It is expected that the global Lung Cancer Therapeutics Market will prosper during the forecast period, growing at a total CAGR of 13.4% from 2022 to 2032. By 2026, it is anticipated that the global market would be worth US$ 48,725.9 million. The lung cancer therapeutics market is anticipated to grow along with increased regulatory approvals and European acceptance of contemporary treatments. The acceleration of lung disease prevalence and chemotherapy’s dominance in developing nations like China and India are propelling the market for lung cancer therapies forward.
The rise in lung cancer awareness in both developed and developing economies, the development of new medical diagnostic tools and better therapies, as well as the rise in lung cancer diagnoses, have all contributed to the growth of the lung cancer therapeutics market. Lung cancer therapy demand is being driven by increased investment in research and innovation with the aid of major companies. The increased emphasis on research projects as a result of the rising incidence of lung cancer is mostly to blame for the market shift.
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Due to a large increase in lung cancer rates, it is projected that the global market for lung cancer therapies will grow rapidly. The availability of highly effective drugs, a rising geriatric population, an increase in the prevalence of unhealthy lifestyles, and a rising need for customised therapy are all factors driving the global lung cancer therapies market. The demand for lung cancer therapies is also being fueled by the development of nanomedicine to treat lung cancer and the rising number of approvals in the market for lung cancer treatments. The demand for lung cancer medications is being constrained by the rising cost of specialised drugs and advanced immunotherapies in nations like Japan.
Key Takeaways:
- Lung cancer is considered a malignant tumor that is characterized by the uncontrolled growth of cell tissues within the lung. It is known as the second most commonly diagnosed disease among the majority of the population and comprises the highest mortality rate of all cancers in both men and women. Thus, with the rise in the incidence rate of lung cancer, the demand for lung cancer therapeutics is also expected to grow during the study period.
- The surge in incidences of lung cancer is attributed to the rising smoking population which is likely to be one of the major factors driving the growth of the lung cancer therapeutics market. The risk of lung cancer is tenfold higher in smokers as compared to non-smokers.
- The launch of high-priced drugs along with the new innovative radiation therapies with rising incidences of NSCLC is the major driving factor for the growth of the lung cancer therapeutics market. However, the generalization of the major drugs might restrict the demand for lung cancer therapeutics.
- On the basis of cancer cell types, lung cancer is broadly segmented as small-cell lung cancer paired with non-small cell lung cancer (NSCLC). The NSCLC segment accounts for approximately 80 to 90% of all lung cancers.
- In terms of cell shape and size, NSCLC is further divided into three subtypes they are adenocarcinoma, large-cell carcinoma, and squamous cell carcinoma. These NSCLCs are primarily treated with surgeries. At the same time, chemotherapy is increasingly used for both the pre-operative and post-operative treatment of patients.
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Competitive Landscape:
Key players in the global lung cancer therapeutics market are rapidly adopting various strategies in order to expand their product portfolio along with increasing their geographical presence for demand for lung cancer therapeutics. Some of the key strategies used by players in the global lung cancer therapeutics market include product innovation, partnerships and alliances, and mergers.
More Insights into the Lung Cancer Therapeutics Market:
On the basis of geographical segment, the North American region is anticipated to dominate the global lung cancer therapeutics market over the assessment period. According to the reports launched by Lung Disease Research Funding, approximately 75,000 people in the U.S. die because of lung injury every year.
The United States is considered one of the largest markets for NSCLC owing to the high incidence rate rise in the aging population. Furthermore, the advent of technologically new treatment therapies such as targeted drug therapy, and stereotactic are aiding the growth of the lung cancer therapeutics market share.
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The European region is anticipated to account for the highest demand for lung cancer therapeutics after North America. Additionally, Asia-Pacific countries such as India and China, and South East Asia are the emerging regions for the global lung cancer therapeutics market due to the high prevalence of this disease coupled with increasing healthcare awareness.
Key companies profiled:
- Astrazeneca Plc,
- Sanofi-Aventis.,
- GlaxoSmitKline,
- Eli Lilly and Company,
- Boehringer Ingelheim GmbH,
- Pfizer Inc.,
- Hoffman-La Roche
Key Segments:
By Cancer Cell Type:
- Small Lung Cancer
- Non-Small Lung Cancer (NSLC)
By Molecule Type:
- Biologics
- Small Molecules
By Mode of Administration:
- Injectable
- Oral
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By Type:
- AML
- CML
- ALL
- CLL
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa(MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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