Targeted cancer therapies market is growing due to the increasing incidences of cancers such as breast cancer, lung cancer, colorectal and among others.
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.
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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. 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. 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.
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. 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. This further propels the targeted cancer therapies market in the near future. Targeted therapy drugs are very expensive, costs more than US$ 14,000 per patient in the initial stage of treatment. Rising cost of targeted oral anticancer medicines is a major factor in rising overall cost of targeted cancer therapies.
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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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