As per this report, the global lung cancer therapeutics market size is estimated to be worth USD 9.49 billion by 2027 and USD 6.86 billion in 2022, growing at a CAGR of 6.7% during the forecast period.
Lung cancer is the second most detected and has the highest death rate of all cancers in both men and women. Cigarette smoking is the projecting cause of lung cancer and is a malignant tumor regarded as an uninhibited growth of cell tissues in the lung. As a result, lung cancer declines the lung's capability to deliver oxygen to the bloodstream. Some key indications of lung cancer include appetite loss, wheezing, weight loss, coughing, mucus, shortness of breath, and chest pain.
MARKET DRIVERS:
YOY growth in the patient count who has lung cancer is a major factor propelling the growth of the lung cancer therapeutics market.
According to the American Cancer Society, an estimated 236,740 people from the United States are expected to be diagnosed with lung cancer in 2022. Out of which, 130,180 people are expected to die. In addition, the introduction of superior-priced drugs and new advanced radiation therapies are anticipated to promote the market’s growth rate. Furthermore, novel and safer therapies can offer growth opportunities to market participants in the coming days.
The growing initiatives and investments by the governments to develop healthcare infrastructure and offer quality treatment services are expected to grow the lung cancer therapeutics market. In addition, the growing awareness of the available treatment options to cure lung cancer among people is one of the major factors driving the market growth. Furthermore, factors such as growing disposable income, ongoing R&D to develop new technologies, the emergence of the latest technology in radiation therapies, and the growing economy in developing and under-developing countries are expected to favor the market’s growth rate during the forecast period.
MARKET RESTRAINTS:
However, the high costs associated with installing and maintaining the medical equipment used to treat types of lung cancer to improve accurate results is one of the key factors hampering the growth rate of the global lung cancer therapeutics market. In addition, a shortage of skilled personnel, lack of technical expertise to manage the real-time applications, and lack of standardization further inhibit the growth rate of the global lung cancer therapeutics market.
COVID-19 impact on the global lung cancer therapeutics market:
The COVID-19 outbreak has disrupted the mental and physical health of patients with lung cancer. Moreover, lung cancer patients are at higher risk for this infectious disease. During the lockdown restrictions, the doctors treated only the emergency cases, whereas the remaining treatment or diagnosis for the cancer was postponed. With the slight relaxation by the government across the world, the demand for the market surges continuously. Maintaining social distancing and wearing masks are major regulations to prevent the spread of coronavirus. By following these measures, all the treatment services were resumed. As COVID-19 is attacking severely with lung cancer people, hospitals manage to take the utmost care. However, owing to the decreasing number of COVID-19 cases, the treatment procedures for lung cancer patients are expected to pick up. Therefore, the market for lung cancer therapeutics is expected to experience a quick recovery and register a healthy CAGR during the forecast period.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2021 to 2027 |
Base Year |
2021 |
Forecast Period |
2022 to 2027 |
Segments Covered |
By Treatment Type and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Boehringer Ingelheim GmbH, Hoffman-La Roche, Pfizer Inc., GlaxoSmithKline, Eli Lilly and Company, Agennix AG, AstraZeneca Plc and Sanofi-Aventi. |
This research report on the global lung cancer therapeutics market has been segmented and sub-segmented based on treatment type and region.
Lung Cancer Therapeutics Market - By Treatment Type:
By treatment type, the chemotherapy segment is anticipated to play a leading role in the global lung cancer therapeutics market in 2021, owing to the success rate associated with chemotherapy in curing lung cancer and the growing adoption of technological advancements. In addition, growing demand for effective treatment procedures with fewer adverse effects and rising preference for early detection and diagnosis of diseases, stringent rules and regulations to approve new products concerning people’s safety are anticipated to boost the segment’s growth rate.
Lung Cancer Therapeutics Market - By Region:
Geographically, the lung cancer therapeutics market in North America was the largest regional market in lung cancer therapeutics in 2021. Lung cancer is the most common type of cancer in the U.S, and the majority of the population dies of lung cancer every year. The market is driven by the increasingly common and regular diagnostics of lung cancer and the rising acquisition of advanced lung cancer therapeutics. In addition, the increasing aging population in this region is another prime factor for the market to grow; lifestyle changes and smoking habits lead to a large pool of carcinoma lung populations responsible for the vast occurrence of lung cancer. The U.S is dominating the lung cancer therapeutics market in terms of income, followed by Canada. An evaluation of 228,150 adults, where 116,440 are men and 111,710 are women in the U.S, is diagnosed with lung cancer, as per the American Society of Clinical Oncology 2019.
The lung cancer therapeutics market in Europe had the second largest share in the global market in 2021 and is predicted to register a healthy CAGR during the forecast period. The growing adoption of a sedentary lifestyle among people, favorable reimbursement policies, increasing awareness among people regarding the early detection of cancer, and growing focus of people to stay healthy are expected to propel the market growth in this region. The UK market had the largest share of the European region owing to the large population base being affected with lung cancer, an increase in the aging population, and augmenting frequent approvals for drug development. On the other hand, Germany is expected to have rapid and high growth in the lung cancer therapeutics market.
The lung cancer therapeutics market in Asia-Pacific is predicted to showcase the fastest CAGR during the forecast period among all regions. The presence of developing economies and a growing population suffering from lung cancer, and increasing awareness among people regarding lung cancer are driving regional market growth. In addition, the lung cancer therapeutics market of Asia-Pacific is expected to be driven by factors such as a vast population base and growing funding by the governments of APAC countries.
The lung cancer therapeutics market in Latin America is expected to register healthy growth during the forecast period. The governments of Latin America are conducting several campaigns and programs to increase the awareness levels of cancer among people, which is expected to favor market growth. In Latin America, the Mexican market is predicted to register a major share of the regional market during the forecast period, followed by Brazil and Argentina.
The lung cancer therapeutics market Middle East & Africa is likely to showcase a moderate CAGR during the forecast period. Increasing approvals for alterations and treatment improvements propel the region's market growth. In addition, Africa is dominating this region's lung cancer therapeutics market due to an increase in the aged population and rising demand for the region's targeted therapies.
KEY MARKET PLAYERS:
Some of the notable participants dominating the global lung cancer therapeutics market profiled in this report are Boehringer Ingelheim GmbH, Hoffman-La Roche, Pfizer Inc., GlaxoSmithKline, Eli Lilly and Company, Agennix AG, AstraZeneca Plc and Sanofi-Aventi. In addition, companies implement various strategies to increase their product portfolio and raise their geographical presence. Some manufacturers' effective lung cancer therapeutics market approaches are new product expansion, contracts, associations, and procurements.
KEY HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
FAQ's
The global lung cancer therapeutics market will be valued at USD 9.49 billion by 2027.
During the forecast period, the global lung cancer therapeutics market is estimated to grow at a CAGR of 6.7%.
Based on treatment type, the chemotherapy segment dominated the market in 2021.
Boehringer Ingelheim GmbH, Hoffman-La Roche, Pfizer Inc., GlaxoSmithKline, Eli Lilly and Company, Agennix AG, AstraZeneca Plc and Sanofi-Aventi are some of the notable players in the lung cancer therapeutics market.
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