Global Targeted Therapeutics Market By Type (Monoclonal Antibodies and Small Molecule Medicines), By Application (Breast Cancer, Colorectal Cancer, Lymphoma, Renal Cancer, Leukemia, Lung Cancer, and Others), By Distribution Channel (Retail Pharmacies, Hospital Pharmacies, and Online Pharmacies), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

The Global Targeted Therapeutics Market size is expected to be worth around USD 152.9 billion by 2033 from USD 79.2 billion in 2023, growing at a CAGR of 6.8% during the forecast period 2024 to 2033.

Growing advancements in molecular biology and genomics have catalyzed the development of targeted therapeutics, which focus on precise intervention at the molecular level. This approach has significantly enhanced the treatment of various malignancies and chronic diseases by targeting specific molecular mechanisms. The targeted therapeutics market benefits from innovations in personalized medicine, which offer tailored treatments based on individual genetic profiles.

Recent trends show an increase in the application of these therapies across oncology, neurology, and rare genetic disorders, driven by the growing prevalence of conditions such as lung cancer. According to the International Agency for Research on Cancer, lung cancer remains the leading cause of cancer deaths, representing about 18% of global cancer fatalities, underscoring the need for effective targeted therapies. Opportunities in this market also arise from advancements in biomarker discovery and the integration of artificial intelligence in drug development.

Furthermore, the surge in clinical trials and partnerships between biotechnology firms and pharmaceutical companies accelerates the availability of novel treatments. As the demand for more effective and less invasive therapies grows, targeted therapeutics continue to evolve, promising significant improvements in patient outcomes and expanded treatment options.

Key Takeaways

• Market Size: Global Targeted Therapeutics Market size is expected to be worth around USD 152.9 billion by 2033 from USD 79.2 billion in 2023.
• Market Growth: The market growing at a CAGR of 6.8% during the forecast period 2024 to 2033.
• Type Analysis: The monoclonal antibodies segment led in 2023, claiming a market share of 55.5%.
• Application Analysis: The lung cancer held a significant share of 29.5% due to the increasing incidence of lung cancer.
• Distribution Channel Analysis: The hospital pharmacies segment had a tremendous growth rate, with a revenue share of 51.5%.
• Regional Analysis: North America dominated the market with the highest revenue share of 41.2% in 2023.
• Precision Medicine Focus: The market emphasizes personalized treatment approaches tailored to individual genetic profiles.
• Rising Demand: Growing global prevalence of chronic diseases and cancers drives demand for targeted therapeutics.
• Regulatory Support: Increased FDA approvals for targeted therapies underline strong regulatory backing.
• High Investment: Pharmaceutical firms are investing heavily in R&D to expand their portfolios of targeted therapeutics.

By Type Analysis

The monoclonal antibodies segment led in 2023, claiming a market share of 55.5% owing to advancements in monoclonal antibody technology, which has led to the development of more effective treatments for a variety of diseases. Increased investment in research and development, coupled with rising demand for personalized medicine, is expected to further propel this growth.

Additionally, the expanding applications of monoclonal antibodies in treating cancer, autoimmune diseases, and infectious diseases are anticipated to contribute significantly to the segment’s expansion. The development of novel therapies and biosimilars is likely to enhance market competition and drive innovation, further supporting the growth trajectory of this segment.

By Application Analysis

The lung cancer held a significant share of 29.5% due to the increasing incidence of lung cancer globally and the rising prevalence of smoking-related diseases. Enhanced research efforts leading to the development of more targeted and effective treatments are expected to drive this segment’s growth.

Additionally, the growing adoption of immunotherapy and targeted therapy for lung cancer is projected to support the segment’s expansion. The high unmet medical need for effective lung cancer treatments, coupled with increasing investment in oncology research, is likely to accelerate the development and market availability of novel therapeutic options for lung cancer.

By Distribution Channel Analysis

The hospital pharmacies segment had a tremendous growth rate, with a revenue share of 51.5% owing to the increasing complexity of targeted therapies, which often require specialized storage and handling that hospital pharmacies can provide. The rising preference for personalized medicine and the need for on-site pharmaceutical care are expected to bolster the role of hospital pharmacies.

Additionally, the growth of hospital-based oncology departments and the expanding range of specialty drugs administered in hospitals are anticipated to contribute to this segment’s expansion. The focus on patient safety and adherence to therapy is likely to further support the growth of hospital pharmacies in the distribution of targeted therapeutics.

Key Market Segments

By Type

• Monoclonal Antibodies
• Small Molecule Medicines

By Application

• Breast Cancer
• Colorectal Cancer
• Lymphoma
• Renal Cancer
• Leukemia
• Lung Cancer
• Others

By Distribution Channel

• Retail Pharmacies
• Hospital Pharmacies
• Online Pharmacies

Drivers

Growing Prevalence of Cancer

Growing incidence rates of cancer are significantly driving the expansion of the targeted therapeutics market. According to the World Health Organization (WHO), approximately 1.3 billion people globally use tobacco products, with 80% residing in middle- and low-income countries. The International Agency for Research on Cancer (IARC) reported 20 million new cancer cases in 2022, underscoring the urgent need for advanced treatment options.

The WHO further estimates that 20% of the global population will develop cancer in their lifetime. This escalating burden of cancer intensifies the demand for innovative treatments, including targeted therapeutics designed to address specific molecular targets associated with cancer. The heightened prevalence of cancer cases thus fuels the market growth for these specialized therapies.

Restraints

High Cost of Targeted Therapeutics

High costs associated with targeted therapeutics are likely to impede market growth. These advanced treatments often involve complex development processes and high production expenses, leading to elevated prices for end-users. The substantial financial burden of these therapies can limit accessibility, particularly in lower-income regions and among patients with limited financial resources.

This financial constraint hampers widespread adoption and reduces market penetration, thus acting as a significant restraint. As targeted therapies continue to evolve, addressing cost-related challenges will be crucial to ensuring broader accessibility and achieving market growth.

Opportunities

Increasing Demand for Small Molecule Drugs

Rising demand for small molecule drugs presents a significant opportunity for the targeted therapeutics market. In 2022, the FDA approved approximately 89 anti-tumor small molecule drugs, reflecting a growing trend toward this segment of targeted therapies. The increasing preference for small molecules, due to their ability to penetrate cells and effectively target specific cancer pathways, is expected to propel market growth.

The innovation and development in this area are anticipated to drive the expansion of the targeted therapeutics market, as these drugs offer precise treatment options and are projected to play a critical role in the therapeutic landscape.

Impact of Macroeconomic / Geopolitical Factors

Macroeconomic and geopolitical factors significantly influence the market for targeted therapeutics. Economic stability often determines investment levels and research funding, with downturns potentially curbing the development of innovative treatments due to reduced capital availability.

Conversely, economic growth usually boosts investments in healthcare and pharmaceuticals, fostering advancements in targeted therapies. Geopolitical tensions, such as trade disputes and regulatory changes, can disrupt global supply chains, impacting the availability of key raw materials and the distribution of drugs.

However, strategic partnerships and collaborations between international firms can mitigate these challenges, ensuring continued progress. The increasing focus on global health initiatives and the rising prevalence of chronic diseases drive the demand for advanced therapeutics, ultimately supporting market growth and fostering innovation despite economic and political uncertainties.

Latest Trends

Surging Popularity of Neoantigen Cancer Immunotherapy

The rising popularity of neoantigen cancer immunotherapy drives the targeted therapeutics market significantly. This trend gains momentum as new data, such as the positive translational phase 1b results of NOUS-PEV presented by Nouscom at the AACR conference in April 2023, highlight the effectiveness of personalized treatments.

Neoantigen-based therapies, tailored to individual cancer profiles, promise improved patient outcomes and fewer side effects compared to conventional treatments. As clinical trials demonstrate the potential of these therapies to revolutionize cancer treatment, investment and research in neoantigen immunotherapy are projected to increase.

This growing interest is expected to drive further advancements and expand market opportunities in targeted therapeutics, ultimately contributing to more effective and personalized cancer care.

Regional Analysis

North America is leading the Targeted Therapeutics Market

North America dominated the market with the highest revenue share of 41.2% owing to a combination of increasing cancer incidence and advancements in treatment technologies. According to the American Cancer Society, the U.S. reported approximately 1.95 million new cancer cases in 2023, reflecting a rising demand for innovative treatment options.

Similarly, Statistics Canada documented 233,900 cancer cases in 2022, underscoring a persistent need for effective therapies. The expansion of the targeted therapeutics market in North America can be attributed to heightened research and development activities, increased funding for oncology research, and the approval of novel targeted therapies.

Additionally, the growing emphasis on precision medicine and personalized treatment approaches has further fueled market growth, as these therapies offer more effective and less toxic alternatives compared to traditional treatments.

The Asia Pacific region is expected to experience the highest CAGR during the forecast period

During the forecast period, the targeted therapeutics market in the Asia Pacific region is anticipated to grow substantially. Southeast Asia reported 2.2 million new cancer cases and 1.4 million cancer-related fatalities in 2020, as stated by the WHO, highlighting a significant cancer burden that drives demand for advanced treatment options. The market is expected to expand due to rising cancer incidence, increasing healthcare investments, and enhanced access to cutting-edge therapies.

Additionally, rapid advancements in biotechnology and a growing emphasis on personalized medicine are projected to accelerate market growth. The introduction of new targeted therapies and supportive government policies are likely to further propel the market, making it an attractive region for investment and innovation in the coming years.

Key Regions and Countries

North America

• US
• Canada

Europe

• Germany
• France
• The UK
• Spain
• Italy
• Russia
• Netherland
• Rest of Europe

Asia Pacific

• China
• Japan
• South Korea
• India
• Australia
• New Zealand
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA

Key Players Analysis

The major players in the targeted therapeutics market are actively engaged in the development and introduction of innovative products, as well as implementing strategic initiatives aimed at enhancing their competitive positioning. Key players in the targeted therapeutics market employ several strategies to drive growth, including investing heavily in research and development to pioneer innovative treatments and expand their portfolios.

Strategic collaborations and partnerships with academic institutions and biotech firms facilitate access to cutting-edge technologies and novel drug candidates. Additionally, these companies leverage mergers and acquisitions to enhance their market position and integrate advanced capabilities.

Market expansion into emerging economies is pursued to tap into new revenue streams, while tailored marketing and educational campaigns help to increase market adoption. Regulatory strategy is also crucial, as companies work closely with regulatory bodies to accelerate the approval of their products.

Top Key Players

• Pfizer, Inc.
• AstraZeneca Plc.
• Amgen, Inc.
• Hoffmann-La Roche & Co.
• Genentech, Inc.
• Agenus, Inc.
• Adaptive Biotechnologies
• Arcus Biosciences, Inc.
• Janssen
• Moderna

Recent Developments

• In May 2023, Moderna presented Phase 2 clinical trial data for mRNA-4157 (V940), an investigational individualized neoantigen therapy, at the 2023 American Society of Clinical Oncology (ASCO) Annual Meeting. This data presentation signifies a notable advancement in personalized cancer treatment, highlighting the growing role of mRNA-based therapies in oncology and underscoring the expansion of the targeted therapeutics market through novel and personalized treatment approaches.
• In May 2023, Adaptive Biotechnologies announced the FDA acceptance of Genentech’s investigational new drug application for the first neoantigen-directed T-cell therapy product focused on oncology.
• In May 2023, Adaptive Biotechnologies announced that the U.S. FDA had accepted Genentech’s investigational new drug application for a pioneering neoantigen-directed T-cell therapy product. This acceptance reflects significant progress in the development of targeted immunotherapies and represents a critical step in advancing personalized oncology treatments, contributing to the burgeoning market for innovative and precise therapeutic solutions.
• In May 2021, the U.S. FDA approved Janssen’s Rybrevant (amivantamab), a bispecific antibody targeting epidermal growth factor (EGF) and MET receptors, for adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 20 insertion mutations. This approval marked a significant milestone in the field of targeted therapeutics by introducing a new treatment option for a specific subset of NSCLC patients, thereby expanding the therapeutic arsenal for targeted cancer treatments and reinforcing the market’s growth trajectory.

Report Scope