Lung Cancer Market – Highlights
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.
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 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 with utmost efficiency, the unrealized potential of this opportunity is expected to motivate robust growth for the global lung cancer market.
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.
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Lung Cancer Market - Key Players
F. Hoffmann-La Roche Ltd (Switzerland), Novartis AG (Switzerland), Pfizer (US), Merck & Co., Inc. (US), Bristol-Myers Squibb (US), Eli Lilly and Company (US), and Sanofi (France) are some of the prominent players at the forefront of competition in the lung cancer market and are profiled in MRFR Analysis.
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.
Industry Updates:
• 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
Global Lung Cancer Market has been segmented on the basis of types which comprises of push button Lung Cancer, pressure activated Lung Cancer and side button Lung Cancer. On the basis of end user, it comprises of hospitals & clinics, diagnostic centers and pathology laboratories, home diagnostics and other end users.
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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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