Lung Cancer Therapeutics Market

Global Lung Cancer Therapeutics Market Size (2022 to 2027)

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 commonly 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. Lung cancer declines the lung capability to deliver oxygen to the bloodstream. Some of the key indications of lung cancer comprise appetite loss, wheezing, weight loss, coughing, mucus, shortness of breath, and chest pain.

Increasing occurrences of lung cancer because of the mounting smoking population is one of the major factors driving the growth of the global lung cancer therapeutics market. Additionally, the introduction of superior-priced drugs and new advanced radiation therapies are the major drivers fuelling market growth. Novel and safer therapies could improve opportunities for the development of the global lung cancer therapeutics market.

Increasing investments in healthcare centers by the government and promoting quality treatment services is lucratively leveling up growth opportunities for the global lung cancer therapeutics market addition; the rise in the popularity of the treatment procedures through digital advertisements is lavishing the demand of the market. Also, growing disposable income in urban areas is merely prompting the growth rate of this market to the extent. Furthermore, the market is fuelled by ongoing research on developing new technologies in favor of the end-users. The emergence of the latest technology in radiation therapies is enhancing the growth rate of the market. The rise in the economy is well developed, and developing countries globally are significantly influencing the demand for the global lung cancer therapeutics market.

However, the devices require massive amounts for installation and maintenance to have accurate results, which are remained a challenging factor for the companies operating in the global lung cancer therapeutics market. In addition, at. A shortage of skilled persons inadequately managing the systems in real-time applications is slowly impeding the market's growth. Lack of standardization is one more attribute limiting the demand 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 conditions of the patients who have 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. Therefore, the demand for the market is to get into a normal state by 2021. 

REPORT COVERAGE:

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:

• Chemotherapy
  • Cisplatin
  • Taxol
  • Navelbine
  • Camptosar
  • Alimta
• Radiotherapy
  • External Beam
  • Internal Beam
  • Systemic
• Other Drugs
  • Abraxane
  • Avastin
  • Crizotinib
  • Docetaxel
  • Gefitinib

By Treatment Type, Chemotherapy treatment type is growing at a faster rate from the past decade. The increasing success rate of chemotherapy due to the adoption of advanced technology is considered the primary factor for this segment to grow extensively. In addition, a rise in the demand for effective treatment procedures with fewer adverse effects is leveling up the growth of the global lung cancer therapeutics market. Increasing preference for early detection and diagnosis of diseases is also surging the growth rate of the markIn addition, stringentgent rules and regulations in approving new products regarding people’s safety are elevating the demand for the global lung cancer therapeutics market.

Lung Cancer Therapeutics Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, The lung cancer therapeutics market in the North America is leading globally. Lung cancer is the most common type of cancer in the U.S, and the majority of the population die of lung cancer every year. The market is majorly driven by the increasingly common and regular diagnostics of lung cancer and the rising acquisition of advanced lung cancer therapeutics. The increasing aging population in this region is another prime factor for the market to growth, 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 is leading next to the North America gobally. Lifestyle changes, quick reimbursement policies, growing cases of infections, increasing rates of early detection, and a rise in alertness among the people escalate the region's market growth over the analysis period. The UK is leading the market with a 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 countries such as India and China are the developing regions for the global lung cancer therapeutics market due to the high occurrence of this disease and growing healthcare alertness. The lung cancer therapeutics market of Asia-Pacific is expected to showcase profitable growth and is predicted to have fast growth. Factors like a vast population base drive the market, increasing knowledge among the people, medical needs, and government funds, particularly in developing economies like India and China.

The lung cancer therapeutics market in Latin America has got steady and fixed growth throughout the period. The governments of developed economies in Latin America are likely to bring awareness by organizing specific programs and campaigns regarding lung cancer. Mexico is dominating the lung cancer therapeutics market and is believed to retain its dominance over the analysis period. Argentina is predicted to be observed to have a massive growth in the upcoming years in the region.

The lung cancer therapeutics market Middle East & Africa is likely to have the least share during the forecast period. The factors like increasing approvals for alterations and improvements made in treatments propel the region's market growth. Africa is dominating the 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.

Companies are implementing various strategies to increase their product portfolio and raise their geographical presence. New product expansion, contracts, associations, and procurements are some of the manufacturers' effective lung cancer therapeutics market approaches.

KEY HAPPENINGS IN THIS MARKET IN THE RECENT PAST:

• AstraZeneca received marketing authorization approval from the National Medical Products Administration (NMPA) in September 2019 in China for Tagrisso, an EGFR tyrosine kinase inhibitor. This drug is used for patients with EGFR-mutated non-small cell lung cancer. The approval has provided the marketing and commercialization of drug exclusivity to Chinese firms, further expanding the business.
• F. Hoffmann-La Roche Ltd received approval from the US FDA for Cobas EGFR Mutation Test v2 in August 2018. Cobas is a liquid biopsy diagnostic test in general used in combination with Irresa (gefitinib), an EGFR inhibitor for treating non-small cell lung cancer (NSCLC). It is the only FDA-approved diagnostic test for NSCLC. This test will provide useful and safer therapy for patients with NSCLC and expands the diagnostic business segment of F. Hoffmann-La Roche Ltd.
• In March 2019, Adorx Therapeutics Limited announced that it had entered into long-term aims and interests of partnership with Johnson & Johnson Innovation LLC and Lung Cancer Initiative at Johnson & Johnson (LCI) of new novel lung cancer therapeutics. 
• In June 2016, the American Society of Clinical Oncology (ASCO) had announced that a new antibody-drug conjugate had shown an early promise in the treatment of small-cell lung cancer.