Global Targeted Therapeutics Market Size to Reach USD 214.31 Billion in 2032 | Emergen Research

Vancouver, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Current Market Scenario (Market estimates)

The global Targeted Therapeutics Market size was USD 93.75 Billion in 2020. Increasing prevalence of cancer, rapid growth of the global geriatric population, high demand for precision medicines, and rising healthcare expenditure are some key factors expected to drive market revenue growth over the forecast period.

Drivers: Rising Demand for Precision Medicine in Cancer Treatment

Demand for precision medicine for cancer treatment has been increasing steadily and is a key factor driving revenue growth of the global targeted therapeutics market. As precision medicine takes into account individual patient’s genetic makeup, it helps in overcoming various limitations associated with traditional medicine. Precision medicine, such as targeted therapeutics, helps healthcare providers to shift focus from reaction to prevention and it has been significantly successful in patients with advanced stages of cancer. Targeted therapeutics, with developments in molecular profiling, are being used for multiple tumors, particularly in advanced Non-small-cell Lung Cancer (NSCLC), melanoma, and various kinds of leukemia. As chemotherapy is cytotoxic to different cells leading to destruction of healthy, normal cells, along with cancer cells, demand for targeted therapeutics drugs is rising as these drugs function by blocking cancer cells from spreading.

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Restraints: Side-effects and Limitations of Targeted Therapeutics

Concerns associated with side-effects and limitations of targeted therapeutics may hamper market growth over the forecast period. Liver problems and diarrhea are two major side-effects associated with targeted therapeutics. Various other side-effects include issues with wound healing and blood clotting, high blood pressure, mouth sores, hair color loss, fatigue, paronychia and periungual pyogenic granulomas, and skin problems, especially dry or rash skin. Also, one of the limitations of targeted therapeutics is that cancer cells may become resistant to such therapies. Another vital limitation related with targeted therapeutics is that drugs intended for certain identified targets are difficult to develop, owing to the target’s structure or cellular function.

Growth Projections

The global targeted therapeutics market size is expected to reach USD 214.31 Billion and register a revenue CAGR of 7.1% over forecast period. Growing use of targeted therapeutics in the field of personalized medicine for the treatment of cancer is fueling market revenue growth. Increased research & development of tumor heterogeneity has also resulted in the identification of specific targets to improve treatment effectiveness.

COVID-19 Direct Impacts

COVID-19 has substantially impacted targeted therapeutics market growth due to implementation of lockdown norms, reduced visits to clinics, and decreased or postponed diagnosis of cancer treatment, owing to the high priority given to COVID-19 treatment in various healthcare facilities. Also, logistic restrictions have affected the supply of components, drugs, and devices required for diagnosing cancer, thereby hindering market revenue growth.

Current Trends and Innovations

Rising disposable income, particularly in Asia Pacific, and increasing awareness about early cancer diagnosis are some key factors driving market revenue growth. Additionally, rising awareness about molecular diagnostic methods, including liquid biopsy to identify malignancy, is expected to drive market revenue growth to a significant extent in the near future.

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Geographical Outlook

Targeted therapeutics market in Asia Pacific is expected to register fastest revenue CAGR over the forecast period, attributed to rising disposable income, increasing initiatives by government bodies to develop more advanced healthcare infrastructure in emerging economies, and higher investment in research & development of novel therapeutics for cancer treatment. Additionally, increasing geriatric population in the region is expected to drive market growth.

Scope of Research

MAJOR COMPANIES and Competitive Landscape

The global targeted therapeutics market is moderately fragmented, with a number of small- and medium-sized companies accounting for majority market revenue share. Major companies have well-established facilities and are entering in acquisitions and mergers, and strategic agreements, and engaging in various research & development activities and initiatives to develop and deploy new and more efficient products in the targeted therapeutics market. Some major companies profiled in the targeted therapeutics market report are:

• Amgen Inc.
• Genentech Inc.
• Arcus Biosciences Inc.
• Gilead Sciences Inc.
• AstraZeneca PLC
• Serina Therapeutics Inc.
• F. Hoffmann-La Roche & Co.
• Agenus Inc., Pfizer Inc.
• Aurinia Pharmaceutical Inc.

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Strategic Development

• In August 2021, Eli Lilly and Company entered into a licensing agreement with Lycia Therapeutics, Inc., with focus on research, development, and commercialization of innovative targeted therapeutics deploying proprietary Lysosomal Targeting Chimera (LYTAC), which is a protein degradation technology by Lycia. This technology is used to target the unexploited extracellular proteome such as cell secreted proteins and surface receptors. The LYTAC platform allows development of many therapeutic modalities such as small molecules and antibodies, to impede many targets formerly considered intractable for various therapeutic areas and diseases.
• In July 2021, Bicycle Therapeutics PLC, which is a biotechnology company pioneering a new and differentiated class of therapeutics – based on bicyclic peptide (Bicycle) technology – entered into an exclusive worldwide license and collaboration agreement with Ionis Pharmaceuticals for tissue-targeted delivery of oligonucleotide therapeutics using Bicycles with high affinity to the transferrin receptor (TfR1).

Some Key Highlights From the Report

• Apoptosis inducers influence cancer cells to go through a process of controlled cell death known as apoptosis, which is a method used by the human body to get rid of unwanted or abnormal cells. As cancer cells avoid this mechanism used by the human body, apoptosis inducers targeted therapeutics are required to cause cancer cell death.
• Angiogenesis inhibitors are deployed to block the growth of new blood vessels connected to tumors. As the blood supply needed for tumors to grow by providing oxygen and nutrients is inhibited, the tumor is ultimately destroyed.
• By diseases indication, lung cancer segment accounted for significant revenue share in 2020. Lung cancer is one of the most common causes of deaths associated with cancer. In 2018, more than 2 million new cancer cases and more than 1.7 million mortalities were due to lung cancer. Targeted therapeutics is considered a crucial procedure for disease management in patients with NSCLC. Emergence of targeted therapeutics in personalized medicine is very beneficial in improving treatment outcomes and quality of life than chemotherapy. Also, advancements in technologies for identifying actionable genetic lesions and development of novel drugs to block cancer pathways have enabled creation of tailored treatment options.

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Emergen Research has segmented global targeted therapeutics market on the basis of therapy, disease indication, end-use, and region:

• Therapy Outlook (Revenue, USD Billion; 2018–2032)
  • Monoclonal Antibodies
  • Small Molecule Inhibitors
• Disease Indication Outlook (Revenue, USD Billion; 2018–2032)
  • Lung Cancer
  • Breast Cancer
  • Colorectal Cancer
  • Prostate Cancer
  • Leukemia
  • Lymphoma
  • Multiple Sclerosis
  • Melanoma
  • Others
• End-use Outlook (Revenue, USD Billion; 2018–2032)
  • Hospitals
  • Cancer Treatment Centers
  • Research Institutes
  • Others
• Regional Outlook (Revenue, USD Billion; 2018–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Italy
    5. Spain
    6. Sweden
    7. BENELUX
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Israel
    5. Rest of MEA

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