VANCOUVER, BC, Nov. 17, 2021
VANCOUVER, BC, Nov. 17, 2021 /PRNewswire/ -- The global targeted therapeutics market size was USD 93.75 Billion in 2020. Increasing prevalence of cancer, rapid growth of the global geriatric population, high demand for precision medicines, and rising healthcare expenditure are some key factors expected to drive market revenue growth over the forecast period.
Drivers: Rising Demand for Precision Medicine in Cancer Treatment
Demand for precision medicine for cancer treatment has been increasing steadily and is a key factor driving revenue growth of the global targeted therapeutics market. As precision medicine takes into account individual patient's genetic makeup, it helps in overcoming various limitations associated with traditional medicine. Precision medicine, such as targeted therapeutics, helps healthcare providers to shift focus from reaction to prevention and it has been significantly successful in patients with advanced stages of cancer. Targeted therapeutics, with developments in molecular profiling, are being used for multiple tumors, particularly in advanced Non-small-cell Lung Cancer (NSCLC), melanoma, and various kinds of leukemia. As chemotherapy is cytotoxic to different cells leading to destruction of healthy, normal cells, along with cancer cells, demand for targeted therapeutics drugs is rising as these drugs function by blocking cancer cells from spreading.
Restraints: Side-effects and Limitations of Targeted Therapeutics
Concerns associated with side-effects and limitations of targeted therapeutics may hamper market growth over the forecast period. Liver problems and diarrhea are two major side-effects associated with targeted therapeutics. Various other side-effects include issues with wound healing and blood clotting, high blood pressure, mouth sores, hair color loss, fatigue, paronychia and periungual pyogenic granulomas, and skin problems, especially dry or rash skin. Also, one of the limitations of targeted therapeutics is that cancer cells may become resistant to such therapies. Another vital limitation related with targeted therapeutics is that drugs intended for certain identified targets are difficult to develop, owing to the target's structure or cellular function.
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The global targeted therapeutics market size is expected to reach USD 162.89 Billion and register a revenue CAGR of 7.1% over forecast period. Growing use of targeted therapeutics in the field of personalized medicine for the treatment of cancer is fueling market revenue growth. Increased research & development of tumor heterogeneity has also resulted in the identification of specific targets to improve treatment effectiveness.
COVID-19 Direct Impacts
COVID-19 has substantially impacted targeted therapeutics market growth due to implementation of lockdown norms, reduced visits to clinics, and decreased or postponed diagnosis of cancer treatment, owing to the high priority given to COVID-19 treatment in various healthcare facilities. Also, logistic restrictions have affected the supply of components, drugs, and devices required for diagnosing cancer, thereby hindering market revenue growth.
Current Trends and Innovations
Rising disposable income, particularly in Asia Pacific, and increasing awareness about early cancer diagnosis are some key factors driving market revenue growth. Additionally, rising awareness about molecular diagnostic methods, including liquid biopsy to identify malignancy, is expected to drive market revenue growth to a significant extent in the near future.
Targeted therapeutics market in Asia Pacific is expected to register fastest revenue CAGR over the forecast period, attributed to rising disposable income, increasing initiatives by government bodies to develop more advanced healthcare infrastructure in emerging economies, and higher investment in research & development of novel therapeutics for cancer treatment. Additionally, increasing geriatric population in the region is expected to drive market growth.
In August 2021, Eli Lilly and Company entered into a licensing agreement with Lycia Therapeutics, Inc. emphasized on research, development, and commercialization of innovative targeted therapeutics deploying proprietary Lysosomal Targeting Chimera (LYTAC), which is a protein degradation technology by Lycia. This technology is used to target the unexploited extracellular proteome such as cell secreted proteins and surface receptors. The LYTAC platform allows development of numerous therapeutic modalities such as small molecules and antibodies, to impede many targets formerly considered intractable for various therapeutic areas and diseases.
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Some Key Highlights From the Report
Emergen Research has segmented global targeted therapeutics market on the basis of therapy, disease indication, end-use, and region:
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