Targeted Therapeutics Market Size to Hit USD 83.8 Bn by 2030

Ottawa, Nov. 22, 2021 (GLOBE NEWSWIRE) -- The global targeted therapeutics market was valued at USD 66.5 billion in 2020. Targeted therapeutics is the treatment of diseases using drugs that targets the cancer cells and blocks the proliferation of such cells without damaging normal cells. The growing burden of critical diseases such as cancer, leukemia, lymphoma, and muscular degeneration are the major factors that boost the adoption of targeted therapeutics among the global population.

According to the International Agency for Research on Cancer, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe. The global cancer cases are estimated to grow by 47% from 2020 to 2040. Moreover, the continuous investments in the biotechnology for the research and development programmes has resulted in the development of effective cancer treatment drugs. The growing adoption of technological advancements in the field of biopharmaceutical and rising consumer awareness regarding the safety of the targeted therapeutics is fueling the demand for the targeted therapeutics across the globe.

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North America is the leading consumer of the targeted therapeutics owing to the increased adoption rate and higher demand for the advanced and innovative products. The rapidly booming biologics industry is a significant factor that propels the growth of the targeted therapeutics market in North America. Further, the presence of numerous CMOs and CROs along with the various biopharmaceutical companies together contributes towards the market development. Moreover, the rising geriatric population, increased disposable income, presence of high-end technologies and developed healthcare infrastructure, and rising demand for the biologic drugs is fueling the growth of the targeted therapeutics in North America.

Report Scope of the Targeted Therapeutics Market

Asia Pacific is estimated to be the most opportunistic market owing the presence of huge population and growing burden of diseases. The rising disposable income, rising awareness regarding advanced drugs and therapies, and rapidly growing healthcare infrastructure is expected to drive the targeted therapeutics market in the region. Moreover, the rapid penetration of pharmacies, especially the online pharmacies is expected to play a crucial role in the growth of the targeted therapeutics industry in the forthcoming years.

The market is driven by the rising prevalence of various types of cancer such as breast cancer, lungs cancer, colorectal cancer, and benign tumors. The increased efficiency of the targeted therapeutic drugs to treat such deadly diseases with minimal side effects is a major driving factor of the market.

However, the high cost associated with the targeted therapeutics may restrict the middle and low income people to opt for such expensive treatment, especially in the underdeveloped and developing economies. Further, lack of consumer awareness is another restraining factor that may hamper the market growth during the forecast period.

By type, the monoclonal antibodies segment was the leading segment in 2020 owing to its extensive use for the treatment of cancer. Further, its lower toxicity and minimal side effects has gained consumers’ confidence that boosted its adoption across the globe. On the other hand, the small molecule segment is expected to grow rapidly owing to is rising adoption in the treatment of malignancies.

By application, the lungs cancer segment dominated the market in 2020 owing to the increased cases of lungs cancer across the globe. This is the major reason for the increased demand for the targeted therapeutics to treat lungs cancer. Moreover, the breasts cancer segment is expected to flourish rapidly during the forecast period owing to the increased diagnosis of the breast cancer among the women population.

By distribution channel, the online pharmacies segment is expected to be the most opportunistic segment during the forecast period. The increased penetration of internet, rising adoption of digital devices, and rising popularity of online pharmacies among the consumers is boosting the growth of this segment.

Segments Covered in the Report

By Type

• Monoclonal Antibodies
• Small Molecule

By Application

• Breast Cancer
• Colorectal Cancer
• Lung Cancer
• Renal Cancer
• Others
  
  

By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
  
  

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