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 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Targeted cancer therapies are more effective with fewer side effects than traditional chemotherapy drugs, as they specifically target cancer cells while sparing healthy cells. They can treat cancer at the molecular level and have enhanced ability to combat cancer by attacking tumor-specific mutations. Some targeted therapies like Herceptin have emerged as breakthrough drugs for certain cancers.
Weakness: Targeted therapies are suited for cancers with specific molecular alterations or mutations. However, not all cancers have known molecular targets that can be attacked with existing targeted therapies. Developing targeted therapies requires extensive research to identify suitable targets and then develop matching drugs, which makes the process lengthy and expensive.
Opportunity: With advances in cancer genomic research and precision diagnostics, more molecular targets are being identified, enabling development of novel targeted therapies. Growing focus on precision medicine also creates opportunities to further customize treatments based on a patient’s specific tumor genetics. Emerging areas like cancer immunotherapy also hold promise to broaden the treatment landscape.
Threats: Despite initial successes, drug resistance remains a challenge with targeted therapies as tumors evolve methods to evade the drugs over time. Safety issues may also emerge with long-term usage, as diseases like heart toxicity were seen with certain therapies. Economic uncertainties and regulatory challenges can also affect market potential and uptake of new targeted drugs.
Key Takeaways
The Global Targeted Cancer Therapies Market Demand is expected to witness high growth over the forecast period driven by rising cancer incidence globally and increasing adoption of personalized treatment approaches. The market stood at US$ 1603.7 Mn in 2023 and is projected to reach a value of over US$ 3105 Mn by 2030, registering a CAGR of 9.1% during the forecast period.
Regional analysis: North America currently dominates the global targeted cancer therapies market and is expected continue its dominance over the forecast period owing to factors like early adoption of innovative therapies, availability of favorable reimbursement policies, and presence of major players. However, Asia Pacific is anticipated to witness the highest growth during the forecast period owing to rising healthcare expenditure, growing cancer burden and increasing accessibility to advanced treatment options.
Key players
Key players operating in the targeted cancer therapies market are Amgen Inc., AstraZeneca PLC, Bayer AG, Johnson and Johnson, and Merck & Co. Inc. These leading companies are focusing on expanding their product portfolios through acquisitions and collaborations to cater to the growing demand for personalized cancer care.
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