Targeted Therapeutics Market Size, Share, Growth Analysis, By Type(Monoclonal Antibodies and Small Molecule), By Application(Breast Cancer, Colorectal Cancer, Lung Cancer, Renal Cancer), By Region - Industry Forecast 2024-2031

Targeted Therapeutics Market size was valued at USD 70.57 billion in 2022 and is poised to grow from USD 72.05 billion in 2023 to USD 85.08 billion by 2031, growing at a CAGR of 2.10% during forecast period (2024-2031).

targeted therapeutics market is highly competitive with the presence of local as well as companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of targeted therapeutics market. 'Roche Holding AG', 'Novartis AG', 'Amgen Inc.', 'AstraZeneca Plc', 'Merck & Co. Inc.', 'Pfizer Inc.', 'Eli Lilly and Company', 'Bayer AG', 'Bristol-Myers Squibb Company', 'GlaxoSmithKline Plc', 'AbbVie Inc.', 'Biogen Inc.', 'Sanofi S.A.', 'Johnson & Johnson', 'Takeda Pharmaceutical Co. Ltd.', 'Gilead Sciences Inc.', 'Vertex Pharmaceuticals Inc.', 'Teva Pharmaceutical Industries Ltd.', 'Celgene Corporation (a subsidiary of Bristol-Myers Squibb Company)', 'Regeneron Pharmaceuticals Inc.', 'In January 2024, Remix Therapeutics started a strategic collaboration with Roche, which is pointed toward utilizing RNA modulation for novel drug discovery efforts.', 'In October 2023, Medilink Therapeutics uncovered a strategic collaboration and overall license agreement with BioNTech to advance the improvement of the cutting-edge enemy of cancer antibody drug forms.', 'In October 2023, Monte Rosa Therapeutics disclosed a strategic collaboration with Roche to discover novel molecular glue degraders targeting malignant growth and neurological diseases.'

Increasing prevalence of cancer and disposable income of people

Major players in the therapeutics market are heavily involved in collaboration agreements and acquisitions as well as new product launches. These initiatives are expected to fuel the growth of the therapeutics market. Some key competitors in the therapeutics market have adopted expansion strategies. For example, PubMed Inc. has launched its upgraded versions of complement-targeted therapies to cater to various destructive potentials for several diseases and pathological conditions, boosting the sales of complement-targeted therapies.

On the basis of region, targeted therapeutics market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the market. This is because the biologics industry in North America is expanding rapidly. The presence of various biotechnology companies in this sector has contributed significantly to the growth of the market. Also, increased investment, along with government support for the development and expansion of biopharmaceutical manufacturing facilities, is expected to boost the targeted therapeutics market in North America.