGR in the Market Over the Forecast Period
Breast cancer is the second most common cancer in women after skin cancer in the United States. The major factors fueling the market's growth are the increasing prevalence of breast cancer, increasing investment by companies and government in research and development, and advancements in cancer biology and pharmacology promoting drug development. As per facts and statistics 2022 of Breastcancer.org, in 2022, an estimated 287,850 new cases of invasive breast cancer are expected to be diagnosed in women in the United States. This shows the high number of cancer cases that raise the demand for advanced targeted therapies and is expected to boost the market over the forecast period.
Furthermore, the new research studies of targeted therapies on breast cancer likely drive the market to grow. For instance, as per the study report published by PNAS in September 2022, an antibody-based therapy developed by the researchers has completely removed circulating tumor cells (CTCs) in breast cancer mice models. In mice isogenic and xenograft models of triple-negative breast cancers, the cadherin protein-targeting antibody (23C6) successfully prevents blood-borne metastases. Hence, the new targeted therapy studies on breast cancer likely increase widespread applications, which are expected to boost the market through this segment.
The companies are focusing on developing targeted therapy for breast cancer and increasing their focus on adopting different strategies to withhold their position in the market. For instance, in May 2021, Zydus Cadila launched Trastuzumab Emtansine, an antibody-drug conjugate biosimilar, Ujvira, to treat early and advanced HER2-positive breast cancer. Therefore, the high burden of breast cancer, along with new approvals and launches in targeted therapies, are increasing the demand for breast cancer treatment, thereby contributing to market growth.
North America is Expected to Have the Significant Market Share Over the Forecast Period
North America is expected to have the largest share of the market due to the presence of a robust regulatory environment that supports the development of targeted therapies, the existence of key industry players, and the existence of prestigious universities that support research activities in the region. The major factors fueling the market's growth are the increasing prevalence of various types of cancer in the region, increased adoption of targeted cancer therapy, rising awareness about cancers, and rising product launches.
The high burden of cancers in the region is one of the major driving factors for the market's growth. For instance, as per the Cancer Facts & Figures 2023 by the American Cancer Society, the number of new cancer cases in the United States is estimated to be 1.95 million in 2023, out of which 1.01 million are male, and 0.94 million are female. Similarly, as per the new cancer estimates for 2022 by Statistics Canada, an estimated 233,900 people in Canada will be diagnosed with cancer in 2022. This shows the high burden of cancers in the region that increases the need for advanced targeted therapies, which drives the market to grow in this region.
Furthermore, the new product approvals and launches in the region are expected to boost the market's growth. For instance, in May 2021, the United States FDA approved Janssen's Rybrevant (amivantamab) as a targeted therapy for treating adult patients with non-small cell lung cancer whose tumors have epidermal growth factor receptor (EGFR) exon 20 insertion mutations. Thus, growing cancer cases and increasing product approvals related to targeted therapies in the region are expected to boost the market's growth in the coming years.
Targeted Cancer Therapy Industry Overview
The targeted cancer therapy market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. Some of the major players in the market are Amgen Inc., AstraZeneca plc, Bayer AG, Bristol-Myers Squibb Company, and F. Hoffmann-La Roche.
Targeted Cancer Therapy Market Leaders
Amgen Inc.
Bayer AG
Bristol-Myers Squibb Company
F. Hoffmann-La Roche Ltd
AstraZeneca plc
*Disclaimer: Major Players sorted in no particular order
Targeted Cancer Therapy Market News
- December 2022: Genentech, Inc received approval from United States FDA for Tecentriq (atezolizumab) for adult and pediatric patients two years of age and older with unresectable or metastatic alveolar soft part sarcoma (ASPS).
- August 2022: AstraZeneca and Daiichi Sankyo's Enhertu (trastuzumab deruxtecan) was approved in the United States for the treatment of adult patients with unresectable or metastatic non-small cell lung cancer (NSCLC) whose tumors have activating HER2 (ERBB2) mutations, as detected by an FDA-approved test, and who have received prior systemic therapy.
Targeted Cancer Therapy Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Various Type of Cancers
4.2.2 Increasing Investment in Research and Development
4.3 Market Restraints
4.3.1 High Cost and Side Effects Associated with the Targeted Therapies
4.4 Porter Five Forces
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - in USD Million)
5.1 By Therapy Type
5.1.1 Small Molecule Drugs
5.1.2 Monoclonal Antibodies
5.1.3 Immunotherapies
5.1.4 Others
5.2 By Cancer Type
5.2.1 Lung Cancer
5.2.2 Breast Cancer
5.2.3 Colorectal Cancer
5.2.4 Blood Cancer
5.2.5 Gynecologic Cancer
5.2.6 Others
5.3 By End User
5.3.1 Hospitals
5.3.2 Cancer and Radiation Therapy Centers
5.3.3 Specialty Clinics
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Amgen Inc.
6.1.2 AstraZeneca plc
6.1.3 Bayer AG
6.1.4 Bristol-Myers Squibb Company
6.1.5 F. Hoffmann-La Roche Ltd
6.1.6 GlaxoSmithKline plc
6.1.7 Johnson & Johnson
6.1.8 Merck & Co. Inc.
6.1.9 Novartis AG
6.1.10 Pfizer Inc.
6.1.11 Mirati Therapeutics, Inc
6.1.12 ImmunoGen, Inc
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Targeted Cancer Therapy Industry Segmentation
As per the scope of the report, targeted therapy is a cancer treatment that targets proteins that control how cells grow, divide, and spread. The targeted therapies are often used with chemotherapy and other treatments. The targeted cancer therapy market is segmented by therapy type (small molecule drugs, monoclonal antibodies, immunotherapies, and others) and cancer type (lung cancer, breast cancer, colorectal cancer, blood cancer, gynecologic cancer, and others), end user (hospitals, cancer and radiation therapy centers, and specialty clinics) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Therapy Type | |
| Small Molecule Drugs | |
| Monoclonal Antibodies | |
| Immunotherapies | |
| Others |
| By Cancer Type | |
| Lung Cancer | |
| Breast Cancer | |
| Colorectal Cancer | |
| Blood Cancer | |
| Gynecologic Cancer | |
| Others |
| By End User | |
| Hospitals | |
| Cancer and Radiation Therapy Centers | |
| Specialty Clinics |
| Geography | ||||||||
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Targeted Cancer Therapy Market Research FAQs
What is the current Global Targeted Cancer Therapy Market size?
The Global Targeted Cancer Therapy Market is projected to register a CAGR of 7.10% during the forecast period (2024-2029)
Who are the key players in Global Targeted Cancer Therapy Market?
Amgen Inc., Bayer AG, Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd and AstraZeneca plc are the major companies operating in the Global Targeted Cancer Therapy Market.
Which is the fastest growing region in Global Targeted Cancer Therapy Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Targeted Cancer Therapy Market?
In 2024, the North America accounts for the largest market share in Global Targeted Cancer Therapy Market.
What years does this Global Targeted Cancer Therapy Market cover?
The report covers the Global Targeted Cancer Therapy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Targeted Cancer Therapy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Targeted Cancer Therapy Industry Report
Statistics for the 2023 Targeted Cancer Therapy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Targeted Cancer Therapy analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
