Targeted Therapeutics Market

The global Targeted Therapeutics Market is valued at USD 68.1 Billion in 2022 and is projected to reach a value of USD 80.9 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 2.5% between 2023 and 2030.

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The rising incidence of cancer is expected to boost the growth of the targeted therapy industry going forward. Cancer is a group of medical conditions in which abnormal cells invade neighboring tissues and proliferate uncontrolled. Targeted therapy can impair the signals that support the rise of cancer cells or signal the cancer cells to Self-implode. It administers medication to specifically target genes and proteins that support the development and survival of cancer cells, thus increasing its demand. For example, according to the Report of 2022 American Cancer Society, 1.8 million new cases of cancer diagnosed were diagnosed in 2020. Moreover, in September 2020, the National Cancer Institute, a US-based government organization, announced that 1,806,590 new cancer cases were registered, indicating a 43% increase from 2019. Therefore, the growing incidence of cancer is boosting the growth of the targeted therapy market.

• 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 dominated the largest market share globally from 2023 to 2030.
• By Distribution Channel, the Hospital Pharmacies segment holds the largest share globally from 2023 to 2030.
• In 2022, North America dominated the market with the highest revenue share of 42.50%.
• The Asia Pacific region is expected to grow exponentially from 2023 to 2030.

Top Market Trends

1. Drug companies invest heavily in R&D to discover and develop novel Targeted Therapeutics. This trend is driven by the potential for high returns on investment and the growing demand for more effective and personalized treatment options.
2. Collaboration between pharmaceutical companies, academic institutions, and research organizations is increasingly important in developing Targeted Therapeutics. Such partnerships enable the sharing knowledge, resources, and expertise, leading to accelerated drug discovery and development.
3. The field of oncology has seen significant advancements in Targeted Therapeutics, with the development of targeted therapies for specific types of cancer. This trend is fueling the growth of the Targeted Therapeutics market as pharmaceutical companies invest heavily in research and development to develop more effective and targeted drugs for cancer treatment.
4. In recent years, the Targeted Therapeutics market has witnessed a significant increase in new product approvals. Sanofi's Sarclisa was approved in March 2020 in the U.S. and in June 2020 by the European Commission for Patient care with relapsed refractory multiple myeloma (RRMM) who have undergone two preceding treatments, including lenalidomide and a proteasome inhibitor. Sarclisa has since been launched in the U.S., Austria, Japan, Switzerland, Canada, and the U.K.
5. The biopharmaceutical industry is experiencing rapid growth, driven by increasing demand for Targeted Therapeutics. The proportion of molecules in the R&D pipeline developed by emerging biopharma companies (EBPs) has reached a new high, rising from less than 50% in 2016 and one-third in 2001 to a record 65%. EBPs are defined as companies with R&D expenditure less than $200 million and annual revenue less than $500 million.

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Economic Insights

The traditional trial-and-error approach in medicine often involves multiple treatments and patient visits, resulting in financial burdens for individuals and healthcare systems. Targeted Therapeutics, conversely, enables physicians to identify the most effective treatments with minimal side effects, reducing the need for extensive medical interventions and associated costs. A study by the Personalized Medicine Coalition estimated that implementing personalized medicine could save the U.S. healthcare system over USD 42 billion annually by avoiding ineffective treatments and hospitalizations. The development and commercialization of Targeted Therapeutics have contributed to economic growth. A study by the Biotechnology Innovation Organization estimated that each USD 1 million in sales of biotechnology products generates an additional USD 1.52 million in output across all industries.

Market Segmentation

The Global Targeted Therapeutics Market can be broadly categorized into segments as:

The global Targeted Therapeutics market can be categorized into Type, Application, Distribution Channel, Region. The Targeted Therapeutics market can be categorized into Monoclonal Antibodies, Small Molecules based on Type. The Targeted Therapeutics market can be categorized into Breast Cancer, Colorectal Cancer, Lung Cancer, Multiple Sclerosis, Renal Cancer, Other Applications based on Application. The Targeted Therapeutics market can be categorized into Hospital Pharmacies, Retail Pharmacies, Online Pharmacies based on Distribution Channel. The Targeted Therapeutics market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Product

Monoclonal Antibodies to Lead Maximum Market Share Due to Their Wide Range of Applications and High Specificity

Based on type, the monoclonal antibodies segment accounted for the largest revenue share in 2022. Monoclonal antibodies are the most effective drugs used to treat various types of cancer. It is safer and has lower toxicity as compared to that of traditional chemotherapy used in cancer treatment. Therefore, the reduced side effects, along with the effective treatment of cancer, have boosted the growth of this segment.

Based on Application

Lung Cancer segment Expects Dominion Owing to Its the High Prevalence and The Increasing Adoption of Lung Cancer Screening Programs

Based on application, lung cancer hit the largest revenue share in 2022 and is further anticipated to sustain its dominance from 2023 to 2030. This can be ascribed to the increased cases of lung cancer and associated deaths across the globe. As per the findings of the International Agency for Research on Cancer, cancer of the lungs is the primary factor of cancer deaths, accounting for around 18% of global cancer deaths. Therefore, the increased demand for lung cancer treatment has contributed significantly to the growth of this segment.

Based on the Distribution Channel

Hospital Pharmacies segment Expects Dominion Because Hospitals Have Well-established Procurement and Supply Chain Systems

Based on the distribution channel, in 2022, the hospital pharmacies segment hit the largest revenue share and is estimated to sustain its dominance during the forecast period. The increasing expenditure of the public and private organizations to develop the hospital infrastructure and supply the essential drugs to ensure their availability in hospital pharmacies has boosted the segment’s growth in the past years.

Based on Region

North America to Dominate Global Sales Owing to The Rapid Growth of The Biologics Industry in the Region

Based on region, North America accounted for the maximum revenue share in 2022 and is estimated to maintain its dominance during the forecast period. This can be mainly due to the rapid growth of the biologics industry in North America. The availability of numerous biotechnology companies in the region has exponentially contributed to market growth. Further, rising investments and the government’s support to develop and expand biopharmaceutical production facilities are expected to drive the North America Targeted Therapeutics market.

The Asia Pacific is estimated to be the most opportunistic market during the forecast period. This is because of the rising consumer awareness regarding the availability of Targeted Therapeutics, the increasing incidence of cancer and other chronic diseases, rising disposable income, the rising popularity of health insurance, and the rapidly growing healthcare infrastructure.

Competitive Landscape

The Targeted Therapeutics market is highly competitive, with numerous pharmaceutical companies and players. Some key players in the market include Roche, Novartis, Pfizer, AstraZeneca, and Johnson & Johnson. There have been several new product launches and acquisitions in this market recently. For example, in August 2022, AstraZeneca got FDA approval for its targeted therapy Enhertu for metastatic breast cancer. In May 2022, Novartis launched Kymriah, a CAR-T cell therapy for managing certain types of leukemia. These new product launches and acquisitions reflect the intense competition and continuous innovation within the Targeted Therapeutics market.

The key players in the global Targeted Therapeutics market include - 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.) among others.

Recent Market Developments

• 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.

Segmentation of the Global Targeted Therapeutics Market