Targeted cancer therapies help shrink or destroy cancer cells while limiting harm to normal cells. Cancer specific drugs treat only the cancerous cells by selectively targeting proteins or molecules that allow cancer cells to grow uncontrollably. The growing trend of patient-centric care and rising preference for personalized treatment options is augmenting the demand for targeted cancer therapies. The global Targeted Cancer Therapies Market is estimated to be valued at US$1,603.7 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising adoption of cancer specific therapeutics is one of the key trends driving the growth of the targeted cancer therapies market. Growing prevalence of various types of cancers and the need for effective treatment options with fewer side effects have increased the demand for targeted therapies.These drugs interfere with specific molecules involved in tumor growth and progression. Targeted therapies act on molecular changes in cancer cells and have proven to be highly effective in controlling certain types of cancers with minimal side effects. The success of targeted therapies in clinical trials and their approval for treatment of major cancers like lung cancer, breast cancer is expanding their application in clinical settings, thereby accelerating the market growth over the forecast period.
Segment Analysis
The Global Targeted Cancer Therapies Market Demand is dominated by immunotherapy sub-segment. Immunotherapy helps boost patient's immune system to fight cancer. Over the years immunotherapy for cancer has emerged as one of the most promising areas of research and clinical applications. Immunotherapy drugs have been most effective for melanoma cancer treatment.
Key Takeaways
The global targeted cancer therapies market is expected to witness high growth over the forecast period driven by rising cancer incidences and growing adoption of targeted therapies.
Regional analysis: North America currently dominates the targeted cancer therapies market and is expected continue its dominance over the forecast period. Higher healthcare spending, presence of well-developed healthcare infrastructure, early availability of new therapies are some factors responsible for its large share. Asia Pacific is expected to witness fastest growth owing to large patient pool, rising awareness regarding cancer treatment options and improving healthcare infrastructure.
Key players: Key players operating in the targeted cancer therapies market are Wacker Chemie, Evonik Industries, Cabot Corporation, Solvay SA, PPG Industries. These players are focusing on research & development activities to develop new drugs with improved efficacy and fewer side effects. They are also adoptingorganic and inorganic growth strategies like collaborations, acquisitions to strengthen their product portfolio and market presence.
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