Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Lung Cancer Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, July 14, 2021 (GLOBE NEWSWIRE) -- The Global Lung Cancer market is expected to grow at a CAGR of around 14.2% from 2020 to 2027 and reach the market value of over US$ 44,728.5 Mn by 2027.
North America dominates the lung cancer market; Asia Pacific to foresee fastest growing CAGR
North America has held the lion's share of the lung cancer market in the past and is expected to do so again during the forecast period. Factors such as increasing occurrences of lung cancer and rising levels of geriatric population have contributed to the region's high demand. Along with it, changing lifestyles with high smoking habits, which result in a large pool of carcinoma lung population, are also to blame for the high incidences of lung cancer in North America.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the lung cancer market. Over the next eight years, Asia-Pacific is expected to have the highest growth rate in the global lung cancer therapeutics market. This enormous growth is expected as a result of rising awareness about improved health care and the presence of unmet medical needs for cancer therapeutics in the emerging economies of India and China. Because of the increase in smoking population and people affected by lung cancer, the emerging nations of India and China will generate the majority of revenue in Asia Pacific.
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Market Dynamics
Because of the increasing number of people suffering from lung cancer, the global lung cancer market is expected to grow rapidly. There is still a significant need for advanced stage lung cancer treatment and diagnostics. The likely drivers for the global lung cancer market include an ageing population, changing lifestyles, and increased tobacco use, including passive smoking. Furthermore, factors such as targeted and ground-breaking drug delivery to the lung, as well as rising acceptance of personalized treatments, are seen to be important factors driving the overall lung cancer market.
However, the limited treatment options, widespread availability of generic essential drugs, and the vast unmet need for diagnosis are expected to be the major factors limiting the overall lung cancer market's growth. Furthermore, radiation and chemotherapies pose a significant risk of adverse effects. As a result, the market's major players must focus their efforts on safer therapeutics and advanced therapies.
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Segmental Outlook
The global lung cancer market is segmented as type, treatment, and end-user. By type, the market is segmented as SCLC and NSCLC. Further, treatment is segregated as surgery, chemotherapy, radiotherapy, photodynamic therapy (PDT), and laser therapy. By end-user, the market is segmented as hospitals & clinics, cancer research centers, and laboratories.
Competitive Landscape
The major players involved in the lung cancer market involve F. Hoffmann-La Roche AG, AstraZeneca plc, Eli Lilly and Company, The Merck Group, Sanofi S.A., Pfizer Inc., GlaxoSmithKline, Boehringer Ingelheim GmbH, and among others.
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Some of the key observations regarding the lung cancer market include:
- In May 2021, Roche announced that "Tecentriq" shows promise in early lung cancer patients. Data from all 1,005 randomized Stage II-IIIA NSCLC patients showed a 21% decrease in the disease recurrence or death risk following a median follow-up of 32.2 months. Tecentriq’s safety profile in this trial was consistent with its known profile, with no new safety signals. In the overall randomized population, the drug led to adverse events in 92.7% of participants versus 70.7% of those on BSC.
- In April 2021, AstraZeneca plc announced that the drug "Tagrisso" receives a China nod for early lung cancer treatment. China's National Medical Products Administration (NMPA) approved Tagrisso as adjuvant therapy for patients with early-stage lung cancer who have a mutation of the EGFR gene. The drug is now approved to treat early-stage lung cancer in more than a dozen countries, including, most recently, in the United States.
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