The global Lung Cancer Therapeutics Market is anticipated to bode well over the forecast period by registering a total CAGR of 13.4% from 2022 to 2032. The global market is projected to reach US$ 48,725.9 Million by 2026. In addition to rising regulatory approvals and the acceptance of modern treatments in Europe, the lung cancer therapeutics market is predicted to develop. In surging economies such as China and India, the acceleration in lung disease prevalence and the dominance of chemotherapy are driving the growth of the lung cancer therapeutics market.
Lung cancer diagnoses have witnessed a significant increase owing to the surge in cancer awareness in both advanced and emerging economies, as well as the introduction of new medical diagnostic equipment and improved treatments, propelling the lung cancer therapeutics market forward. Increased spending in research and innovation with the assistance of leading players, is propelling the demand for lung cancer therapeutics. The shift in the market is mostly due to a higher focus on research projects as a result of the rising incidence of lung cancer.
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The global lung cancer therapeutics market is anticipated to surge at a high rate owing to a significant rise in the incidences of lung cancer. The worldwide lung cancer therapeutics market is being driven by a growing demand for tailored therapy, the availability of highly effective medications, an increase in the elderly population, and an increase in the prevalence of unhealthy lifestyles. Furthermore, the emergence of nanomedicine to treat lung cancer and the growing number of approvals in the lung cancer treatments market are driving the demand for lung cancer therapeutics. Advanced immunotherapies and tailored medicines are becoming more expensive in countries like Japan, thus limiting the demand for lung cancer therapeutics.
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:
AstrazenecaPlc, Sanofi-Aventis., GlaxoSmitKline, Eli Lilly and Company, BoehringerIngelheim 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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