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Targeted Cancer Therapies Global Market Report 2024: Advancements and Market Growth
Targeted Therapy Market Segments
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According to The Business Research Company's, The targeted therapy market size has grown strongly in recent years. It will grow from $97.72 billion in 2023 to $105.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to advancements in molecular biology, increasing cancer incidence, personalized medicine trend, FDA approvals and regulatory support.
The targeted therapy market size is expected to see strong growth in the next few years. It will grow to $140.77 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to expanding oncology research, rising demand for precision medicine, emergence of immunotherapies, growing investment in biopharmaceuticals, patient awareness and advocacy. Major trends in the forecast period include integration of artificial intelligence (AI) in drug discovery, patient advocacy and involvement in treatment decisions, expansion of companion diagnostics, regulatory support for expedited approvals, increasing investment in biotechnology and pharma.
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Market Drivers and Trends:
The increasing prevalence of cancer is expected to propel the growth of the targeted therapy market going forward. Cancer is a term for conditions where aberrant cells can infect surrounding tissues and divide uncontrollably. Targeted therapy can disable the signals that encourage the growth of cancer cells or signal the cancer cells to self-destruct. It employs medication to specifically target genes and proteins that support the growth and survival of cancer cells, thus increasing its demand. For instance, in September 2021, according to the National Cancer Institute, a US-based government organization that is a part of the National Institutes of Health, reported that 1,806,590 new cancer cases were registered, which indicated a 43% increase from previous year. Therefore, the increasing prevalence of cancer is driving the growth of the targeted therapy market.
Major companies operating in the targeted therapy market are focused on developing new technological solutions to strengthen their position in the market. For instance, in March 2022, Novartis AG, a Switzerland-based multinational pharmaceutical corporation, launched Pluvicto, which was approved by the US Food and Drug Administration (FDA). Pluvicto is the first FDA-approved targeted radioligand therapy (RLT) for eligible patients with mCRPC. It combines a therapeutic radioisotope with a targeted chemical (a radioactive particle). It is a type of targeted cancer therapy in which a therapeutic radioisotope is combined with a targeting chemical. Pluvicto binds to target cells in the circulation, including prostate cancer cells that express the transmembrane protein PSMA. When bonded, the radioisotope's energy emissions injure the target cells as well as other cells in the region, inhibiting replication and/or leading to cell death.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd, Merck & Co Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi SA, Bristol Myers Squibb, AstraZeneca, GlaxoSmithKline plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Gilead Sciences Inc., Amgen Inc., Genmab A/S, Regeneron Pharmaceuticals Inc., Biogen Inc., Vertex Pharmaceuticals Incorporated, Agilent Technologies Inc., Illumina Inc., Incyte Corporation, Sysmex Corporation, Exact Sciences Corporation, Seagen Inc., Exelixis Inc., Seattle Genetics Inc., Genentech Inc., Daiichi Sankyo Company Limited, ChemGenex Pharmaceuticals Ltd
Targeted Therapy Market 2024 Key Insights:
• The targeted therapy market size is expected to see strong growth in the next few years. It will grow to $140.77 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rising Cancer Prevalence Fuels Surge In Demand For Targeted Therapy
• Advanced Targeted Therapy Market With FDA Approval
• North America was the largest region in the targeted therapy market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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