The global targeted therapy market size was valued at USD 98.5 billion in 2021 and is projected to reach around USD 170.0 billion in 2030 exhibiting a CAGR of 9.0% in the forecasted period. The strategic development by major market players, robust focus on research and development are anticipated to upsurge the market growth. However, higher cost of therapy is hindering the growth of the market in the forecasted period.
The growth in incidence of cancers such as breast, lung, and leukaemia has fuelled the demand for targeted therapies. Cancer is a prominent cause of death across the world. It is more dominant in developed and emerging nations. As per the International Agency for Research on Cancer, one in five persons grows cancer throughout their lifetime, and one in eight men, and one in 11 women succumbs to the ailment. Tobacco smoking, changing lifestyle, pollution, and spread of carcinogens and carcinogenic infections such as H. Pylori, HPV, and HCV have augmented the incidence rate of cancer across the world.
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As per the International Agency for Research on Cancer (IARC), a projected 19.3 million new cancer cases were documented in 2020 and approximately 10 million individuals died from cancer-related reasons. The global burden is projected to upsurge to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040, principally due to elderly population. Targeted therapy has confirmed to offer hopeful therapeutic results across a broad range of cancers and is gradually used in healthcare facilities. Therefore, high prevalence and growth in incidence rate of cancer around the globe is a major aspect anticipated to boost the growth of the global targeted therapy market during the forecast period.
COVID-19 causes several challenges to cancer practice, specially to ensure steadiness of treatment throughout this period. It has considerably affected healthcare systems and markets in a short timeframe. Numerous diagnostic & research centres had to slow their action owing to public health events. Thus, the developing cancer research was affected owing to the COVID-19. Though, targeted therapy is being assessed in COVID-19 treatment. Thus, by boosting clinicians to pursue targeted therapy agents through the pandemic is likely anticipated to create opportunity during the forecasted period.
The market for targeted therapy is moderately competitive. With the rising applications of Targeted therapy, new players are considering to enter the market. The companies are also involved in activities like joint ventures, acquisitions, partnerships, mergers, and collaborations. These activities aid in growing the effect of the players in the Targeted therapy market, ultimately boosting the market growth.
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Competitive Analysis
Amgen Inc., GlaxoSmithKline plc, Sanofi, Takeda Pharmaceutical Company Limited, Merck & Co., Inc., Novartis AG, Pfizer Inc., F. Hoffmann-La Roche Ltd, AstraZeneca, Seagen Inc., Bayer AG, Bristol Myers Squibb.
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