Lung cancer is the second most common type of cancer in both men and women, with about 13% of all new cancers projected to be cases of lung cancer. According to the American Cancer Society, the incidence of lung cancer is quite high in the U.S., resulting in more than 142,000 deaths in 2019. The global lung cancer market has been driven by the growing body of cancer research and the rapid growth in the prevalence of lung cancer, which has driven political will to fund cancer research. The rising government support to lung cancer research, as well as rising private investment in the sector, is likely to be a major driver for the global lung cancer market over the forecast period.
Market Research Future (MRFR) has announced a new release on the global Lung Cancer Therapeutics Market Growth projecting the market to reach a valuation of close to USD 37 billion by 2023, rising from a 2016 valuation of USD 15.2 billion at a CAGR of 13.5% over the forecast period from 201 to 2024.
The market features a solid research arm, with several major players involved in a number of research efforts in order to make lung cancer diagnosis smoother and better, and lung cancer treatment more effective.
Additionally, smoking, environmental pollution, and rising cases of infections foster the market, increasing the prevalence of the condition. Moreover, rapidly spreading awareness towards novel treatments available for lung cancer and reimbursements procedures & expanding health insurance are some of the significant growth propellers.
Conversely, inadequate expertise that brings down the cure rates and increases side effects & failure rates of lung transplant surgeries are the major factors impeding the growth of the market. Also, retrieval nature and faster growth of lung cancer that leads to reduced life expectancy, endangering the life of patients restrict the market growth.
- Hoffman-La Roche
- Pfizer Inc.
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- Merck & Co
- Global lung cancer market has been segmented on the basis of type into small cell lung cancer and non-small cell lung cancer. NSCLC more common than small cell lung cancer and has higher prevalence figures.
- On the basis of treatment, the lung cancer market is segmented into surgery, chemotherapy, radiotherapy, photodynamic therapy (PDT), and laser therapy.
- By end use, the market comprises hospitals & clinics, cancer research centers, and laboratories.
North America leads the global lung cancer market with the increasing government support for research & development. The presence of the well-developed healthcare sector and a huge patient population, alongside, the high healthcare spending foster the growth of the market. The lung cancer market in the US, heading with the increasing healthcare spending accounts for the major growth contributor to the regional market.
The lung cancer market in the European region accounts for the second-largest market, globally. Increasing healthcare spending and well-developed healthcare sector drive the growth of the lung cancer market in the region. Rising government support for R&D activities in biologics and biotechnology are substantiating the growth of the market in the region.
The Asia Pacific lung cancer market is increasing owing to the significant advancements in the field of biotechnology and the increasing government support for the R&D activities required for the discoveries of breakthrough treatment and medicines for lung cancer. Additionally, rising healthcare expenditure and rapidly increasing awareness about the availability of the treatment are some of the factors driving the growth in the regional market.