A recently published study by Future Market Insights sheds light on the anticipated growth of the global non-small cell lung cancer industry. The study projects a Compound Annual Growth Rate (CAGR) of 7.2% from 2023 to 2033, culminating in a market valuation of US$ 20 Billion by the end of the assessment period.
The non-small cell lung cancer industry witnessed significant expansion in recent years, recording a robust CAGR of 6.7% and reaching a value of US$ 10 Billion. This growth is attributed to various factors, including the rising incidence of cancer cases globally and an increase in patient awareness about their health.
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Non-small cell lung cancer, a prevalent form of lung cancer, poses a substantial threat to public health, compromising the lungs’ ability to supply oxygen to the blood. Accounting for 80-85% of all lung cancer cases worldwide, non-small cell lung cancer is linked to factors such as passive and active smoking, consumption of polluted water, and exposure to air pollution.
The study highlights that the expansion of the non-small cell lung cancer industry is not only indicative of the growing prevalence of the disease but also underscores the importance of advancements in medical treatments. Several treatment modalities, including immunotherapy and targeted therapy, offer promising avenues for managing non-small cell lung cancer.
As the global community grapples with the escalating challenges posed by non-small cell lung cancer, stakeholders in the healthcare industry are urged to prioritize research, innovation, and collaborative efforts to develop effective interventions. The study’s findings emphasize the need for continued investment in healthcare infrastructure and awareness campaigns to address the root causes of non-small cell lung cancer and improve patient outcomes.
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:
- F. Hoffmann-La Roche Ltd.
- Bristol-Myers Squibb Company
- Pfizer Inc.
- AstraZeneca
- Novartis AG
- Eli Lilly and Company
- Merck & Co., Inc.
- Boehringer Ingelheim International GmbH
- Sanofi
- Astellas Pharma Inc.
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
Non-Small Cell Lung Cancer Market by Treatment:
- Chemotherapy
- Targeted Therapy
- Immunotherapy
Non-Small Cell Lung Cancer Market by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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