Targeted cancer therapies are drugs which block the growth and proliferation of cancer by interfering with specific molecules such as DNA or proteins, which are involved in the growth or expansion of cancerous cells. Targeted cancer therapies differ in several ways from standard chemotherapy. Standard chemotherapy act on all rapidly dividing cancerous cells as well as normal cells, while targeted cancer therapies act on specific molecular targets that are associated with cancer. Standard chemotherapy agents are cytotoxic that kill tumor cells, while targeted therapies are often cytostatic that blocks tumor cell proliferation. Targeted therapies uses information about a person’s gene and protein to prevent, diagnose, and treat disease, which makes them extremely applicable in the making of precision medicine. Targeted therapy drugs are mainly used for the treatment of cancer, and are mostly used along with another treatments such as chemotherapy, surgery, and radiation therapy.
Targeted cancer therapies market is growing due to the increasing incidences of cancers such as breast cancer, lung cancer, colorectal cancer, gastrointestinal cancer and among others. For instance, according to the American Cancer Society reports nearly 1.7 million new cancer cases are expected to be diagnosed in 2019 in the U.S. Similarly, according to the National Cancer Institute, in 2018, around 1,735,350 new cases of cancer were diagnosed in U.S. and 609,640 people died from the disease.
However, increasing cancer research funding, rising insurance coverage and increase in number of new targeted anti-cancer drugs supports the revenue growth of targeted cancer therapies market. National Cancer Institute, in 2017, spent around US$ 147.3 on cancer care which include lung cancer, colorectal cancer, liver cancer, breast cancer, leukemia, ovarian cancer, uterine cancer, and cervical cancer. Conversely, high prices associated with targeted therapies is expected to hamper the growth of targeted cancer therapies market.
Targeted Cancer Therapies Market Taxonomy:
On the basis of type, the global targeted cancer therapies market is segmented into:
On the basis of application, the global targeted cancer therapies market is segmented into:
Increased cost of therapy is a major constraint factor in the targeted cancer therapies market
Targeted therapy drugs are very expensive, costs more than US$ 14,000 per patient in the initial stage of treatment. For instance, According to the study published in the Journal of Clinical Oncology, in 2017, the drugs used in targeted therapy treatment are expensive and the total treatment by drug is approximately US$5,000 to US$10,000 monthly which totals over US$100,000 annually. According to the American Institute of Cancer Research (AICR), in U.S., cancer treatment costs more than any other disease, accounted for around US$ 895 billion a year and is expected to hinder the growth of the market during the forecast period.
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 Pharmaceutical Research and Manufacturers of America, in 2019, cancer medicines costs approximately 20% of total cancer treatment. Rising cost of targeted oral anticancer medicines is a major factor in rising overall cost of targeted cancer therapies.
Key Players in the Global Targeted Cancer Therapies Market
Some of the key 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.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.View All Our Clients