Lung Cancer Market Grows in Revenues USD 36929.8 Million at 13.5% CAGR By New Therapies, Treatments and Forecast By 2023
The Lung Cancer Market is growing mainly due to the changing lifestyle, and environmental pollution. According to a recent study report published by the Market Research Future, The lung cancer market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
The market has been growing at a steady pace over the past few years and is expected to continue to do so as there has been very little difference in the smoking habits of the global population. The World Cancer Research Fund International has found that smoking is responsible for approximately 85% of all types of lung cancer. Rising cases of infections, increased awareness & early diagnoses are other factors that drive the growth of this market.
The treatments for lung cancer include surgery, chemotherapy, and radiotherapy with NSCLC responding better to surgery and SCLC usually responding better to chemotherapy and radiotherapy. Notably, smoking is the primary driver for the rising cases of lung cancer. According to World Health Organization (WHO) tobacco kills more than 7 million people each year of which more than 6 million deaths are the result of direct tobacco use. Lung cancer is the leader with a whopping 37% of deaths. Of more concern is the rising rates of lung cancer due to passive smoking.
Other push factors such as, environmental pollution, rising cases of infections, growing rates of early detection and awareness, rising rates of fast-growing lung cancer, and reimbursements and growing health insurance are also fueling the growth of the market.
Lung Cancer Market – Key Players
Prominent players at the forefront of competition in the lung cancer market and are profiled in MRFR Analysis are:
- Hoffmann-La Roche Ltd (Switzerland)
- Novartis AG (Switzerland)
- Pfizer (US)
- Merck & Co., Inc. (US)
- Bristol-Myers Squibb (US)
- Eli Lilly and Company (US)
- Sanofi (France)
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Lung Cancer Market – Competitive Analysis
The Lung Cancer Market is currently dominated by various players. Lung cancer has become one of the most common causes of cancer death worldwide. So, in recent years various existing and new marketers are continuously coming up with innovative products to control this condition.
Pfizer is another US based renowned bio pharmaceutical organization. In July 2016, Pfizer and Western Oncolytics announce immuno-oncology research collaboration. This collaboration has the aim to investigate novel oncolytic virus technology. Under terms of agreement, Pfizer and Western Oncolytics will collaborate on preclinical, clinical development of WO-12 through Phase I trials. Financial terms of agreement are not disclosed.
AstraZeneca’s new cancer drug, Imfinzi has shown definitive results that prove it is successful in extending the life expectancy in lung cancer patients with inoperable stage III NSCLC. Moreover, the drug offers patients progression-free survival at an average of 16.8 months. The success of the clinical trials has prompted U.S.A and Canada regulation authorities to approve Imfinzi.
Merck & Co. has had success in trials of its oncology drug Keytruda which is already being used to treat several types of cancer. Most recently, it has shown the ability to work successfully as a first-line treatment combined with chemotherapy for mNSCLC in late-stage lung cancer patients.
September 2018, researchers at the Indian Institute of Technology, Bombay have reportedly developed a platform which can help in the detection of lung cancer from breath. The same platform can also be used for monitoring air pollution levels or detect explosives such as TNT. The researchers are in discussion with an Indian company to develop a novel diagnostic and screening device.
In September 2018, Loxo Oncology, a manufacturer of the selective RET inhibitor, received breakthrough therapy designation from the FDA for its treatment of patients with RET fusion-positive non–small cell lung cancer (NSCLC) or RET-mutant medullary thyroid cancer (MTC).
Lung Cancer Market – Segmentation
The Global Lung Cancer Market has been divided on the basis of types, treatments, end users & regions.
On the basis of types, the market is bifurcated into SCLC (Small Cell Lung Cancer) & NSCLC (Non-Small Cell Lung Cancer). SCLC typically originates in the cells that line the bronchi in the middle of the lungs. Cell carcinoma & combined cell carcinoma are the sub-segments of SCLC. NSCLC tends to affect the exterior region of the lung. This form of cancer is also referred to as adenocarcinoma. Sarcoma & Sarcomatoid carcinoma forms the sub-segments of NSCLC. SCLC held around 14.6% market shares back in 2015 whereas NSCLC earned above USD 1.298.8 million that year
On account of treatments, the market is fragmented into surgery, chemotherapy, radiotherapy, photodynamic therapy (PDT) & laser therapy.
Hospitals & clinics, cancer research centers & laboratories form the end users. Amongst these, hospitals hold the largest market share.
Regionally, the market is segmented into North America, Europe, Asia Pacific, & Middle East & Africa & Rest Of The World.
Lung Cancer Market – Regional Analysis
The Global Market for Lung Cancer is growing steadily. The global lung cancer market on the basis of region comprises of North America, Europe, Asia Pacific and Middle East & Africa. The global market for Lung Cancer is growing with the CAGR of 13.5% during the forecast period from 2017-2023. NSCLC is the most common type of lung cancer globally. The global Lung Cancer market reached USD 36929.8 million in 2023 from 15219.7 million in 2016. Europe region captured the second largest market globally and is expected to reach USD 8,536.3 million by 2023 due to the growing demand and need for lung cancer drugs, and the growing prevalence of lung cancer.
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