The main cause of the rising demand for lung cancer therapies is the rising prevalence of lung cancer among the world’s population. Lung cancer is the most frequently diagnosed and prevalent form of cancer and is the main reason for cancer deaths worldwide. The main cause of the rising lung cancer incidences is rising smoking prevalence.
The market worth of the lung cancer therapeutics market in 2021 was USD 28.56 billion, and it will be worth USD 60.72 billion by 2030, growing at an 8.74% CAGR during the forecast period.
The demand for lung cancer treatments is being driven by growing public awareness of the existence of cutting-edge and creative gene therapies. The discovery of new pharmaceuticals to treat various chronic diseases like lung cancer is aided by increased research and development investments and supportive government regulations.
Market Dynamics
Drivers
The lung cancer therapeutics market is expanding due to the rising prevalence of lung cancer. Recent years have seen a large rise in the number of new instances of lung cancer as a result of variables like the aging population’s expansion and altering lifestyles. Because of this, more individuals are now undergoing lung cancer therapies like immunotherapy and chemotherapy. Additionally, there are cutting-edge therapies with established efficacy in the pipeline, resulting in rapid approvals in clinical stages.
Restraints
The market’s growth is being hampered by adherence to alternatives that are accessible. The early stages of lung cancer are when treatments are the least successful. Technology advancements in radiation therapy and other factors pose challenges to the market’s expansion. Improvements in lung cancer diagnosis techniques also threaten the development of the business.
Opportunity
The present era of cancer treatment is known as the “golden age of oncology” due to the development and approval of innovative cancer medicines over the previous ten years. According to news releases from the FDA, the US Food and Drug Administration approved more than 95 treatments for lung cancer, including immunotherapies, targeted medications, and chemotherapies
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Market Segmentation
By Therapy
Based on therapy, the targeted therapy was the market leader in 2021, accounting for more than 50% of the total market share. Patients with lung cancer are increasingly turning to targeted therapy. Advanced targeted therapies for lung cancer treatment have been developed due to the biopharmaceutical industry’s rapid expansion and escalating R&D costs. The focused therapy can successfully treat cancer cells unaffected by the body’s healthy cells.
By Lung cancer type
The market was led by non-small cell lung cancer in 2021. The increased prevalence of non-small cell lung cancer in the population is primarily responsible for this growth. The need for lung cancer therapeutics to treat this form of lung cancer has driven the expansion of this segment in the global lung cancer therapeutics market. About 80% of lung cancer cases are non-small cell lung cancer.
By distribution channel
Hospital pharmacies had the majority of the market in 2021. Sales of lung cancer treatments from hospital pharmacies worldwide have increased dramatically due to the rising number of patients admitted to hospitals for cancer diagnosis and treatment. The rising tendency among customers to purchase medications from hospital pharmacies due to the availability of a wide choice of medications has also contributed to this segment’s dominance.
Regional Insights
North America contributed to the largest market share in 2021. The increased demand for lung cancer therapeutics is due to the rising prevalence of lung cancer, the expanding use of improved detection and lung cancer medicines for the treatment of 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. Additionally, the rising use of health insurance in North America has enhanced access to the most expensive and advanced treatments.
Key Players
- Novartis AG
- AstraZeneca
- BoehringerIngelheim
- Merck
- Bristol-Myers Squibb Company
- PharmaMar SA
- Eli Lily and Company
The market worth of the lung cancer therapeutics market in 2021 was USD 28.56 billion, and it will be worth USD 60.72 billion by 2030, growing at an 8.74% CAGR during the forecast period. Increased effects of lifestyle, rising smoking habits, knowledge of novel treatments, and rising investment in research & development of cutting-edge pharmaceuticals are the factors driving the growth of the lung cancer market. The global market for lung cancer therapies may be constrained in its expansion, nonetheless, by high therapeutic costs.
