SEATTLE, Dec. 28, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global targeted therapy market is estimated to be valued at US$ 98.6 billion in 2021 and is expected to exhibit a CAGR of 9.0% during the forecast period (2021-2028).
Key Trends and Analysis of the Global Targeted Therapy Market:
Growing prevalence of cancer across the globe and increase in adoption of advanced therapeutic options are the factors likely to propel the growth of market. For instance, in 2020, cancer was a leading cause of death worldwide, accounting for nearly 10 million deaths. Furthermore, acquisition, collaboration, and partnership by companies operating in the market is likely to drive growth of the market. For instance, in June 2019, Pfizer Inc. and Array BioPharma Inc. entered into acquisition agreement. Array BioPharma Biopharmaceutical Company is engaged in developing targeted small molecule medicines to treat cancer and other diseases.
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Key Market Takeaways:
The global targeted therapy market is expected to exhibit a CAGR of 9.0% during the forecast period. Growing healthcare expenditure, increasing number of new targeted anti-cancerous drugs, and others are the factors expected to drive the growth of market. For instance, in May 2021, the U.S. Food and Drug Administration (FDA) had approved LUMAKRAS offered by Amgen for the patients with non-small cell lung cancer (NSCLC).
Among type, monoclonal antibodies segment is expected to witness largest market share in the global targeted therapy market over the forecast period. Emerging applications of monoclonal antibodies is expected to boost the segment growth. For instance, monoclonal antibodies use for the indications such as inflammatory, autoimmune, infectious, microbial, and viral diseases.
Based on application, breast cancer segment is expected to constitute for largest market share in the global targeted therapy market over the forecast period, growing awareness regarding the breast cancer is likely expected to propel the growth of market. For instance, Breast Cancer Foundation (BCF) is a social service agency established in 1997, located in Singapore engaged in increasing awareness regarding the early detection of breast cancer and also supports the breast cancer community.
On the basis of distribution channel, hospital pharmacies segment is expected to account for largest market share in the global targeted therapy market over the forecast period. Increasing healthcare spending by various government healthcare regulatory organizations is likely to boost the segment growth. For instance, according to the U.S. Centers for Medicare and Medicaid Services’ 2018 findings on the National Health Expenditure (NHE), hospital expenditure in the U.S. increased by 4.5% to US$ 1,191.8 billion in 2018, when compared to the previous year (2017). Moreover, as per the Centres for Medicare & Medicaid Services, in the U.S. prescription drug spending increased 5.7% to US$ 369.7 billion in 2019, faster than the 3.8% growth in 2018.
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On the basis of region, North America is expected to dominate the largest market share in the global targeted therapy market over the forecast period. Well established healthcare infrastructure, presence of key market players such as Amgen Inc., GlaxoSmithKline plc, Sanofi, and others with early approval of products are the factors likely expected to drive the growth of market in the region.
Competitive Landscape:
Key players operating in the global targeted therapy market include Amgen Inc., GlaxoSmithKline plc, Sanofi, Takeda Pharmaceutical Company Limited, Merck & Co., Inc., Novartis AG, Pfizer Inc., F. Hoffmann-La Roche Ltd., AstraZeneca, Seagen Inc. Bayer AG, and Bristol Myers Squibb.
Market Segmentation:
- Global Targeted Therapy Market, By Type :
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- Small Molecule Medicines
- Monoclonal Antibodies
- Global Targeted Therapy Market, By Application:
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- Breast Cancer
- Colorectal Cancer
- Leukemia
- Lung Cancer
- Lymphoma
- Renal Cancer
- Others
- Global Targeted Therapy Market, By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Global Targeted Therapy Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- North America
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- By Country
- Brazil
- By Country
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- Mexico
- Argentina
- Rest of Latin America
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- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Country/Region
- South Africa
- Central Africa
- North Africa
- By Country/Region
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Small Molecule Cancer Drugs Market, by Drug Class (Alkylating Agents, Plant Alkaloids, Antitumor Antibiotics, Antimetabolites, Topoisomerase Inhibitors, and Others), by Route of Administration (Oral and Injectable), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
Monoclonal Antibodies Market, by Source (Human, Chimeric, Murine, and Humanized), by Application (Cancer, Autoimmune Disease, Hematological Disease, Infectious Disease, and Others), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
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