Targeted cancer therapies involve the use of drugs or other substances to identify and attack specific cancer cells without harming normal cells. They work by blocking the growth and spread of cancer by interfering with specific molecular targets that are involved in the growth, progression, and spread of cancer. The targeted approach allows targeting specific molecular changes in cancer cells. Targeted therapies include monoclonal antibodies, kinase inhibitors, cancer vaccines and cell-based therapies.
The Global Targeted Cancer Therapies Market is estimated to be valued at US$ 1847.47 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Targeted Cancer Therapies are Wacker Chemie, Evonik Industries, Cabot Corporation, Solvay SA, PPG Industries, Madhu Silica, Fuji Silysia Chemical, Tosoh Silica Corporation, Oriental Silicas Corporation etc. Targeted therapies have advantages over traditional chemotherapy as they attack specific molecular targets present on cancer cells thereby reducing side effects and improving the overall quality of life of patients. Growing demand for personalized therapy along with increasing adoption of targeted therapies especially for treatment of lung cancer, breast cancer, colorectal cancer are fueling market growth. Technological advancements in developing novel targeted therapies along with ongoing research for new molecular targets is further expected to bolster market growth over the forecast period.
Market Trends
Rising adoption of combination therapies: There is an increased emphasis on using targeted therapies in combination with other treatment regimens like chemotherapy, radiation therapy or immunotherapy to enhance treatment efficacy. This trend is expected to continue increasing over the forecast period.
Increasing focus on precision medicine: Growing focus on precision medicine is expected to drive targeted cancer therapy market. Precision medicine involves tailoring medical treatment to the individual characteristics of each patient. It allows categorizing individuals into subpopulations that differ in their susceptibility to a particular disease.
Market Opportunities
Emerging markets: Emerging economies like India, China, Brazil etc. offer significant growth opportunities for players in the targeted cancer therapy market. Increasing healthcare spending, expanding diagnostic capabilities and rising cancer incidence rates in these regions will augment the demand.
Focus on biomarker development: Identification of novel biomarkers along with development of assays to detect them can help the development of newer targeted therapies. Growing focus on biomarker research is expected to present major opportunities.
Impact of COVID-19 on Targeted Cancer Therapies Market
The COVID-19 pandemic has significantly impacted the growth of the targeted cancer therapies market. During the initial months of the pandemic, several clinical trials were halted and new patient enrollment was paused. This led to delays in drug development programs and approvals. However, teleoncology practices gained prominence during this time to ensure continuity of care for cancer patients. With lockdowns and social distancing measures in place, digital tools helped providers conduct remote consultations, appointments, and treatment planning. Post-COVID, the market is witnessing faster adoption of immunotherapy and personalized medicine approaches. Pharmaceutical companies are also expediting their clinical trials and collaborating with health agencies to advance new treatment options for cancer patients. While supply chain disruptions remain a challenge, investments are being made to strengthen distribution networks and minimize treatment delays. Overall, the long-term outlook for targeted cancer therapies remains positive as focus on precision and combination regimens continues to increase.
Targeted Cancer Therapies Market Share Concentration in North America
In terms of value, North America accounts for the largest share of the global targeted cancer therapies market currently. This can be attributed to factors such as established healthcare infrastructure, higher healthcare spending, widespread medical insurance, and presence of leading biopharma players in the region. The US dominates the North American market due to the large patient pool undergoing treatment and presence of advanced research facilities. Majority of targeted drugs are first approved and widely adopted in the US. The targeted cancer therapies market is also concentrated in Western European countries like Germany, France, and the UK due to growing elderly population and adoption of advanced treatment methods. Asia Pacific is emerging as the fastest growing regional market with increasing cancer burden and health reforms supporting better access to innovative therapies.
Fastest Growing Region for Targeted Cancer Therapies - Asia Pacific
The Asia Pacific region is expected to experience the highest growth in the targeted cancer therapies market during the forecast period. This is due to growing incidences of cancer, rising healthcare spending, increasing public awareness, and expanding medical insurance coverage in many APAC countries. China and India have huge patient bases undergoing cancer treatment and are also emerging as lucrative markets for global pharma players due to their large populations and cost advantages. Governments across APAC are supporting the domestic biotech industry through incentives and funding to boost indigenous drug innovation. This is positively influencing the adoption of targeted therapies. Furthermore, the presence of contract research and manufacturing hubs in Singapore, South Korea and other Southeast Asian nations will promote drug development activities in the region. Overall, APAC offers immense opportunities for market players to tap unmet needs and collaborate with local players.
For more insights, read-https://www.newsstatix.com/targeted-cancer-therapies-market-trends-size-and-share-analysis/
Get to know your target audience working in cancer treatment centers and services for cancer patients using our targeted, reliable Cancer Centers and Services Email List.https://www.healthexedata.com/healthcare/cancer-centers-and-services-email-list"
