The global targeted therapeutics market, which was valued at US$ 69.8 Billion in 2023, is projected to reach US$ 118.6 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 6.4% during the forecast period. Targeted therapeutics, also known as targeted therapy, is a revolutionary approach to medical treatment that specifically targets and attacks cancer cells while minimizing harm to healthy cells. This highly precise method aligns perfectly with the principles of precision medicine, which tailors treatments based on an individual’s unique genetic makeup of their cancer.
Targeted therapies are specifically designed to inhibit proteins responsible for the growth and division of cancerous cells, resulting in significantly higher precision and less damage to normal cells. This leads to more effective treatment outcomes and enhanced patient well-being. The rising prevalence of cancer, as reported by the World Health Organization (WHO), remains a critical health concern globally. Breast, lung, colon, rectal, and prostate cancers represent a substantial portion of cancer cases worldwide. The International Agency for Research on Cancer (IARC) predicts 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 the increasing approval of products for various cancer treatments and a robust pipeline of promising therapies in both early and late stages of clinical trials. One notable example is the approval of Sanofi’s Sarclisa in March 2020 by the U.S. FDA for treating adults with relapsed refractory multiple myeloma (RRMM) who have previously received at least two therapies. The European Commission followed suit with its approval in June 2020. Sarclisa has since been launched in key markets such as the U.S., Austria, Japan, Switzerland, Canada, and the U.K.
Targeted therapeutics can be used alone or in combination with chemotherapy and are increasingly in demand as cancer cases continue to rise. While 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, highlighting the vast opportunities remaining to be explored. In April 2024, Century Therapeutics, a leading biotechnology company, announced the expansion of clinical development for its lead program, CNTY-101, an iNK cell therapy targeting CD19, into additional autoimmune disease indications. This advancement underscores the growing potential of targeted therapies beyond oncology, extending their reach to treat autoimmune and inflammatory diseases.
North America generated the largest market value in 2023 and is expected to maintain its dominance during the forecast period. This dominance is fueled by rapid advancements in biotechnology, particularly in gene sequencing and molecular diagnostics, the increasing incidence of chronic diseases (especially cancer, cardiovascular diseases, and autoimmune disorders), and a growing awareness of targeted therapies among both healthcare providers and patients. The significant focus on research and development in the pharmaceutical sector and increasing collaboration between pharmaceutical companies, biotech firms, research institutions, and academic centers further contribute to the targeted therapeutics market share in the region.
Key players in the global targeted therapeutics market include 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. Companies in this market are focused on launching and obtaining approvals for new targeted drugs, expanding their product portfolios.
In June 2024, Bristol Myers Squibb announced that the U.S. Food and Drug Administration (FDA) granted accelerated approval to Augtyro (repotrectinib) for treating adult and pediatric patients aged 12 and above suffering from solid tumors that have a neurotrophic tyrosine receptor kinase (NTRK) gene fusion. This approval applies to patients with locally advanced or metastatic tumors, where surgical resection is likely to result in severe morbidity, and who have progressed following treatment or have no satisfactory alternative therapy.
The targeted therapeutics market is segmented based on type, application, and distribution channel. The type segment includes monoclonal antibodies (angiogenesis inhibitors, HER-2 targeted agents, and anti-CD20 monoclonal antibodies) and small molecules (tyrosine kinase inhibitors). The application segment includes breast cancer, colorectal cancer, leukemia, lung cancer, lymphoma, multiple sclerosis, renal cancer, wet age-related macular degeneration, and others (ovarian cancer, fallopian tube cancer, prostate cancer, and pancreatic cancer). The distribution channel segment includes hospital pharmacies, retail pharmacies, and online pharmacies.
