A recently published study by FMI expects the global Non-Small Cell Lung Cancer Market to augment at a 7.2% CAGR from 2023 to 2033. By the end of the said assessment period, a valuation of US$ 20 Billion is expected for the market. From 2018 to 2022, the industry experienced noteworthy growth, registering a value CAGR of 6.7% and closing at US$ 10 Billion. The expansion of the non-small cell lung cancer market may be attributed to an increase in cancer cases as well as increased patient knowledge about their health.
Non-small cell lung cancer, one of the most common kinds of lung cancer, reduces the lungs’ ability to provide oxygen to the blood. Non-small cell lung cancer accounts for 80-85% of all lung cancer cases worldwide. The causes are passive smoking, active smoking, consuming polluted water, and being exposed to air pollution. It can, however, be treated with a variety of medicines such as immunotherapy, targeted therapy, and others.
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The two primary causes of non-small cell lung cancer are excessive tobacco intake and active participation in passive smoking. Long-term air pollution exposure promotes the development of non-small cell lung cancer. However, the existence of large firms, as well as the entry of new essential players, will result in excessive market rivalry. This will decrease the rate of expansion of the lung cancer treatments market.
The high expense of therapy or treatment will limit the scope of expansion even further. Because of the prevalence of advanced healthcare infrastructure, greater research and development capabilities by pharmaceutical firms, and quick adoption of new and better healthcare technology, North America leads the non-small cell lung cancer market. Asia-Pacific, on the other hand, is expected to have the greatest growth rate throughout the projection period due to increased healthcare infrastructure spending, increasing prevalence of non-small cell lung cancer, and a growing senior population sensitive to cancer.
Key Takeaways from the Market Study
- FMI projects the global non-small cell lung cancer market to expand at a 7.2% value CAGR by 2033
- The global non-small cell lung cancer market is estimated at a market value of US$ 10 Billion
- The global non-small cell lung cancer market is expected to garner a market value of US$ 20 Billion
- North America is forecast to be the most lucrative for non-small cell lung cancer market growth.
- As per Future Market Insights, the Asia Pacific is expected to grow at a CAGR of 6.7% during the assessment period 2023-2033.
- Europe is expected to grow at a CAGR of 7% during the assessment period 2023-2033.
- The chemotherapy segment is expected to hold the largest market share for non-small cell lung cancer in the forecast period 2023-2033.
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“Rising investment in research & development efforts by the key players will fuel market expansion even more,” says an analyst at FMI
Market Competition
Key players in the non-small cell lung cancer market are Novartis Pharmaceuticals, Merck KGaA, Eli Lilly and Company, Hoffmann-La Roche, Xcovery, BeyondSpring Pharmaceuticals, OSE Immunotherapeutics, Sanofi, Takeda, and AbbVie.
Recent Developments:
- In December 2022, Pluvicto®, a targeted radioligand treatment, has been authorised by the European Commission (EC), according to Novartis. Pluvicto® is licensed for the treatment of adult patients with prostate-specific membrane antigen (PSMA)-positive metastatic castration-resistant prostate cancer in conjunction with androgen deprivation therapy (ADT) with or without androgen receptor (AR) pathway inhibition (mCRPC). AR pathway inhibitor and taxane-based chemotherapy were used to treat these individuals.
Key Segments Profiled in the Non-Small Cell Lung Cancer Industry Survey
Non-Small Cell Lung Cancer Market by Cancer Type:
- Squamous Cell Carcinoma
- Adenocarcinoma
- Large-cell Carcinoma
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Non-Small Cell Lung Cancer Market by Treatment:
- Chemotherapy
- Targeted Therapy
- Immunotherapy
About Future Market Insights (FMI)
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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