Lung Cancer Market drivers, business insights, trends and Applications by 2023
Rise in awareness results in early detection and treatment. Additionally, Favorable reimbursement scenario also supports the growth of the market. Insurance companies are progressively covering treatment of lung cancer under their insurance schemes which encourages patients to opt for treatment. Moreover, increasing support from the government for treatment and diagnosis, especially in the developing countries and affordability of treatment due to rise in disposable income acts favorably for the growth of the global lung cancer market. Moreover, with the rise in a number of grants and approval by FDA for therapies and treatment of lung cancer, the market is projected to bolster over the forecast period. However, the growth of the market might be hindered by poor efficacy rates of treatments, low cure rates, side effects associated with therapies, high failure rates of lung transplant surgeries and malignant nature of lung cancer. The scarcity of lung organs and long waiting lines are also significant impediments to the growth of the global lung cancer market.
The global lung cancer market is touted to reach USD 36929.8 Million by the end of 2023 which was valued at USD 15219.7 Million in 2016 and expand at a progressive CAGR of 13.5% over the forecast period of 2014-2023, proclaims Market Research Future (MRFR) in an exhaustive study. High prevalence of lung cancer is the primary reason behind the growth of the market which results in higher screening, diagnosis, and treatment. The market is growing considerably on account of widespread smoking habits among the global population which is one of the primary reasons for lung cancer. Rising awareness on a global scale purveyed by various awareness programs emphasizing lung cancer initiated by multiple governments has also added fuel to the growth of the market.
The global lung cancer market has been segmented based on type, treatment, and end users. By type, the market has been segmented into SCLC and NSCLC. By treatment, the market has been segmented into Surgery, Chemotherapy, Radiotherapy, Photodynamic therapy (PDT) and Laser therapy. By end users, the market has been segmented into Hospitals & Clinics, Cancer Research Centers and Laboratories.
The Global Lung Cancer Market spans across the regions of North America, Europe, Asia Pacific, and Middle East & Africa. North America is at the forefront of the global lung cancer market due to the presence of a well-developed healthcare sector, technological advances in healthcare and supportive government policies in the region. Europe is the second largest market for lung cancer and is expected to reach USD 8,536.3 Million by the end of 2023. Rising prevalence of lung cancer and extensive R&D activities for the development of drugs and therapies for lung cancer supports the growth of the market in Europe. Asia Pacific market is expected to gain prominence over the forecast period owing to rising expenditure and increasing focus on healthcare in the region. The Middle East & Africa market is expected to have a limited but steady growth over the forecast period.
The eminent players in the global lung cancer market include F. Hoffmann-La Roche AG, PFIZER INC, BRISTOL-MYERS SQUIBB, Sanofi, Novartis, Merck & Co., Inc., ELI Lilly and Company, and others.
- 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).