Cancer is caused by the uncontrolled division of abnormal cells in a specific area of the body. A tumor is a tissue mass that develops over time due to these excess cells. It reduces the ability of the lung to supply oxygen to the lymphatic system & bloodstream. Long-term asbestos exposure, tobacco usage, pipe smoking, cigar and cigarette smoking. And exposure to pollutants are some of lung cancer’s primary causes. Wheezing, coughing, chest pain, appetite loss, shortness of breath, and weight loss are lung cancer’s main signs and symptoms.
In 2021, the market for lung cancer therapeutics was worth USD 28.56 billion, and by 2030 it will reach USD 60.72 billion, growing at an 8.74% CAGR during the forecast period.
The development of novel medical diagnostic techniques and cutting-edge therapies. As well as greater cancer awareness in both developed. And developing nations, have all contributed to an increase in lung cancer therapeutics.
Market Dynamics
Drivers
The main cause of the rising demand for lung cancer therapies is the rising prevalence of lung cancer among the world’s population. The main cause of the rising lung cancer incidences is rising smoking prevalence. Additionally, the quickly developing biopharmaceutical industry has sparked the creation of cutting-edge. And ground-breaking therapies that can treat previously incurable diseases.
Per the International Agency for Research on Cancer’s GLOBOCAN 2020 report. There were approximately 19.3 million new cases of cancer diagnosed in 2020. With lung cancer accounting for approximately 11.4% of them. The number of lung cancer patients is increasing due to rising smoking rates and exposure to secondhand smoke. Which will fuel the market for lung cancer therapeutics.
Restraints
The costs of acquiring advanced lung cancer therapeutics are extremely expensive. Drug prices are high due to increased research and development expenditures for efficient and life-saving medications. Due to their financial constraints, people in low- and middle-income brackets refrain from purchasing these cutting-edge medications, which may impede the market’s expansion.
Opportunity
In order to innovate and create new and effective medications with minimal or no side effects, the various biopharma businesses are substantially spending on research and development operations. Technological advancements have provided market participants with numerous opportunities for growth.
Market Segmentation
Therapy Insights
On the basis of therapy, the market is segmented into immunotherapy, radiation therapy, chemotherapy, targeted therapy, and others.
In 2021, targeted therapy was the largest market, with 50% of the revenue share. Patients with lung cancer are increasingly turning to targeted therapy. Targeted therapy has grown in popularity among lung cancer patients. The rapid growth of the biopharmaceutical industry, combined with rising R&D costs, has resulted in the development of advanced targeted therapeutics for lung cancer. Targeted therapy has expanded dramatically worldwide due to rising healthcare costs and increased awareness of the existence of cutting-edge gene therapies that can treat diseases previously considered incurable.
Type Insights
On the basis of type, the lung cancer therapeutics market is segmented into non-small cell lung cancer and small cell lung cancer.
The non-small cell lung cancer led the entire market in 2021. It is due to the increased prevalence of non-small cell lung cancer. The treatment of non-small cell lung cancer depends entirely on the disease stage.
Regional Overview
North America was the largest market in 2021, with a significant revenue share. The market is growing due to the rising prevalence of lung cancer and the expanding use of improved detection and lung cancer medicines for treating lung cancer. The existence of several top biopharmaceutical businesses in this area has greatly aided the development and expansion of the lung cancer therapies market. Also, the rising use of health insurance in North America has enhanced access to the most expensive and advanced treatments.
Key Players
- Merck
- Bristol-Myers Squibb Company
- AstraZeneca
- PharmaMar SA
- Novartis AG
- Boehringer Ingelheim
- Eli Lily and Company
In 2021, the market for lung cancer therapeutics was worth USD 28.56 billion. and by 2030 it will reach USD 60.72 billion, growing at an 8.74% CAGR during the forecast period. The market is expanding due to increased lung cancer cases, smokers, the desire for focused therapies, the availability of effective new medications, and the acceleration of hazardous lifestyle habits.
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