Global Targeted Therapeutics Market Size, Share, Growth Analysis, By Type(Monoclonal Antibodies and Small Molecule), By Application(Breast Cancer, Colorectal Cancer) - Industry Forecast 2024-2031

Global Targeted Therapeutics Market size was valued at USD 70.57 billion in 2022 and is poised to grow from USD 72.05 billion in 2023 to USD 85.08 billion by 2031, growing at a CAGR of 2.10% during the forecast period (2024-2031).

The market has experienced rapid growth attributed to the increasing popularity and expansion of biologics. Furthermore, the global market is witnessing expansion due to heightened investments in the biotechnology sector. Monoclonal antibodies have emerged as one of the most sought-after treatments resulting from the remarkable growth and advancement in the biologics industry. These targeted therapeutics play a pivotal role in halting the proliferation of tumor cells effectively. Over the forthcoming years, the proliferation of online pharmacies is expected to drive sales of specific therapeutic drugs. Another significant factor poised to influence the industry's growth is the escalating government expenditure on developing advanced healthcare infrastructure across the global targeted therapeutics market. By 2040, an estimated 28.4 million cases are projected worldwide. Moreover, increasing awareness among the population regarding the availability of targeted therapeutics is propelling the expansion of the global market. However, the market growth is expected to be hindered by the side effects associated with targeted therapies and drugs.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Targeted Therapeutics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Targeted Therapeutics Market Segmental Analysis

Global targeted therapeutics market is segmented based on type, application, and region. By type, the market is segmented into Monoclonal antibodies and small molecule. By application, the market is segmented into Breast cancer, colorectal cancer, lung cancer, and renal cancer. By region the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.

Drivers of the Global Targeted Therapeutics Market

The widespread prevalence of cancer serves as the main catalyst for the growth of the targeted therapeutics market. The rising number of smokers contributes significantly to this trend, as smoking is identified as the leading cause of cancer-related deaths globally. In 2021, an estimated 235,760 individuals in the United States alone are expected to receive a lung cancer diagnosis, with approximately 130,000 deaths attributed to lung cancer annually in the country. Moreover, the global increase in smoking prevalence, which has surged by over 19%, underscores that this issue extends beyond the borders of the United States.

Restraints in the Global Targeted Therapeutics Market

Targeted therapies and their corresponding medications play a crucial role in cancer treatment across various applications. Nevertheless, significant health concerns accompany such treatments, posing a potential obstacle to market growth. Common risks associated with targeted therapy include hepatitis, diarrhea, and liver issues like elevated liver enzymes. Additionally, individuals undergoing targeted therapy may experience adverse effects such as hair loss, skin rashes, reduced sperm production, and hypertension.

Market Trends of the Global Targeted Therapeutics Market

Key players in the global therapeutics market are actively engaged in collaboration agreements, acquisitions, and new product launches, all of which are anticipated to drive market growth. Several competitors in this market have implemented expansion strategies to enhance their market presence. For instance, PubMed Inc. has introduced upgraded versions of complement-targeted therapies designed to address various disease and pathological conditions, thereby boosting the sales of complement-targeted therapies.