Lung Cancer Market Size is expected to reach at USD 67.9 Billion by 2030, registering a CAGR of 14.1%, Owing to Rising Incidence of Lung Cancer

LOS ANGELES, Oct. 10, 2022 (GLOBE NEWSWIRE) -- The Global Lung Cancer Market Size accounted for USD 21.1 Billion in 2021 and is estimated to achieve a market size of USD 67.9 Billion by 2030 growing at a CAGR of 14.1% from 2022 to 2030.

Lung Cancer Market Statistics

• Global lung cancer market revenue was worth USD 21.1 billion in 2021, with a 14.1% CAGR from 2022 to 2030
• North America region has dominated with more than 35.5% of lung cancer market share in 2021
• The American Cancer Society predicts that 236,740 lung & bronchus cancers will be detected in the US in 2022
• According to the American Cancer Society 2019, approximately 80% to 85% of lung cancer cases are NSCLC
• Emergence of new medical diagnostic equipment and advanced therapeutics, drives the lung cancer market value
  
  

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Lung Cancer Market Report Coverage:

Lung Cancer Market Overview

Lung cancer is a fatal lung tumor characterized by uncontrolled cell proliferation in lung cells. The primary factor that contributes to the risk of lung cancer is tobacco smoking. Continuous cigarette smoke inhalation can also lead to lung cancer. Lung cancer is diagnosed through biopsy, which is performed under bronchoscopy as well as CT guidance. As a result, lung cancer can be treated using chemotherapy, immunotherapy, radiotherapy, surgery, and other methods. Furthermore, greater financing for the study and development of new treatments, increasing contamination as a result of fast industrialization, and growth in the number of cigarette smoking are some of the causes of the growing incidence of lung cancer. As a result, the global lung cancer therapeutics market growth is expected to expand rapidly as the prevalence of lung cancer grows.

Lung Cancer Market Growth Factors

• Rising Incidence of Lung Cancer
• Increasing adoption of immunotherapy
• Growing demand for targeted therapies
  
  

Lung Cancer Market Dynamics

Due to the growing number of patients suffering from lung cancer, the worldwide lung cancer market is predicted to expand fast. Advanced-stage lung cancer diagnostics & treatment are still in high demand. An older population, increasing urbanization, and growing tobacco use, especially passive smoking, are potential drivers for the worldwide lung cancer therapeutics market value. Additionally, variables such as personalized and ground-breaking delivery systems to the lung, along with increased acceptance of tailored treatments, are viewed as major drivers of the entire lung cancer market trend.

However, limited treatment options, extensive accessibility of generic critical medications, and a large unmet demand for evaluation are projected to be the key factors restricting the total growth of the lung cancer therapeutics market size. Moreover, radiotherapy and chemotherapy treatments carry a high risk of side effects. As a result, leading companies must concentrate their energies on safer treatments and sophisticated remedies.

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Lung Cancer Market Segmentation                

The global lung cancer market has been segmented by Acumen Research and Consulting based on type, treatment, and end-user. By type, the segment is separated into SCLC, and NSCLC. In terms of treatment, the market is categorized into surgery, chemotherapy, laser therapy, radiotherapy, and photodynamic therapy (PDT).

Moreover, the market is divided into hospitals & clinics, laboratories, and cancer research centers, based on the end-user. According to the lung cancer market forecast, the laboratories sector is predicted to develop significantly in the next years.

Lung Cancer Market Regional Overview        

The global lung cancer market is separated into several geographic regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa.

North America Leads the Lung Cancer Market; Asia-Pacific to Foresee Fastest Growing CAGR

According to a lung cancer industry analysis, North America has dominated the global market and is likely to do so again throughout the projected timeframe. Factors such as increased lung cancer rates and a rising number of geriatrics have all contributed to the region's high demand. In addition, changes in lifestyle with excessive smoking habits, resulting in a big pool of carcinoma lung community, are to account for the high prevalence of lung cancer in the United States.

Asia-Pacific is predicted to have the fastest pace of growth in the global lung cancer therapeutics market revenue during the next several years. This tremendous growth is predicted as a result of the rising consciousness of enhanced health care and the prevalence of unmet medical requirements for cancer therapies in India and China's emerging economies. As the smoking population grows and more people develop lung cancer, India and China will earn the preponderance of revenues in the Asia-Pacific region.

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Lung Cancer Market Players                        

Some of the prominent lung cancer market companies are AstraZeneca plc, F. Hoffmann-La Roche AG, The Merck Group, GlaxoSmithKline, Pfizer Inc., Eli Lilly Sanofi S.A., and Company and Boehringer Ingelheim GmbH.

Lung Cancer Market Strategies

Some of the key strategies in global market:

• In May 2021, Roche reported that "Tecentriq" is improving steadily in patients with early lung cancer. Following a median follow-up of 32.2 months, data from all 1,005 randomized Stage II-IIIA NSCLC patients reported a 21% reduction in the probability of cancer recurrence or death. The safety profile of Tecentriq in this trial was similar to its previous profile, with no modern safety signals. The medicine caused adverse outcomes in 92.7% of the whole randomized group, compared to 70.7% of those on BSC.
  
  
• In April 2021, AstraZeneca plc stated that the medicine "Tagrisso" has been approved in China for the early treatment of lung cancer. Tagrisso has been licensed by China's National Medical Products Administration (NMPA) as an adjuvant treatment for patients with early-stage lung cancer who have an EGFR mutated gene. More than a dozen nations, including the US, have now licensed the medicine for the treatment of early-stage lung cancer.
  
  

Questions Answered By This Report

• What was the market size of Lung Cancer Market in 2021?
• What will be the CAGR of Lung Cancer Market during the forecast period from 2022 to 2030?
• Who are the major players in Global Lung Cancer Market?
• Which region held the largest share in Lung Cancer Market in 2021?
• What are the key market drivers of Lung Cancer Market?
• Who is the largest end user Lung Cancer Market?
• What will be the Lung Cancer Market value in 2030?
  
  

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The Global Companion Diagnostics Market is expected to grow at a CAGR of around 16.7% from 2020 to 2027 and expected to reach the market value of around USD 13,492.6 Million by 2027.

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