Wilmington, Delaware, United States, Transparency Market Research Inc., Aug. 22, 2024 (GLOBE NEWSWIRE) -- As per the report published by Transparency Market Research, the global targeted therapeutics market (pasar terapi yang ditargetkan) was worth US$ 69.8 Billion in 2023 and is expected to reach US$ 118.6 Billion by the year 2034 at a CAGR of 6.4 % between 2024 and 2034.
Targeted therapeutics, often referred to as targeted therapy, is a type of medical treatment designed to specifically target and attack cancer cells while minimizing damage to normal, healthy cells. This approach is a cornerstone of precision medicine, which tailors treatment based on the genetic makeup of an individual’s cancer.
Cancer to play a Spoilsport
Targeted therapy, a form of cancer treatment, works by inhibiting proteins that drive the growth and division of cancer cells. These therapies are reported to be at a higher level of precision, thereby causing less damage to normal cells and offering enhanced effectiveness and better treatment outcomes.
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According to the World Health Organization (WHO), cancer remains a leading cause of death globally, with breast, lung, colon, rectum, and prostate cancers representing a significant portion of cases. The International Agency for Research on Cancer (IARC) forecasts that by 2030, the number of new cancer cases could reach 21.7 million, primarily due to the aging population.
The targeted therapeutics market is poised for substantial growth during the forecast period, driven by surge in product approvals for various cancer treatments and a robust pipeline of products in both - early and late stages of clinical trials. A notable example is the approval of Sanofi’s Sarclisa in March 2020 by the U.S. FDA, for use in combination with pomalidomide and dexamethasone to treat adults with relapsed refractory multiple myeloma (RRMM) who have previously received at least two therapies, including lenalidomide and a proteasome inhibitor. The European Commission followed with its approval in June 2020. Since then, Sarclisa has been launched in key markets, including the U.S., Austria, Japan, Switzerland, Canada, and the U.K.
Targeted therapeutics, which can be utilized either alone or in combination with chemotherapy, are increasingly in demand as the cases of cancer continue to rise. Although these therapies are not yet available for all cancer types, the potential for expansion in this field is significant. Several targeted therapies are currently under development, underscoring the vast opportunities that remain to be explored.
Century Therapeutics, a leading biotechnology company, announced in April 2024 the expansion of clinical development for its lead program, CNTY-101, an iNK cell therapy targeting CD19, into additional autoimmune disease indications. This advancement highlights the growing potential of targeted therapies not only in oncology but also in treating autoimmune and inflammatory diseases.
What’s with Targeted Therapeutics Market Regional Insights
- North America generated the largest market value in 2023. The region is expected to maintain its dominance during the forecast period as well.
Rapid advancements in biotechnology, particularly in gene sequencing and molecular diagnostics, rising incidence of chronic diseases, particularly cancer, cardiovascular diseases, and autoimmune disorders, increased awareness regarding targeted therapies among healthcare providers and patients, significant focus on R&D in the pharmaceutical sector and increasing collaboration of pharmaceutical companies with biotech firms, research institutions, and academic centers are some of the factors driving targeted therapeutics market share in the region.
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Key Players
Sanofi, GlaxoSmithKline plc, Takeda Pharmaceutical Company Ltd., Merck & Co., Inc., Novartis AG, Pfizer Inc., F. Hoffmann-La Roche Ltd., AstraZeneca, Seagen, Inc., Bayer AG, Amgen, Inc., and Bristol-Myers Squibb Company are some of the leading players operating in the global industry.
Companies operating in the targeted therapeutics market are focused on launch followed by approvals of new targeted drugs. This has further resulted in enabling the companies to expand its product portfolio.
- In June 2024, Bristol Myers Squibb, announced that U.S. Food and Drug Administration (FDA) has granted accelerated approval to Augtyro (repotrectinib) for the treatment of adult and pediatric patients 12 aged 12 and above suffering from solid tumors that have a neurotrophic tyrosine receptor kinase (NTRK) gene fusion, are locally advanced or metastatic or where surgical resection is likely to result in severe morbidity, and have progressed following treatment or have no satisfactory alternative therapy.
Targeted Therapeutics Market Segmentation
Type
- Monoclonal Antibodies (Angiogenesis Inhibitors, HER-2 Targeted Agents, and Anti-CD20 Monoclonal Antibodies)
- Small Molecule (Tyrosine Kinase Inhibitors)
Application
- Breast Cancer
- Colorectal Cancer
- Leukemia
- Lung Cancer
- Lymphoma
- Multiple Sclerosis
- Renal Cancer
- Wet Age-related Macular Degeneration
- Others (Ovarian Cancer, Fallopian Tube Cancer, Prostate Cancer, and Pancreatic Cancer)
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
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