Targeted protein degradation is about to change hands. Today 98% of the market is Revlimid, Pomalyst and their generics; by 2031 next-generation degraders account for two-thirds of it. 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.Targeted protein degradation is about to change hands. Today 98% of the $7 billion market is Revlimid, Pomalyst and their generics; by 2031 next-generation degraders account for two-thirds of a $10.7 billion market.
Market Size and Growth Outlook
This report estimates the global oncology targeted protein degradation market at $7 billion in 2026, growing at 8.8% a year to $10.7 billion in 2031. The steady total hides an almost complete turnover of products.Market Size 2026: USD $7.0B Market Size 2031: USD $10.7B CAGR: 8.8%
Key Market Drivers
- 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 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 and Roche's investments in bexobrutideg and molecular glues show where large companies expect value.
Market Segmentation
The report forecasts the market by modality, indication, target, E3 ligase and product, for 14 countries and regions, from a 2026 base year. Myeloma remains the largest indication, at 61% of the market in 2031.Competitive Landscape
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. Veppanu from Arvinas and Pfizer was the first PROTAC approved, but its narrow ESR1-mutated label limits it, and it is now marketed by Rigel. Roche is the most active large company in the field. Nurix Therapeutics' bexobrutideg must beat established BTK inhibitors and catch up with BeOne's BGB-16673. Johnson & Johnson's Halda platform is still early in prostate cancer, and NATCO Pharma is at the front of the IMiD generic wave. The report profiles 12 companies.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. Approved product registry and 2025 sales benchmarks, generic erosion of the IMiDs, regulatory pathways, a China ecosystem chapter, and 12 company profiles with technology, pipeline, strategy and risks.Table of Contents
Companies Mentioned
- Arvinas
- Bristol Myers Squibb
- C4 Therapeutics
- Halda Therapeutics
- Johnson & Johnson
- Monte Rosa Therapeutics
- NATCO Pharma
- Novartis
- Nurix Therapeutics
- Pfizer
- Rigel Pharmaceuticals
- Roche
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 161 |
| Published | October 2026 |
| Forecast Period | 2026 - 2031 |
| Estimated Market Value ( USD | $ 7 Billion |
| Forecasted Market Value ( USD | $ 10.7 Billion |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |


