Targeted Cancer Therapies Market Emerging Trends, Growth Opportunities, Share and Business Strategies by 2024-2031
Targeted cancer therapies involve various drugs and treatment procedures that block the growth and spread of cancer by interfering with specific molecules involved in tumor growth and progression. These therapies show better effectiveness with fewer side effects compared to traditional chemotherapy.
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Market Dynamics:
The targeted cancer therapies market is expected to grow significantly during the forecast period owing to rising prevalence of various types of cancers globally. According to global cancer statistics published in 2022 by International Agency for Research on Cancer (IARC), around 19.3 million new cancer cases and 10 million cancer deaths were reported in 2020 worldwide. Additionally, IARC predicts that new cancer cases will rise to 28.9 million and cancer deaths to 16.3 million by 2040. The increasing incidence of cancer is a key driver bolstering demand for advanced targeted cancer therapies for improved treatment outcomes. Furthermore, ongoing product development and robust clinical trial pipelines for innovative targeted therapies will also boost market growth during the forecast period.
Targeted Cancer Therapies Market Drivers
The rising incidence and prevalence of cancer across the globe have resulted in greater investments being directed towards cancer research and drug development over the past few decades. Pharmaceutical companies are allocating large budgets to undertake R&D activities focused on targeted cancer therapies with the aim of developing newer drugs with better efficacy and reduced side effects. According to a report by Insight Partners, an estimated $150 billion was invested globally towards oncology drug R&D in 2020 alone. The substantial financial support from governments, philanthropic organizations and the biopharmaceutical industry has accelerated the pace of drug discovery. As a result, the targeted cancer therapies market has witnessed steady growth over time with the approval and commercialization of novel targeted drugs.
Key Players in the Global Targeted Cancer Therapies Market
Some of the key players operating in the targeted cancer therapies market include Abbott Laboratories, Bayer AG, Boehringer Ingelheim GmbH, GlaxoSmithKline plc, AstraZeneca PLC, OncoGenex Pharmaceuticals Inc., Pfizer, Inc., AVEO Pharmaceuticals Inc., and CYTOKINETICS INC.
Targeted Cancer Therapies Market Taxonomy:
On the basis of type, the global targeted cancer therapies market is segmented into:
Monoclonal antibodies
Immunotherapy
Antibody-Drug Conjugate (ADC)
Others
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On the basis of application, the global targeted cancer therapies market is segmented into:
Breast cancer
Colorectal cancer
Lung cancer
Melanoma
Gastrointestinal
Others (Leukemia, Lymphoma, Prostate cancer)
Targeted Cancer Therapies Market Restrain
While targeted therapies offer better efficacy and reduced side effects compared to conventional chemotherapy, they come at a substantially higher price. The development of targeted drugs requires extensive R&D investments as well as smaller patient populations. Some targeted cancer drugs approved in the recent decade have a list price of over $100,000 per year of treatment. Even with insurance coverage, patients often face significant out-of-pocket costs. The exorbitant prices of many targeted therapies are a major barrier to their widespread adoption and represent a huge financial burden on patients, healthcare systems and payers. Additionally, patents on some blockbuster targeted cancer drugs will expire in the next few years, which may prompt governments and insurance companies to reconsider reimbursement policies and exert pressure on pharmaceutical firms to curb prices. This cost aspect acts as a key restrain hindering rapid growth of the targeted cancer therapies market.
Targeted Cancer Therapies Market Opportunity
There is a growing focus among researchers on developing combination approaches involving targeted drugs along with immunotherapies or conventional chemotherapy to enhance clinical outcomes. Combining targeted agents that work via distinct mechanisms has the potential to elicit synergistic anti-tumor activity while avoiding drug resistance. Immunotherapy drugs when given in conjunction with targeted therapies may help unleash a robust immune response against the cancer. Several pharmaceutical giants are conducting clinical trials to evaluate combination regimens involving targeted therapies. Successful demonstration of efficacy could translate into new drug approvals and label expansions. The opportunity presented by combination treatments is driving increased R&D investments and collaborations in this domain, thereby presenting lucrative prospects for growth of the targeted cancer therapies market.
Targeted Cancer Therapies Market Trend
With the rise of personalized medicine, companion diagnostics are taking centerstage in cancer management. Pharmaceutical companies are partnering with diagnostic firms to co-develop companion tests for their pipeline targeted drugs. Regulators also encourage or mandate the development and approval of companion diagnostics along with targeted drugs. The approval of many recent targeted cancer drugs has been coupled with requirements for biomarker testing. Furthermore, pharmaceutical developers are exploring ways to expand the indications of existing targeted drugs through the use of complementary diagnostics to identify new subsets of responsive patients. This trend reflects the growing importance of diagnostics in selecting the right patients most likely to benefit from specific targeted therapies. It is anticipated that predictive and prognostic tests will play an increasingly decisive role going forward, thereby driving the companion diagnostics trend within the targeted cancer therapies market.
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