Lung Cancer Therapeutics Market Outlook 2031
The Global Lung Cancer Therapeutics market size was valued at USD 29.45 Billion in 2022 and is likely reach to USD 91.33 Billion by 2031, expanding at a CAGR of 13.4% during the forecast period, 2023–2031. The growth of the market is attributed to increasing penetration of nanomedicine to treat lung cancer and the increasing approvals of drugs across the globe.
Cancer causes abnormal cell growth during mutation. This can lead to undisciplined growth of the cells from the original site through lymph and blood system to another site. Lung cancer, also known as pulmonary carcinoma. is a type of cancer that is mainly observed in the lung tissues. Exposure to asbestos, cigarette smoking, pipe smoking, and cigar smoking can cause lung cancer.
This cancer can be examined by biopsy, which is carried out by using bronchoscopy, and lung cancer can be treated by chemotherapy, radiotherapy, immunotherapy, and surgery.
The lung cancer reduces the ability of lungs to supply oxygen to the bloodstream. Non-small cell lung cancer (NSCLC), small cell lung cancer (SCLC), and lung carcinoid tumor are the three major types of lung cancer. NSCLC is the common type of lung cancer.
Around 83% of lung cancers come under NSCLC. Coughing, wheezing, chest pains, appetite loss, weight loss, shortness of breath, and shortness of breath are some of the common symptoms of lung cancer.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing pollution due to rapid industrialization is anticipated to drive the market growth during the forecast period.
- Rising number of smokers is projected to boost the market expansion.
- High efficient drugs availability is one of the major factors propelling the market growth in the coming years.
- Increasing geriatric population and rising prevalence of unhealthy lifestyle are key factors spurring the growth of the market.
- Targeted and ground-breaking delivery of drugs for treatment of lung cancer is projected to propel the market growth during the forecast period.
- Rising acceptance of personalized treatments is estimated to push the market growth.
- High cost of the drug therapies can hinder the market growth during the forecast period.
- Poor cancer diagnostic facilities are the major factors hampering the market expansion.
- Increasing R&D investment in new drugs is expected to create opportunities for the market growth.
Scope of Lung Cancer Therapeutics Market Report
The report on the global lung cancer therapeutics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Lung Cancer Therapeutics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Disease Types (Non-Small Cell Lung Cancer (NSCLC) and Small Cell Lung Cancer (SCLC)), Treatments (Radiation Therapy, Immunotherapy, Targeted Therapy, and others),
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
AstraZeneca, Boehringer Ingelheim, Bristol-Myers Squibb Company, and Eli Lilly and Company.
Lung Cancer Therapeutics Market Segment Insights
Non-small Cell Lung Cancer (NSCLC) segment to constitute a major market share
On the basis of disease types, the market is divided into non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC). The NSCLC segment is expected to account for a major market share in the projected timeline.
NSCLC is the common type of lung cancer. About 85% of the lung cancer patients in the UK have NSCLC type of cancer, according to Cancer Research 2017 data. Rising incidence of NSCLC type lung cancer is expected to drive the segment growth.
Radiation therapy segment is expected to register at a significant pace
In terms of treatments, the market is segmented into radiation therapy, immunotherapy, targeted therapy, and others. The radiation therapy is expected to grow at a rapid pace during the forecast period owing to the emergence of latest technology in radiation therapies. Radiation therapy kills cancer cells or slows their growth by impairing the DNA.
Lung Cancer Therapeutics Market Regional Outlook
North America to dominate the market
On the basis of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period.
Lung cancer is the second most common cancer and it is the leading cause of cancer death for men and women in the US. Around 142,560 (76,650 men and 66,020 women) deaths from lung cancer occurred in the year 2019, as per American Society of Clinical Oncology 2019 report.
- Non-small Cell Lung Cancer (NSCLC)
- Small Cell Lung Cancer (SCLC)
- Radiation Therapy
- Targeted Therapy
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the lung cancer therapeutics market include AstraZeneca, Boehringer Ingelheim, Bristol-Myers Squibb Company, and Eli Lilly and Company.