Rise in global geriatric population and increasing prevalence of different types of cancer are among the key factors expected to drive the global market revenue growth over the forecast period.
Rise in global geriatric population and increasing prevalence of different types of cancer are among the key factors expected to drive the global market revenue growth over the forecast period
According to Emergen Research, the global targeted therapeutics market size was USD 93.75 billion in 2020 and is expected to reach USD 162.89 billion in 2028 and register a revenue CAGR of 7.1% during the forecast period, 2021-2028.
Market Dynamics:
Revenue growth of the global targeted therapeutics market is majorly driven by factors such as rise in global geriatric population, increasing prevalence of different types of cancer across the globe, growing demand for precision medicine, and increasing research & development projects for more advanced and effective cancer therapeutics. According to the World Health Organization (WHO), cancer is among the leading causes of death globally, with around 2.26 million cases of breast cancer, 2.21 million lung cancer cases, and over 1.41 million cases of prostate cancer in 2020. Rising focus on using new targets and medications to develop targeted cancer therapies, increasing clinical trials of new cancer drugs and therapeutics, recent advances in the field of genetics, and rising government and private investments in healthcare R&D activities are among the other major factors driving revenue growth of the global market.
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Targeted therapy refers to cancer treatment procedures that involve the use of medications that target specific genes and proteins, which are integral to survival and growth of cancer cells. It helps in altering the tissue environment that supports cancer cell growth and survival, and it also targets cancer-related cells like blood vessel cells. Increasing use of monoclonal antibodies (mAbs) and small molecule inhibitors in targeted therapy, and increasing government focus on new drug discovery & development are other factors expected to further drive market revenue growth over the forecast period. Market revenue growth can be hampered to some extent due to factors such as high costs of molecular diagnostic tests and rising awareness of the side-effects associated with targeted therapy, including dry or flaky skin, diarrhea, fatigue, impaired blood clotting, high blood pressure, and digestive problems.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Monoclonal Antibodies Segment Accounted for Largest Revenue Share in 2020:
The monoclonal antibodies segment dominated other segments in terms of revenue share in the global market in 2020. Key factors driving revenue growth of this segment are increasing research & development programs in the field of genomics, rise in government and private investments in companies focused on developing targeted therapeutics, rising demand for advanced biologics, and growing preference for mAb therapy for cancer treatment.
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Lung Cancer Segment to Account for Fastest Revenue CAGR:
The lung cancer segment is projected to register the fastest revenue growth rate in the global market over the forecast period. Increasing incidences of respiratory problems caused by unhealthy lifestyle habits such as smoking – especially among the youth – increasing air pollution levels, and rising prevalence of lung cancer worldwide are key factors expected to contribute to revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America targeted therapeutics market accounted for largest revenue share in the global market in 2020. Increasing burden of chronic diseases such as cancer, growing geriatric population, rising focus of biopharmaceutical companies on developing targeted therapeutics for cancer treatment are some key factors expected to drive market growth in the region. In addition, rising demand for advanced biologics and presence of leading industry players in the region, including Amgen Inc., Gilead Sciences Inc., and Bristol-Myers Squibb Company, are some other key factors expected to support the North America market growth.
Major Companies in the Global Targeted Therapeutics Market Include:
- 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.
- Bristol-Myers Squibb Company
- Bayer AG
- Merck & Co., Inc.
- Novartis AG
- GlaxoSmithKline plc
- Sanofi
- Seagen, Inc.
- Takeda Pharmaceutical Company Limited
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For the purpose of this report, Emergen Research has segmented the global targeted therapeutics market based on therapy, disease indication, end-use, and region:
Therapy Outlook (Revenue, USD Billion; 2018–2028)
- Monoclonal Antibodies
- Small Molecule Inhibitors
Disease Indication Outlook (Revenue, USD Billion; 2018–2028)
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Prostate Cancer
- Leukemia
- Lymphoma
- Multiple Sclerosis
- Melanoma
- Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals
- Cancer Treatment Centers
- Research Institutes
- Others
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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