Targeted cancer therapies improve the efficacy and effectiveness of cancer treatment by specifically identifying and attacking cancerous cells while sparing healthy cells. These therapies inhibit the growth and spread of cancer by blocking specific molecular targets that are involved in cancer cell growth, progression, and survival. Some common targeted therapies include monoclonal antibodies, tyrosine kinase inhibitors, therapeutic cancer vaccines, and angiogenesis inhibitors. The global targeted cancer therapies market size was valued at over US$ 1,000 Mn in 2023 and is projected to grow at a CAGR of 15% during the forecast period of 2023 to 2030, according to a new report by Coherent Market Insights.
The global Targeted Cancer Therapies Market is estimated to be valued at US$ 1603.7 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the global targeted cancer therapies market is the increasing focus on Immuno-Oncology. Immuno-oncology therapies aim to activate or assist the patient’s immune system in the fight against cancer. These therapies include immuno-modulatory antibodies, cancer vaccines, and T-cell therapies. Immuno-oncology is a promising area of cancer research as it has shown response rates as high as 80% in some cancers. With its success in some cancers, focus on immuno-oncology is expected to grow significantly in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the targeted cancer therapies market requires high R&D investments and regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is moderate as targeted therapies offerings from key players are differentiated based on cancer type and line of treatment.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of alternatives in the market and developing vertical integration by targeted cancer therapies companies.
Threat of new substitutes: The threat of new substitutes is moderate as research is ongoing to develop advanced personalized therapies.
Competitive rivalry: Competition is high among targeted cancer therapies players to gain higher market share.
Key Takeaways
The Global Targeted Cancer Therapies Market Growth is expected to witness high. The market size is projected to reach US$ 1603.7 Mn by 2023 registering a CAGR of 15% during the forecast period.
Regional analysis: North America dominates the targeted cancer therapies market currently owing to growing cancer incidence, availability of advanced treatment options and favorable reimbursement policies in the region. Asia Pacific is expected to witness fastest growth over the forecast period supported by growing healthcare expenditure, rising awareness and increasing focus on cancer screening in countries like China and India.
Key players: Key players operating in the targeted cancer therapies market are Wacker Chemie, Evonik Industries, Cabot Corporation, Solvay SA, PPG Industries, Madhu Silica, Fuji Silysia Chemical, Tosoh Silica Corporation, Oriental Silicas Corporation etc. These players are focusing on new product launches, collaborations and geographical expansion to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it