Market Size of Global Targeted Cancer Therapy Industry
| 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 |
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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.
