Market Overview:
Lung cancer is the second most common type of cancer in both men and women, with about 13% of all new cancers projected to be cases of lung cancer. According to the American Cancer Society, the incidence of lung cancer is quite high in the U.S., resulting in more than 142,000 deaths in 2019. The global lung cancer market has been driven by the growing body of cancer research and the rapid growth in the prevalence of lung cancer, which has driven political will to fund cancer research. The rising government support to lung cancer research, as well as rising private investment in the sector, is likely to be a major driver for the global lung cancer market over the forecast period.
Market Research Future (MRFR) has announced a new release on the global Lung Cancer Market Size, projecting the market to reach a valuation of close to USD 37 billion by 2023, rising from a 2016 valuation of USD 15.2 billion at a CAGR of 13.5% over the forecast period from 201 to 2024.
The market features a solid research arm, with several major players involved in a number of research efforts in order to make lung cancer diagnosis smoother and better, and lung cancer treatment more effective.
In February 2019, technology that could power a new biosensor was introduced by researchers at the University of Exeter. This biosensor could help detect lung cancer at an earlier stage, significantly improving the patient’s chances of survival. The biosensor is based on graphene and has the capacity to detect small molecules of common lung cancer biomarkers, allowing it to detect the presence of cancerous tumors at a lower concentration of biomarkers – thus at an earlier stage of the disease. Improving and developing technology allowing early-stage diagnosis is likely to be a prosperous avenue for major players in the global lung cancer market over the forecast period, as early diagnosis is vital in lung cancer management and treatment.
In February 2019, Researchers at McGill University announced their findings that a drug currently used to treat estrogen positive breast cancer could also be used to treat non-small cell lung cancer. The research included in vitro tests on human cancer cells as well as in vivo tests on animal models, which showed consistently that the drug can cure the disease.
Research projects such as these are likely to remain vital for the global lung cancer market over the forecast period.
Competitive Analysis:
• F. Hoffman-La Roche
• Pfizer Inc.
• Bristol-Myers Squibb Company
• Sanofi
• Eli Lilly and Company
• Merck & Co
• Novartis
Segmentation:
• Global lung cancer market has been segmented on the basis of type into small cell lung cancer and non-small cell lung cancer. NSCLC more common than small cell lung cancer and has higher prevalence figures.
• On the basis of treatment, the lung cancer market is segmented into surgery, chemotherapy, radiotherapy, photodynamic therapy (PDT), and laser therapy.
• By end use, the market comprises hospitals & clinics, cancer research centers, and laboratories.
Regional Analysis:
The global lung cancer market is segmented into North America, Europe, Asia Pacific, and the Middle East and Africa on the basis of region.
North America is likely to remain the major regional player in the global lung cancer market over the forecast period due to the presence of an advanced healthcare sector and the high disposable income of consumers in the region. Europe holds the second largest share in the market and is expected to reach a valuation of more than USD 8.5 billion by 2023. These two regional segments are likely to remain the leading players in the global lung cancer market, as the lung cancer research facilities in these regions are of the highest standards and home to a teeming research environment.