The worldwide Lung Cancer Market is estimated to earn above USD 36928. 9 million by 2022. In terms of CAGR, the market is expected to develop at a healthy rate of up to 13.2% during the forecast period 2018-2022. The growth of this market can be attributed to many factors. Some of the major ones include rising rate of lung cancer patients, the considerable growth of the geriatric population & increasing degree of healthcare expenditure.
Lung cancer can be explained as an uncontainable growth of anomalous cells. They typically attack one or both the lungs. Mostly, these cells become a part of the elements that make the air passages. The problem with them is that they do not divide into normal long tissue rather grow speedily & form lumps. When this happens, a person gets lung cancer. Lately, a lot of people have been getting this disease. This has given momentum to the global lung cancer market.
New & improved developments can also be called as the drivers of the lung cancer market. Additional driving forces for the market include ever-growing environmental pollution & smoking. Even the passive smokers are vulnerable to lung cancer by 20 to 30%. Secondary growth drivers include exposure to radon gas & low immunity.
Emerging technological discoveries are considered as the most important growth drivers for the upcoming years.
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.
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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 – 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.
Lung Cancer Market – Segmentation
The Global Lung Cancer Market has been divided on the basis of types, treatments, end users & regions.
On the basis of types, the market is bifurcated into SCLC (Small Cell Lung Cancer) & NSCLC (Non-Small Cell Lung Cancer). SCLC typically originates in the cells that line the bronchi in the middle of the lungs. Cell carcinoma & combined cell carcinoma are the sub-segments of SCLC. NSCLC tends to affect the exterior region of the lung. This form of cancer is also referred to as adenocarcinoma. Sarcoma & Sarcomatoid carcinoma forms the sub-segments of NSCLC. SCLC held around 14.6% market shares back in 2015 whereas NSCLC earned above USD 1.298.8 million that year
On account of treatments, the market is fragmented into surgery, chemotherapy, radiotherapy, photodynamic therapy (PDT) & laser therapy.
Hospitals & clinics, cancer research centers & laboratories form the end users. Amongst these, hospitals hold the largest market share.
Regionally, the market is segmented into North America, Europe, Asia Pacific, & Middle East & Africa & Rest Of The World.
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