Market Insights:
Lung cancer has been found to be one of the leading causes of cancer-related mortality as compared to other types of cancer. This has led to high demand for effective treatment options that assist in remission or allow prolonging of life while keeping the quality of life intact. Market Research Future's (MRFR), latest market report on the global lung cancer market, has disclosed an estimated evaluation of USD 36.92 billion by the end of 2023 and a considerable CAGR of 13.5% during the forecast 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.
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The market is not without challenges and restraints, despite rapid growth. Low rates of remission, side effects associated with treatment, increased the incidence of fast-growing lung cancer and decreased the quality of life of late-stage cancer patients are some restraints that are likely to affect market growth. However, ongoing research & development of treatment options, the vast demand for the same and the encouragement and support from government and other regulatory bodies is expected to encourage growth for the market during the forecast period. Moreover, there has been growing interest in using genetic therapies to treat Lung Cancer Therapeutics Market Trends with utmost efficiency, the unrealized potential of this opportunity is expected to motivate robust growth for the global lung cancer market.
Key Players:
Analysis of prominent players that contribute significantly to the growing global lung cancer market includes Pfizer Inc., Merck & Co. Inc., F-Hoffmann-La Roche AG, Novartis, Bristol-Myers Squibb, Eli Lilly and Company, Sanofi and others.
Market Segmentation:
Segmentation analysis of the global lung cancer market has been done by type, treatment, end users, and region.
By type, the market has been divided into small cell lung cancer (SCLC) and non-small cell lung cancer (NSCLC). Of these, the NSCLC segment has over 75% of the total market share and is expected to be the dominating market segment during the review period.
By treatment, the market has been segmented to include surgery, chemotherapy, radiotherapy, photodynamic therapy (PDT) and laser therapy.
By end users, the market has been segregated to include hospitals & clinics, cancer research centers, and laboratories.
By region, the global lung cancer market has been divided into North America, Europe, the Asia-Pacific and the Middle East & Africa.
Regional Analysis:
North America dominated the market in 2016, closely followed by Europe due to the increased demand for effective lung cancer treatment options. Europe is expected to value $8.53 billion by the end of 2023. These countries have a strong presence of leading pharmaceutical companies and research centers that are strongly dedicated to the development of lung cancer treatment options that are efficient in function and affordability.
Meanwhile, the vast population that exists in the Asia Pacific along with the growing incidence of lung cancer is expected to make this region the fastest growing market during the forecast period. Awareness of the disease and early diagnosis have prompted the demand for treatment options in the region. Moreover, the region's emerging economies are increasing their healthcare spending thus facilitating market growth.
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