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Targeted Cancer Therapies Market Status, Competition & Companies, Growth Opportunities, Top Key Players and Forecast by 2026

Targeted cancer therapies work by blocking the growth and proliferation of cancer as they interfere with specific molecules such as DNA or proteins, which are involved in the growth or expansion of cancerous cells. There are major differences in targeted cancer therapies and standard chemotherapy. Standard chemotherapy acts on all rapidly dividing cancerous cells as well as normal cells. However, targeted cancer therapies only target cells that are associated with cancer. Standard chemotherapy agents are cytotoxic, which eliminate tumor cells. However, targeted therapies are often cytostatic and focus on blocking tumor cell proliferation. In targeted therapy, information about a person’s gene and protein is used to prevent, diagnose, and treat a disease. Such approach makes targeted therapies viable in making precision medicine. The primary use of targeted therapies is in the treatment of cancer and are mostly used along with another treatments such as chemotherapy, surgery, and radiation therapy.

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Increasing prevalence of cancer such as breast cancer, lung cancer, colorectal cancer, and gastrointestinal cancer is a major factor boosting growth of the market. For instance, according to the National Cancer Institute, in 2016, around 1,685,210 new cases of cancer were diagnosed in U.S. and 5,95,690 people died from the disease. Moreover, increasing investment in R&D in cancer research, growing insurance coverage, and increasing number of new targeted anti-cancer drugs is also expected to propel growth of the market. For instance. In 2015, National Cancer Institute spent around US$ 4,480 million on cancer research, which include lung cancer, colorectal cancer, liver cancer, breast cancer, leukemia, ovarian cancer, uterine cancer, and cervical cancer. According to the American Cancer Society, the U.S. has spent around US$ 87.8 billion in 2014 on cancer research, in which the major cost accounting for around 44%, was paid by private insurance companies.

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Targeted Cancer Therapies Market Taxonomy:

On the basis of type, the global targeted cancer therapies market is segmented into:

  • Monoclonal antibodies
  • Immunotherapy
  • Antibody-Drug Conjugate (ADC)
  • Others

On the basis of application, the global targeted cancer therapies market is segmented into:

  • Breast cancer
  • Colorectal cancer
  • Lung cancer
  • Melanoma
  • Gastrointestinal
  • Others (Leukemia, Lymphoma, Prostate cancer)

High cost of targeted cancer therapies is expected to hinder the market growth

High cost of targeted therapies is expected to hinder growth of the targeted cancer therapies market. According to the American Institute of Cancer Research (AICR), in the U.S., cancer treatment costs more than any other disease, accounted for around US$ 895 billion a year. According to the study published in the Journal of Clinical Oncology, in 2015, targeted therapies accounted for 63% of the all chemotherapy expenditures in the U.S. in 2011. Targeted therapy drugs are very expensive and cost more than US$ 14,000 per patient in the initial stage of treatment. Various insurance companies cover the targeted therapy drugs that are taken orally according to the prescription. However, drugs that are given intravenously are covered in a different way by insurance plans, wherein patient end up paying more money. According to report published in the Journal of Clinical Oncology, in 2015, expenditure for cancer drugs has significantly increased to around US$ 200 for oral drugs per patient per month and around US$ 900 for targeted intravenous anti-cancer therapy per month. According to a study by US National Bureau of Economic Research, in 2015, prices of cancer drugs have increased 10% every year between 1995 and 2013. Rising cost of targeted oral anticancer medicines is a major factor in rising overall cost of targeted cancer therapies.

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Key Players in the Global Targeted Cancer Therapies Market

Major players operating in the targeted cancer therapies market include, Abbott Laboratories, Bayer AG, Boehringer Ingelheim GmbH, GlaxoSmithKline plc., AstraZeneca PLC, OncoGenex Pharmaceuticals Inc., Pfizer, Inc., AVEO Pharmaceuticals Inc., and Cytokinetics Inc.

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Last Updated: 07-Dec-2020