Global Targeted Therapy Market, by Type (Small Molecule Medicines and Monoclonal Antibodies), by Application (Breast Cancer, Colorectal Cancer, Leukemia, Lung Cancer, Lymphoma, Renal Cancer, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 98.6 Bn in 2021 and is expected to exhibit a CAGR of 9.0% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Targeted therapy promotes the efficacy of drug delivery. Ongoing pandemic illustrates limited therapeutic options for controlling SARS-CoV-2 infections. Thus, studies for targeted therapy against SARS-CoV-2 is increases. This in turn to increase application of targeted therapy is anticipated to drive the global market.
In addition, increasing focus on collaboration to strengthen the clinical trial for targeted therapy is expected to boost the growth of market. For instance, in June 2019, CStone Pharmaceuticals a biopharma company engaged in research, development and commercializing innovative immuno-oncology and precision medicines announced the clinical collaboration with China focus with Bayer HealthCare LLC to evaluate safety and efficacy of its PD-L1 monoclonal antibody CS1001 in combination with Bayer's regorafenib.
Global Targeted Therapy Market– Impact of Coronavirus (COVID-19) Pandemic
The unexpected breakout of the COVID-19 pandemic has negative impact on the pharmaceutical and life sciences industries. Overall, labs around the world were shut down or operating at reduced capacity. This limits the demand for the targeted therapy products.
However, research conducted for targeted therapy to use in COVID-19 treatment is likely to create a significant opportunity in the market. For instance, Bamlanivimab, a recombinant, neutralizing human IgG1 monoclonal antibody (mAb) offered by Eli Lilly and Company received emergency use authorization from the U.S. Food and Drug Administration (FDA) in November 2020.
Browse 22 Market Data Tables and 27 Figures spread through 237 Pages and in-depth TOC on “Targeted Therapy Market”- Global Forecast to 2028, Global Targeted Therapy Market, by Type (Small Molecule Medicines and Monoclonal Antibodies), by Application (Breast Cancer, Colorectal Cancer, Leukemia, Lung Cancer, Lymphoma, Renal Cancer, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Promising pipeline for targeted therapy products is expected to boost the growth of global market. For instance, a study conducted by F. Hoffmann-La Roche Ltd for Tecentriq (atezolizumab) a monoclonal antibody that targets PD-L1 (programmed death ligand 1) aiming to prevent cancer immune evasion is in phase 1 clinical trial study in 2021.
Key Takeaways of the Global Targeted Therapy Market:
- The global targeted therapy market is expected to exhibit a CAGR of 9.0% during the forecast period. Surge in number of product approval is likely expected to propel the growth of market. For instance, in May 2021, the U.S. Food and Drug Administration approved Rybrevant (amivantamab-vmjw) for adult patients with non-small cell lung cancer.
- Based on type, monoclonal antibodies segment is estimated to grow with the fastest CAGR in the global targeted therapy market over the forecast period. The development of monoclonal antibodies (mAbs) has made great progress, both in technical research and clinical application over the past three decades. Thus, increase in investment to develop monoclonal antibodies is likely expected to drive the growth of segment. For instance, in August 2020, AZD7442, a combination of two monoclonal antibodies (mAbs) is in clinical development for the prevention and treatment of COVID-19
- Among application, breast cancer segment is estimated to grow with the fastest CAGR over the forecast period in the global targeted therapy market. Increase in prevalence of breast cancer is likely expected to propel the growth of segment. There were 2.3 million women diagnosed with breast cancer and 685,000 deaths were recorded globally in 2020.
- In terms of distribution channel, hospital pharmacies is expected to exhibit highest CAGR in the global targeted therapy market during the forecast period. Availability of variety of products at hospital pharmacies is likely expected to fuel the growth of market.
- Among regions, Asia Pacific is anticipated to expand at highest CAGR in the global targeted therapy market growth over the forecast period. Investments by key players in developing countries such as India is likely expected to boost the growth of market. For instance, in October 2021, 4baseCare, a precision oncology company in India, announced the collaboration with Cellworks Group, Inc. The collaboration aims to deliver greater insights to the oncology. 4baseCare developed a unique set of compressive genomic panels which allows oncologists to choose the optimal targeted therapy for their patient.
- Major players operating in the global targeted therapy market include 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, and Bristol Myers Squibb.
