The State of TPD: Where the Market Stands, and Where It’s Headed
The 2025 TPD Landscape Review delivers a comprehensive analysis of the global targeted protein degradation ecosystem. The report examines how the field evolved across 2025, a year marked by continued clinical expansion, record trial initiations, a third FDA-approved SERD, and growing diversification beyond traditional PROTAC approaches. With 215 assets now active in the clinic, the clinical pipeline continues to mature, even as the majority of assets remain in preclinical development.
Beyond drug pipelines, the review explores dealmaking trends, regulatory developments, and the strategic shifts shaping the next generation of degraders. Providing you with a data-driven outlook on where TPD is headed next.
The Drug Landscape
Explore the full developmental breakdown of 2,496 TPD assets across therapeutic classes and indications. This section analyzes modality trends, from the continued dominance of bivalent degraders to the stronger clinical progression of monovalent degraders, alongside new asset growth in 2025.
The Trial Landscape
Dive into the evolving clinical footprint of TPD, with 2025 marking a record 431 trial initiations, a 25% increase year-on-year. This section examines phase distribution trends, the bottleneck in late-stage progression, geographic shifts with China emerging as a key clinical hub, and the modalities driving advancement.
The Commercial Landscape
Unpack the strategic and financial dynamics shaping the field. While total deal volume declined in 2025, aggregate deal value rose 24% to exceed $40 billion, signaling prioritization of differentiated platforms and validated technologies.
Regulatory Announcement
Review the regulatory milestones that defined 2025, including FDA approval of imlunestrant, expanding the SERD class and reinforcing TPD’s therapeutic validation. This section tracks key designations, discontinuations, and regulatory signals that are influencing both clinical strategy and investor confidence.
The Future of TPD
Assess the next chapter of protein degradation. With the first PROTAC approval anticipated in 2026, this section outlines the assets to watch and the scientific shifts that will determine whether TPD can expand beyond its current effector limitations and unlock broader therapeutic reach.
Previous TPD Landscape Reviews
TPD 2025 H1 Landscape Review
An analysis of the TPD landscape in H1 of 2025
TPD 2024 H1 Landscape Review
An analysis of the TPD landscape in H1 of 2024
TPD 2024 Landscape Review
An analysis of the TPD landscape in 2024
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