Small molecule targeted cancer therapies are drugs designed to block the growth of cancerous cells. Conventional cytotoxic medications and chemotherapies usually destroys rapidly dividing cancer cells by inhibiting cell division process. However, small molecule targeted therapies destroys cancerous cells with fewer side effects and high precision. Small molecule targeted cancer therapies can be used for the treatment of various cancers such as prostate cancer, multiple myeloma, breast cancer, lymphoma, melanoma and other cancers.
Geographically, North America is the leading market due to the rise incancer cases. According to the International Agency for Research on Cancer (IARC), around 13 million new cancer cases has been diagnosed worldwide. Moreover, according to the World Cancer Report, incidence rate of cancer could further rise by 50% to 15 million new cancer cases by 2020. Furthermore, the European and Asian-Pacific regions are expected to witness increased market traction due to commercialization of target oriented economic drugs.
The major factors driving this market are rise in incidence rate of cancer, minimal adverse effects, targeted approach and high adoption rate. Additionally, more number of blockbuster drugs such as Novartis’s Glivec are losing their patents, leaving significant opportunities for manufacturers of targeted cancer drugs. However, high developmental costs, stringent regulatory policies andlow awareness are some of the restraints that could impede the growth of the market.
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Some of the market players in this industry segment are Abbott Laboratories, Bayer HealthCare AG, Boehringer Ingelheim GmbH, CytokineticsInc., GlaxoSmithKline plc, Hospira Inc. , OncoGenex Pharmaceuticals Inc., and others.