(MENAFN- GlobeNewsWire - Nasdaq) WASHINGTON, Sept. 19, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global Targeted Therapeutics Market has been steadily growing over the years due to the increasing prevalence of chronic diseases, advancements in technology, growing demand for personalized medicine, and a shift towards targeted therapies from traditional treatments.
According to Vantage Market Research, the global Targeted Therapeutics Market is estimated to be valued at USD 80.9 Billion by 2030 and is expected to exhibit a CAGR of 2.5% from 2023 to 2030. The global Targeted Therapeutics market grew to USD 68.1 Billion in 2022.
The Targeted Therapeutics industry focuses on developing and providing personalized treatment options for specific diseases or conditions. This includes various therapies such as monoclonal antibodies, gene therapies, and small molecule inhibitors. Targeted Therapeutics treat cancers, autoimmune diseases, cardiovascular disorders, and various genetic disorders.
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By Type, the high demand for the Monoclonal Antibodies segment will increase in the Targeted Therapeutics market from 2023 to 2030. By Application, the Lung Cancer segment is expected to dominate the largest market share globally from 2023 to 2030. By the segment Distribution Channel, the Hospital Pharmacies segment holds the largest share globally in the forecast period 2023 to 2030. In 2022, North America dominated the market with the highest revenue share of 42.50%. The Asia Pacific area will grow at a high CAGR from 2023-2030.
The primary categories of targeted therapy are small-molecule medicines and monoclonal antibodies. A small-molecule medicinal drug is a synthetic chemical made from organic substances found in bacteria, fungi, and plants. These drugs are made available to the market through various means of distribution, including hospital pharmacies, retail pharmacies, and online pharmacies. It is used for breast, colorectal, leukemia, lung, lymphoma, renal cancer, and others.
Top Companies in The Global Targeted Therapeutics Market
Agenus Inc. (U.S.) Aurinia Pharmaceuticals Inc. (Canada) Celdara Medical LLC (U.S.) Pfizer Inc. (U.S.) Gilead Sciences Inc. (U.S.) Nektar Therapeutics Inc. (U.S.) F. Hoffmann-La Roche & Co. (Switzerland) Amgen Inc. (U.S.) Serena Therapeutics Inc. (U.S.) AstraZeneca PLC (UK) Arcus Biosciences Inc. (U.S.) Genentech Inc. (U.S.)
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Factors affecting the growth of the Targeted Therapeutics Industry
Several factors can affect the growth of the Targeted Therapeutics industry. Some of these factors include:
Rising prevalence of chronic diseases: The World Health Organization (WHO) states that chronic diseases kill 41 million people yearly, equivalent to 74% of all deaths globally. Targeted Therapeutics offer personalized treatment options for these diseases, leading to better outcomes and improved patient survival rates. Advancements in technology: In 2020, global pharmaceutical R&D expenditure exceeded USD186 billion, representing a 7.8% increase from 2020. Recent progress in genomics, proteomics, and molecular biology have significantly contributed to developing Targeted Therapeutics. Regulatory support and expedited approval processes: Regulatory bodies, such as the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA), have implemented policies to encourage the development and approval of Targeted Therapeutics. A record 84 novel active substances (NASs) were launched globally in 2021, double the five years ago. This brings the total number of launches over the past 20 years to 883.
Top Trends in the Global Targeted Therapeutics Market
The global Targeted Therapeutics market is experiencing several important trends shaping the industry's future. One major trend is the increasing focus on personalized medicine and individualized treatment options. This is driven by advancements in genomics and molecular diagnostics, which allow for a better understanding of the specific genetic mutations and characteristics of diseases in each patient. Another trend is the growing importance of immunotherapies, particularly in oncology . Immunotherapies, such as immune checkpoint inhibitors and CAR-T cell therapies, have shown great promise in effectively treating certain types of cancer. Additionally, there is a rising trend in using Targeted Therapeutics for rare diseases. With advancements in understanding rare genetic disorders, pharmaceutical companies are developing targeted therapies to address these unmet medical needs.
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Recent Development of the Global Targeted Therapeutics Market
In March 2022, Novartis AG, a Switzerland-based global pharmaceutical company, introduced Pluvicto, which was approved by the US Food and Drug Administration (FDA). Pluvicto is the first Food and Drug Administration-approved targeted radioligand therapy (RLT) for Suitable patients with mCRPC. It integrates a therapeutic radioisotope with a targeted chemical (a radioactive particle). It is a targeted cancer therapy combining a therapeutic radioisotope with a targeting chemical. In August 2022, Bristol Myers Squibb, a biotech company headquartered in the US, acquired Turning Point Therapeutics for a confidential sum. With this takeover of Turning Point Therapeutics, Bristol will be able to meet a crucial medical need for patients with non-small cell pulmonary tumors who test positive for ROS1.
The growing burden of serious diseases such as cancer, leukemia, lymphoma, and muscular degeneration across the globe primarily drives the Targeted Therapeutics market. The global cancer cases are predicted to grow by 47% from 2020 to 2040. It is anticipated that 28.4 million patients will be recorded in 2040 globally. Moreover, the increasing awareness about the availability of Targeted Therapeutics among the population is boosting the growth of the global market. Rising investments in the research activities for the protein and DNA changes that drive cancer cells are expected to offer effective treatment through Targeted Therapeutics.
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 pulmonary carcinoma 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.
Various restraints hinder the growth of the Targeted Therapeutics market . These include the significant costs associated with targeted therapies, limited availability of such treatments in low-income regions, and stringent regulatory approval requirements. Moreover, the complex nature of diseases and the constant need for personalized therapies present significant challenges. For instance, in the United States, the average cost per patient for a targeted therapy drug exceeds USD 100,000, according to the National Institute of Health.
The Targeted Therapeutics market is experiencing significant growth, driven by the rising prevalence of chronic diseases and advancements in personalized medicine. Targeted therapies, such as monoclonal antibodies and small molecule inhibitors, offer improved efficacy and reduced side effects compared to conventional therapies. For example, the targeted therapy Herceptin has revolutionized the treatment of HER2-positive breast cancer, leading to improved survival rates. The market is also witnessing opportunities in gene therapy, cell-based therapies, and immunotherapies, which hold promise for the future of precision medicine.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Targeted Therapeutics Market Forecast Report (2023-2030).
Report Segmentation of the Global Targeted Therapeutics Market
Monoclonal Antibodies dominated the market in recent times with the largest market share. The primary reason is that they are highly specific and effective in targeting specific antigens, making them ideal for a wide range of therapeutic applications. The global Targeted Therapeutics market is based on types segmented into monoclonal antibodies and small molecules. Monoclonal antibodies are produced by cloning a single type of B-cell, resulting in a homogenous population of identical antibodies that bind only to a specific antigen. This specificity allows for precise targeting and enhanced efficacy in treating various diseases, including cancer, autoimmune disorders, and infectious diseases. Moreover, advancements in biotechnology have led to the development of novel monoclonal antibodies with improved therapeutic properties, further driving their market dominance.
The Lung Cancer segment dominated the largest market share and will dominate in the forecast period because of the high prevalence of lung cancer worldwide and the increasing adoption of advanced diagnostic and treatment options for the disease. Lung cancer is commonly diagnosed at advanced stages, which leads to a higher demand for effective treatment options. Additionally, advancements in technology and research have allowed for the development of innovative therapies and targeted therapies specifically for lung cancer patients, further driving market growth. The global Targeted Therapeutics market is based on the application analysis segmented into breast cancer, colorectal cancer, lung cancer, renal cancer and other applications. The increasing awareness about lung cancer and the importance of early detection and treatment also contribute to the dominance of this segment in the forecast period.
Distribution Channel Analysis
Hospital Pharmacies dominated the largest share due to the wide availability of various drug formulations and the presence of trained healthcare professionals in hospital pharmacies. The global Targeted Therapeutics market is based on distribution channel analysis segmented into hospital pharmacies, retail pharmacies and online pharmacies. These pharmacies offer a convenient and reliable source of medication for patients receiving treatment in hospitals, as well as for outpatients. Hospital pharmacies also play a crucial role in ensuring medication safety and quality control, as they adhere to strict regulations and protocols.
Global Targeted Therapeutics Market Segmentation
Monoclonal Antibodies Small MoleculeS
Breast Cancer Colorectal Cancer Lung Cancer Renal Cancer Multiple Sclerosis Other Applications
By Distribution Channel
Hospital Pharmacies Retail Pharmacies Online Pharmacies
North America Europe Asia Pacific Latin America Middle East & Africa
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Scope of the Report:
| Report Attributes || Details |
| Market Size in 2022 || USD 68.1 Billion |
| Revenue Forecast by 2030 || USD 80.9 Billion |
| CAGR || 2.5% from 2023 to 2030 |
| Base Year || 2022 |
| Forecast Year || 2023 to 2030 |
| Key Players || Agenus Inc., Aurinia Pharmaceuticals Inc., Celdara Medical LLC, Pfizer Inc., Gilead Sciences Inc., Nektar Therapeutics Inc., F. Hoffmann-La Roche & Co., Amgen Inc., Serena Therapeutics Inc., AstraZeneca PLC, Arcus Biosciences Inc., Genentech Inc. |
| Customization Options || Customized purchase options are available to meet any research needs. Explore customized purchase options |
Due to its advanced healthcare infrastructure, increasing prevalence of chronic diseases, and high adoption of novel treatments, North America held dominance of the global market share for Targeted Therapeutics, with a market share of 42.50% in 2022. A large patient pool, rising healthcare expenditure, and favorable reimbursement policies also contribute to the market's growth. Furthermore, extensive research and development activities, collaborations between academic institutions and pharmaceutical companies, and technological advancements in targeted therapies further enhance the region's market dominance.
The Asia Pacific market is the most lucrative due to several possible areas for future enlargement. The region's strong focus on research and development activities, favorable government initiatives, and increasing investments by key market players contribute to the market's growth. Moreover, the availability of a large patient pool and rising disposable income levels fuel the adoption of Targeted Therapeutics in the Asia Pacific region.
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