Targeted Cancer Drugs Market to Witness Widespread Expansion by 2024

Cancer is a one of the leading cause of death in America and across the globe. The only successful treatment available is chemotherapy. However, chemotherapy drugs available in the targeted cancer drugs market are unable to differentiate between cancerous and noncancerous cells such as intestinal epithelium. However, extensive research has given rise to a new approach to treating the disease, known as targeted cancer therapy. Targeted cancer therapy uses pharmacological agents that inhibit growth, increase cell death, and restrict the spread of cancer; however, it targets specific type of proteins that helps in tumorigenesis. Targeted cancer drugs are therapeutically useful for breast cancer, leukemia, lung cancer, colorectal cancer, and lymphoma. Moreover, new technological development and recent medical advancements have made it possible to analyze the type of cancer and provide customized treatments to the patient.

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The global targeted cancer drug market can be segmented based on drug type, distribution channel, and region. In terms of drug type, the targeted cancer drugs market can be divided into monoclonal antibodies, small-molecules, and immunotoxins. Monoclonal antibodies include drugs such as Bevacizumab (humanized monoclonal antibody with a circulatory system target (VEGF-A), Cetuximab (chimeric monoclonal antibody with a tumor target (EGFR)) and Ipilimumab (fully human antibody with an immune system target (CTLA-4)). Small molecules include Bortezomib (small molecule proteasome inhibitor), Imatinib (small molecule tyrosine kinase inhibitor) and Seliciclib (small molecule cyclin-dependent kinase inhibitor). In terms of the distribution channel, market is divided into drug stores, retail pharmacies, hospital pharmacy, and online sales.

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Rise in the number of newly diagnosed patients, rigorous research & development activities, adverse side effects of conventional chemotherapy, and a rise in public awareness toward chronic illness are major factor driving the growth of targeted cancer drug market. Additionally, favorable reimbursement policies available in developed countries can boost the targeted cancer drugs market growth. However, high cost of the treatment, little to no reimbursement in developing economies, unavailability of the treatment in Asian countries such as India, and a shortage of skilled professionals are some factors restraining the growth of the targeted cancer drugs market.

Opportunities available in order to make the treatment more convenient for the patients and to dominate targeted cancer drugs market includes the introduction of robotics and automation for surgeries, more emphasis towards painless treatment and increasing population of smokers and drug addicts. In 2015, the National Cancer Institute stated that nearly 221,200 Americans were diagnosed with lung cancer, and around 158,040 succumbed to the disease. Metastatic non-small cell lung cancer (NSCLC) is the most common type of lung cancer, which occur due to a mutation in EFGR gene. Recent FDA approval of the Pfizer’s CD22-targeted cancer drug Besponsa (inotuzumab ozogamicin) in August, 2017, for the treatment of adults with relapsed or refractory B-cell precursor acute lymphoblastic leukemia, and for considering targeted therapy as a first-line treatment for patients with a type of metastatic lung cancer in July 2015, can strengthen the growth of the targeted cancer drug market.

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Geographically, the global targeted cancer drug market is divided into North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. North America dominates the global targeted cancer drugs market accounting for the largest targeted cancer drugs market share due to increasing incidence of cancer. Increased demand of targeted therapies has been observed in developed countries in Europe such as Germany and France. Recent approvals for Afinitor and Jevtana drugs in Japan and increasing demand for targeted cancer drugs from countries such as China, are expected to boost the Asia Pacific targeted cancer drugs market. Middle East is expected to show moderate growth for targeted cancer drugs market over the coming years.
However, affordability and lack of technology can restrain the growth of targeted cancer drugs market in the underdeveloped regions of Africa and Latin America. Despite these reasons the targeted cancer drugs market in these regions is expected to witness slow growth owing to the contribution from developing countries such as Brazil and South Africa.

F.Hoffmann-La Roche, Novartis, and Pfizer are the top three players in the targeted cancer drugs market. Other players include Bayer, GlaxoSmithKline, Sanofi, Amgen, Merck, and Bristol-Myers Squibb.

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