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Targeted Cancer Therapies Market Estimated to Experience a Hike in Growth by 2025
Targeted cancer therapies market comprises of the drugs used as precision medicine for treating malignant and benign tumours. Many drugs in targeted cancer therapies have been approved by FDA to treat various types of cancer and have been commercialized, whereas numerous cancer therapies are being studied in clinical trials and many are in preclinical testing.
Targeted cancer therapies market is growing, this is attributed to increasing prevalence of various types of cancers such as lung cancer, breast cancer, colorectal cancer, prostate cancer, lymphoma, leukaemia, melanoma etc. Also increasing awareness regarding molecular diagnostic techniques such as liquid biopsy to detect malignancy is expected to drive the market for targeted cancer therapies over the forecast period. Growing healthcare expenditure, and rising insurance coverage, aids in the revenue growth of targeted cancer therapies market. Increasing number of new targeted anti-cancerous drugs also drives the market for targeted anti-cancer drugs. However higher pricing of these drugs along with higher pricing of the molecular diagnostic tests to detect cancer is expected to hamper the growth of the targeted cancer therapies market over the forecast period.
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Targeted cancer therapies market revenue is expected to grow at a significant rate, over the forecast period. The market is anticipated to perform well in the near future due to increasing awareness regarding various cancer types and their treatment protocols. Also the targeted cancer therapies market is expected to expand globally due increasing prevalence of cancer and increasing preference of oncologists to prescribe targeted anti-cancer drugs for the patients. The targeted therapies for lung cancer is anticipated to grow with a fastest CAGR over the forecast period, attributed to increasing number of smokers globally. Increasing competition among anti-cancer drug manufacturers, increasing investment in R&D and increasing number of new drug launches are the major factors estimated to drive the revenue growth of targeted cancer therapies market.
Depending on geographic region, the targeted cancer therapies market is segmented into five key regions: North America, Latin America, Europe, Asia Pacific (APAC) and Middle East & Africa (MEA).
North America is occupying the largest regional market share in the global targeted cancer therapies market owing to the presence of more number of market players, high patient awareness levels, increasing healthcare expenditure and relatively larger number of R&D exercises pertaining to drug manufacturing and marketing activities in the region. Also Europe is expected to perform well in the near future due to increasing inclination of oncologists and physicians in the region prescribing targeted anti-cancerous drugs to the patients suffering from cancer.
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Asia Pacific is expected to grow at the fastest CAGR because of increasing prevalence of different types of cancers in the region, thus boosting the market growth of targeted cancer therapies market throughout the forecast period.
Key players of targeted cancer therapies market includes Abbott Laboratories, Bayer HealthCare AG, GlaxoSmithKline plc, OncoGenex Pharmaceuticals Inc., Hospira Inc., Boehringer Ingelheim GmbH, AstraZeneca, Aveo Pharmaceuticals and many more. The companies in targeted cancer therapies market are increasingly engaged in strategic partnerships, collaborations, mergers and acquisitions to capture a greater pie of market share as the market is in the nascent stage.
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