According to the deep-dive market assessment study conducted by Growth+ Reports, the global lung cancer therapeutics market
was pegged at ~US$ 9.9 billion in 2021. The market is expected to witness a CAGR of ~ 10.70 % from 2022 to 2030.
The market for lung cancer therapeutics is expanding as a result of the high prevalence of lung cancer, the introduction of novel medications, and rising consumer uptake of these treatments. The excessive cost of drugs, however, may limit market expansion.
A significant rise in lung cancer is noticed in developed and developing countries. This makes lung cancer the second most common cancer worldwide, states world cancer research fund international. Tobacco consumption and cigarette smoking are principal risk factors for rising factors of lung cancer, other influences include exposure to hazardous chemicals, and increasing air pollution. When smoke is inhaled which is full of carcinogens it affects and damages the respiratory epithelial lining of lungs. At first, the human body is able to recover the destruction but with repeated damage the cells show some abnormal events which can lead to lung cancer. According to the WHO (World Health Organization), in 2020, about 2.21 million cases were reported for lung cancer and about 1.08 million deaths were registered. Other than smoking, exposure to hazardous chemicals can increase the risk of lung cancer. Exposure to chemicals such as asbestos, uranium, chromium, arsenic, and petroleum products. When asbestos fibers are inhaled and lodge in lung tissue. Prolonged exposure of asbestos to lungs causes scar in lung tissue leading to cancer.
The rising adoption of lung cancer therapeutics is due to improving rates of diagnosis and availability of novel therapeutics. The R&D initiatives in drug development have scaled up. Development of new drug targeting specific traits of cancer which stimulates the immune system to fight against the condition. For instance, in October 2021 atezolizumab by Genentech was approved by the US Food and Drug Administration. This drug is an immune checkpoint inhibitor drug that blocks proteins of neurons which help them fight against the cancer. Similarly, ramucirumab was approved in May 2020 in combination with erlotinib. Ramucirumab is an antibody that specifically targets a protein necessary for the development of blood vessels that feed cancer cells.
Geographically, the global lung cancer therapeutics market is segmented into four major regions: North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the lung cancer therapeutics market in terms of revenue. The Factors affecting the growth of this region are increasing incidence of lung cancer and rising geriatric population. Along with this, trending changes in lifestyles such as excessive smoking can lead to market expansion. The American Cancer Society’s estimations for lung cancer in the United States for 2022 states that 236,740 new cases of lung cancer (117,910 in men and 118,830 in women) about 130,180 fatalities from lung cancer (68,820 in men and 61,360 in women). The European market for lung cancer therapeutics is characterized by increased investments in therapeutic, expansion in reimbursement activities. For instance, the Cancer Drugs Funds (CDF) is a funding source in England that provides promising access of new treatments to the patients. The Asia Pacific market is expected to show significant rise in the forecast period due to increased screening process, growing healthcare awareness, and government funding, presence of large patient population will also increase the demand of lung cancer therapeutics. According to Cancer Australia in 2022 13,810 new cases of lung cancer were reported, and the estimated number of deaths were about 8,693.
Some prominent players operating in the global lung cancer therapeutics market are Bristol-Myers Squibb Company, F. Hoffman-La Roche Ltd., Pfizer Inc., Eli Lilly and Company, Johnson & Johnson Services, Inc., Amgen Inc., AstraZeneca plc., Teva Pharmaceutical Industries Ltd., AbbVie Inc., Novartis AG, Merck & Co., Inc., and GSK plc. Among others.
This report entails a thorough quantitative analysis of global lung cancer therapeutics market trends from 2022 to 2030. The global lung cancer therapeutics market has been analyzed from three perspectives: disease type, treatment type and region. Based on the disease type this market is categorized into small cell lung cancer, and non-small cell lung cancer. Chemotherapy, immunotherapy, and radiation therapy are the treatment types studied in this report.
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