LONDON, May 01, 2023 (GLOBE NEWSWIRE) -- The Business Research Company's research on the targeted therapy market forecasts that the market is expected to expand from $97.3 billion in 2022 to $106.7 billion in 2023, at a compound annual growth rate (CAGR) of more than 9%.The targeted therapy market share is then projected to grow to $148.3 billion in 2027 at a CAGR of more than 8%. North America was the largest region in the market in 2022.
The growing incidence of cancer is expected to drive the expansion of the targeted therapy market size in the coming years. According to the American Cancer Society's 2021 report, 1.8 million new cases of cancer were diagnosed in 2020. The National Cancer Institute, a US government organization that is part of the National Institutes of Health, reported a 43% increase in new cancer cases registered in September 2020 compared to 2019.
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Several prominent players operating in the targeted therapy market include Sanofi, Merck & Co., Inc., Pfizer Inc., F. Hoffmann-La Roche Ltd., Amgen Inc., GlaxoSmithKline plc, and AstraZeneca.
New product development is an emerging trend, with major targeted therapy companies focused on creating innovative technological solutions to reinforce their market position. For example, in March 2022, Novartis AG, a Switzerland-based multinational pharmaceutical corporation, introduced Pluvicto, the first targeted radioligand therapy (RLT) approved by the US Food and Drug Administration (FDA) for eligible patients with mCRPC. Pluvicto combines a therapeutic radioisotope with a targeted chemical, or a radioactive particle, to achieve its therapeutic effect.
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The global targeted therapy market is segmented as:
1) By Type: Small Molecule Medicines, Monoclonal Antibodies
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
3) By Application: Breast Cancer, Colorectal Cancer, Leukemia, Lung Cancer, Lymphoma, Renal Cancer, Other Applications
The Business Research Company research's report further provides detailed information on the market segmentation, also covering the market's various sub-segments. The report also includes a competitive landscape analysis of the targeted therapy sector, which highlights the leading players in the industry and their strategies for growth.
Targeted Therapy Global Market Report 2023 by The Business Research Company provides insights on the targeted therapy market size, targeted therapy market segments, targeted therapy market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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