by Targeted cancer therapies are drugs or substances which block the growth and spread of cancer by interfering with specific molecules (“molecular targets”) that are involved in the growth, progression, and spread of cancer. Some targeted cancer therapies block the action of certain enzymes, proteins, or other molecules involved in the growth and spread of cancer cells, while others help the immune system attack the cancer cells directly. Targeted cancer therapies have advantages over traditional chemotherapy as they disrupt cancer growth with more precision than traditional chemotherapy drugs and have lesser side effects as they directly target tumor cells rather than attacking rapidly dividing cells throughout the body. The growing incidence of various cancers and aging population, rising R&D investments from key players for advanced targeted therapies and combination therapies have increased the demand for targeted therapies globally.
The global Targeted Cancer Therapies Market is estimated to be valued at US$ 1603.7 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Emergence of personalized cancer medicine is one of the key trends in the targeted cancer therapies market. Personalized cancer medicine is a form of medicine that uses information about a person’s genes, proteins, and environment to prevent, diagnose, and treat cancer. It allows doctors to select treatments that are most likely to help patients based on their specific genetics and the unique molecular features of their tumors. Over the forecast period, advancement in precision medicine and drug development will facilitate the development of therapies tailored specifically for an individual’s genetic makeup, further driving the targeted cancer therapies market growth.
Porter’s Analysis
Threat of new entrants: Low barriers to entry in the industry due to availability of capital and FDA approval processes for drugs. However, R&D investments required to develop targeted therapies are substantial.
Bargaining power of buyers: Large pharmaceutical companies have strong bargaining power due to their scale and ability to demand lower costs or favorable terms.
Bargaining power of suppliers: Suppliers of raw materials and contract manufacturing organizations have moderate bargaining power as larger players can source supplies from various alternative suppliers.
Threat of new substitutes: Threat of new substitutes is high as research continues to discover new targeted therapies and combination treatments with superior efficacy and safety profiles.
Competitive rivalry: Intense competition exists among major players to gain market share and monopolize indications. Companies compete based on clinical trial results, pricing, and marketing prowess.
Key Takeaways
The Global Targeted Cancer Therapies Market Demand is expected to witness high growth. North America currently dominates the market due to high adoption rates and ongoing clinical trials. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising healthcare spending and increasing cancer incidence rates.
Regional analysis: North America holds the largest share of the targeted cancer therapies market owing to continuously rising healthcare expenditure and high adoption of novel targeted therapies. The Asia Pacific market is projected to grow at the fastest rate during the forecast period owing to rising disposable incomes, increasing cancer awareness, and expanding healthcare infrastructure.
Key players: Key players operating in the Targeted Cancer Therapies market are Amgen Inc., AstraZeneca PLC, Bayer AG, Johnson and Johnson and Merck & Co. Inc. Amgen Inc. and Roche Holding AG hold a significant market share due to their diverse product portfolios and strong geographic presence across major markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
