The Lung Cancer Therapeutics Market size in North America is predicted to worth USD 2.95 billion by 2027 and USD 2.19 billion in 2022, growing at a CAGR of 6.14% during the forecast period. North America led the overall market in 2020 and was closely followed by the Asia Pacific.
Due to the rising prevalence of lung cancer, the market for lung cancer treatments is showing a promising CAGR, and this trend is likely to continue. Lung cancer patients in advanced stages still have a significant unmet demand for diagnosis and treatment. Tobacco smoking, the aging population, the availability of highly effective medicines, continuous asbestos exposure, and lifestyle factors are all potential drivers for the North American lung cancer therapeutics market. Lung cancer diagnoses have grown due to the introduction of new medical diagnostic equipment and advanced therapies, driving the lung cancer therapeutics market forward in North America. Increased development by key companies, robust R&D activities from major players, and expanding government initiatives for cancer awareness are some of the reasons driving market expansion.
Additionally, nanomedicine development to treat lung cancer and the increasing number of approvals in the lung cancer treatments market is fueling the industry's growth. Furthermore, factors such as focused and ground-breaking medication delivery to the lungs and the growing acceptance of customized therapies are considered significant drivers driving the lung cancer therapy industry. Breast cancer, lung cancer, prostate cancer, colorectum cancer, bladder cancer, and skin cancer are the most prevalent cancers in the United States. As a result, rising cancer incidence and increased research into targeted treatments are likely to drive Lung Cancer Therapeutic market expansion in the future years.
The North American lung cancer therapeutics market is constrained by a high unmet demand for diagnosis, the availability of a significant number of medicines, and restricted treatment choices. In addition, the lung cancer therapeutics market is also expected to be restrained by inadequate cancer diagnostic facilities in this region, high cost, and the side effects of radiation over the forecast period.
Chemotherapy and radiation treatment provides a greater risk of complications. The limited treatment options, widespread availability of generic critical medicines are expected to be the key challenges for the North American lung cancer therapeutics market growth. Although new medicines have boosted the lung cancer treatments market, patent expirations on existing drugs may have a negative impact on the Lung Cancer Therapeutic market in North America.
This research report on the North America Lung Cancer Therapeutics Market is segmented and sub-segmented into the following categories:
By Treatment Type:
Regionally, the United States is the dominating country for the lung cancer therapeutics market in terms of revenue, followed by Canada. Over the last few years, North America has dominated the Lung cancer treatments industry. Factors such as rising incidences of lung cancer and a growing senior population have contributed to the region's high demand. The significant rates of lung cancer in North America are also due to changing lifestyles with high smoking habits, which has resulted in a large pool of carcinoma lung population. Increased adoption of advanced lung cancer treatments and rising lung cancer prevalence and diagnosis are anticipated to fuel growth in the area. This is especially true in cases when a lack of appropriate therapy results in metastasis and, as a result, death.
KEY MARKET PLAYERS:
Companies playing a dominant role in the North America 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-Aventis.
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