Targeted Protein Degradation in Oncology Markets

Targeted Protein Degradation in Oncology: Market Forecast, Competitive Landscape and Strategic Opportunities, 2027–2031

Global forecasts by modality, indication, target, E3 ligase and product, with country and regional breakouts and 12 company profiles.

Our Take

Targeted protein degradation is about to change hands. Today 98% of the $7.0 billion market is Revlimid, Pomalyst and their generics; by 2031 next-generation degraders account for two-thirds of a $10.7 billion market. CELMoDs hold the myeloma franchise for Bristol Myers Squibb, but the real growth is in PROTAC-type degraders for BTK and the androgen receptor that are still in Phase 3, and the first approved PROTAC, Veppanu, shows that approval alone does not make a commercial success.

Situation Analysis: what is really happening

• The IMiD franchise is going generic. Revlimid and Pomalyst, with their generics, fall from $6.4 billion to $3.4 billion as U.S. generic pomalidomide follows lenalidomide.
• CELMoDs hold myeloma. Zenbexus (iberdomide) won accelerated approval in August 2026 and mezigdomide has an FDA decision in May 2027. Together they reach $3.0 billion and keep myeloma revenue almost flat.
• The growth is in PROTACs still in Phase 3. The BTK degraders BGB-16673 and bexobrutideg and the androgen receptor degrader BMS-986365 drive PROTACs from $8 million to $3.3 billion. Their approval timing is the largest risk to the forecast.
• Big pharma is buying platforms. J&J's $3.05 billion Halda acquisition, Roche's upfront of more than $700 million for bexobrutideg and its October 2026 Defand deal show where large companies expect value.

Company Analysis: who is positioned, who is exposed

• Bristol Myers Squibb: Owns both the IMiD franchise and its replacements, Zenbexus, mezigdomide and BMS-986365, and remains the leader in oncology degraders throughout the forecast.
• Arvinas, Pfizer and Rigel: Veppanu was the first PROTAC approved, but its narrow ESR1-mutated label led Arvinas and Pfizer to license it to Rigel for $70 million upfront.
• Roche: The most active dealmaker, with Nurix's BTK degrader, C4's degrader-antibody conjugates and a new molecular glue deal with China's Defand.
• Nurix Therapeutics: Bexobrutideg, co-developed with Roche, must beat established BTK inhibitors and catch up with BeOne's more advanced BGB-16673.
• Johnson & Johnson / Halda: A $3.05 billion bet on the RIPTAC induced-proximity platform, still early in prostate cancer.
• NATCO Pharma: First with U.S. generic pomalidomide, with shared 180-day exclusivity, and at the front of the IMiD generic wave.

Plus 3 more company profiles covering molecular glue platform companies and big pharma partners.

Questions this report answers

• How fast will Revlimid and Pomalyst revenue fall as generics spread?
• Can CELMoDs replace the IMiD franchise in multiple myeloma?
• Which PROTACs will reach the market by 2031, and how large can they become?
• Will BTK and androgen receptor degraders beat the inhibitors they aim to replace?
• How fast is China moving in degraders and generic IMiDs?
• Is cereblon still the only E3 ligase that matters commercially?

What’s inside

• 161 pages, 23 chapters, 34 tables and 55 figures
• 12 company profiles with technology, pipeline, strategy and risks
• Forecasts 2027–2031 from a 2026 base (actual) year, by modality, indication, target, E3 ligase and product, for 14 countries and regions
• Approved product registry and 2025 sales benchmarks
• Generic erosion of the IMiDs, regulatory pathways, and a China ecosystem chapter
• Delivered as 3 files: full report PDF, Situation Analysis PDF, and Excel workbook of all charts and tables
• Download the Table of Contents (PDF)

Who buys this report

• Business development and licensing teams: find platform and asset partners and track who leads each modality.
• Investors and equity analysts: model the IMiD generic decline and the timing of next-generation launches.
• Degrader developers: choose the targets, E3 ligases and indications with the most room to grow.
• Generic manufacturers: size the lenalidomide and pomalidomide generic opportunity.

Licences and support

Your order is delivered to your inbox immediately. Every licence includes unlimited questions to the analyst and custom data breakouts, including any country not shown. Single User, Five User and Enterprise licences contain the same report; they differ only in how many people may use it.

About the author

Greg Powell, B.Sc., M.B.A., has worked in laboratory testing and management for more than 20 years, with executive training at Harvard Business School and the Burke Institute.