The global small molecule-drug conjugates industry is the market encompassing the targeted therapies linking a therapeutic agent to a targeting ligand via a linker, aimed at delivering drugs directly to diseased cells (primarily cancer) to minimize off-target toxicity. Small molecule-drug conjugates use small molecules as targeting ligands, overcoming limitations of ADC, demonstrating favorable pharmacokinetic properties, enhanced cellular penetration capabilities, and nonimmunogenicity, and exhibiting significant therapeutic potential in solid tumors. They are an emerging class of therapeutics integrating the precision of targeted drug delivery with the potent cytotoxicity of small-molecule drugs.