According to a new report published by UnivDatos Markets Insights, the Lung Cancer Therapeutics Market is expected to reach at USD 48 billion in 2027, growing at a CAGR of 9% from 2021-2027. The analysis has been segmented into disease type (non-small cell lung cancer, small cell lung cancer); treatment (chemotherapy, radiation therapy, immunotherapy, targeted therapy, others); molecule type (small molecules, biologics); distribution channel (hospital pharmacies, e-commerce, retail pharmacies, others); Region/Country.
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The Lung Cancer Therapeutics market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Lung Cancer Therapeutics market. The Lung Cancer Therapeutics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Lung Cancer Therapeutics market at the global and regional levels.
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Market Overview
The lung cancer therapeutics market is expected to register a CAGR of around 9% over the period of 2021-2027. Lung cancer is the second most common cancer and the leading cause of cancer death for men and women in the United States. The rising prevalence of lung cancer owing to the changing lifestyles with high smoking habits which lead to a huge pool of carcinoma lung population is one of the key factors which is resulting in a rise in the number of people having lung cancer. For instance, as per the American Lung Association, smoking, the main cause of small cell and non-small cell lung cancer contributes to 80 percent and 90 percent of lung cancer deaths in women and men, respectively. Men who smoke are 23 times more likely to develop lung cancer. Women are 13 times more likely than compared to never be smokers. The rising geriatric population with NSCLC coupled with higher adoption and wide availability of advanced lung cancer therapeutics products in the region is expected to drive the lung cancer therapeutics market. Furthermore, various factors such as smoking, unhealthy diet, physical inactivity, and advancing age, increase the risk and diagnosis of such diseases. Therefore, the market for lung cancer therapeutics devices is expected to witness significant growth during the forecast period.
Some of the major players operating in the market include AstraZeneca, Boehringer Ingelheim, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche AG, Merck & Co, Pfizer Inc., Allergan Inc., Teva Pharmaceutical Industries Ltd., AbbVie, Inc.
COVID-19 Impact
The COVID-19 pandemic has adversely impacted the global lung cancer therapeutics industry. Several countries enforced nationwide lockdowns as part of measures to limit the spread of the coronavirus. As a result, caused widespread disruption to cancer care. In light of the pandemic, many people with cancer face challenges, including delays in diagnosis and treatment.
The global lung cancer therapeutics market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on treatment, the market is segmented into chemotherapy, radiation therapy, immunotherapy, targeted therapy, and others. Among these, the targeted therapy category accounted for the major share of global lung cancer therapeutics. Targeted therapy is a type of cancer treatment that targets the specific cancer cells in the body and does not affect the functioning of normal healthy cells which leads to the minimum adverse effects. The continuous development of new products due to technological advancements that would lead to the production of innovative therapies and drugs is likely to strengthen the market of the segment during the forecast period.
· Based on molecule type, the market is categorized into small molecules and biologics. Among these, small molecules are expected to witness faster growth during the forecast period. This is mainly due to its increasingly used in the treatment of lung cancer, owing to the rising preference of professionals for nano-therapy. Additionally, small-molecule drugs are small enough to enter cells easily, so they are used for targets that are inside cells.
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Lung Cancer Therapeutics Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
· Rest of the World
North America accounted for a major share of the lung cancer therapeutics market. The major contributors to the growth of this market are US and Canada. This is mainly due to the increasing incidence of cancer which causes death in countries like the U.S. and Canada. The growing lung cancer is more common in men than women, particularly African American men. The chance of getting lung cancer increases with age, and, of course, a smoking history significantly contributed to the considerable growth of the state in the U.S. lung cancer therapeutics market.
The major players targeting the market include
· AstraZeneca
· Boehringer Ingelheim
· Bristol-Myers Squibb Company
· Eli Lilly and Company
· F. Hoffmann-La Roche AG
· Merck & Co
· Pfizer Inc.
· Allergan Inc.
· Teva Pharmaceutical Industries Ltd.
· AbbVie, Inc
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Lung Cancer Therapeutics Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Lung Cancer Therapeutics market?
• Which factors are influencing the Lung Cancer Therapeutics market over the forecast period?
• What are the global challenges, threats, and risks in the Lung Cancer Therapeutics market?
• Which factors are propelling and restraining the Lung Cancer Therapeutics market?
• What are the demanding global regions of the Lung Cancer Therapeutics market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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