Ottawa, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Precedence Research, recently announced report on “Lung Cancer Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030”.
The surging prevalence of lung cancer among the global population is the major reason behind the burgeoning demand for the lung cancer therapeutics. The lungs cancer is the most diagnosed and most prevailing type of cancers and it is the leading cause of cancer deaths across the globe. The growing prevalence of smoking is the major reason behind the growing incidences of lung cancer. Furthermore, the rapidly emerging biopharmaceutical industry has led to the development of advanced and innovative therapeutics that are able to cure the traditionally non-curable diseases.
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The rising awareness regarding the presence of advanced and innovative gene therapeutics is propelling the demand for the lung cancer therapeutics. The rising investments in the research and development and the favorable policies of the government supports the development of new drugs to cure various chronic diseases like lung cancer. The lung cancer has the high mortality rate among both the men and women population.
Regional Snapshot
The rapidly growing number of lung cancer patients in North America is significantly contributing towards the growth of the market. In US, lung cancer constitutes around 13 % of new cancer cases diagnosed in 2021, as per American Society of Clinical Oncology. The presence of advanced healthcare infrastructure as significantly contributed to the growth of the lung therapeutics market as people have improved access to the various advanced therapeutics. US is the home to several top biopharmaceutical companies that invests heavily in the research and development of various innovative drugs that can cure lung cancer effectively. Moreover, the higher healthcare expenditure and increased awareness regarding the availability of advanced drugs has significantly contributed towards the growth of the lung cancer therapeutics market in North America.
Asia Pacific is expected to gain traction in the global lung cancer therapeutics market during the forecast period. The rising consumption of cigarettes in Asia Pacific region is expected to contribute towards the growth of the lung cancer patients in the region. The increased corporate and government investments in the development of healthcare infrastructure and improving the access to the advanced healthcare facilities is expected to foster the demand for lung cancer therapeutics. Furthermore, the rising awareness regarding the availability of biopharmaceutical drugs that can effectively cure lung cancer and other chronic diseases with minimal or no side effects is expected to gain rapid traction in the Asia Pacific market.
Report Highlights
- Based on the therapy, the targeted therapy segment dominated the market. Targeted therapies have low side effects, which is a major reason behind the increased demand for the targeted therapies for the treatment of lung cancer across the globe. The increasing awareness regarding the effectiveness of the targeted therapy is expected to fuel its demand in the developing markets.
- Based on the lung cancer type, the non-small cell lung cancer segment dominated the market in 2022. The increased prevalence of non-small cell lung cancer across the globe has led to the dominance of this segment. It is estimated that it accounts for around 80% of the total lung cancer.
- Based on distribution channel, the online pharmacies segment is expected to be the fastest-growing. The rising adoption of smartphones, growing penetration of internet, and rising popularity of online pharmacies is fueling the growth of this segment. The conveniences of buying medicine from the comfort of home is fueling the growth of the online pharmacies.
Recent Developments
- In March 2019, Adorx Therapeutics entered into partnership with Johnson & Johnson Innovation for the development of new lung cancer therapeutics.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2022 | USD 29.8 Billion |
| Revenue Forecast by 2030 | USD 55.6 Billion |
| CAGR | 8.11% from 2022 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2022 to 2030 |
| Key Players | AstraZeneca, BoehringerIngelheim, Bristol-Myers Squibb Company, Eli Lilly and Company, Hoffmann-La Roche, Merck & Co, Pfizer Inc., Allergan Inc., TevaPharmaceutical Industries Ltd., Abbvie, Inc., Johnson & Johnson, Amgen Inc., Novartis AG and Others. |
Market Dynamics
Driver
Growing incidences of lung cancer
According to the GLOBOCAN 2020 report prepared by the International Agency for Research on Cancer (IARC), there were around 19.3 million new cases of cancer diagnosed in 2020 and around 11.4% of it was lungs cancer. Lungs cancer is the leading cause of cancer death across the globe and its mortality rate is high. Therefore the demand for the lung cancer therapeutics is growing at a significant pace across the globe. The rising incidences of smoking and exposure to second hand smoke is boosting the number of lung cancer patients, which is anticipated to drive the growth of the lung cancer therapeutics market.
Restraint
High costs of advanced therapeutics
The costs associated with the acquisition of the advanced lung cancer therapeutics is high. The higher investments in the research and development of effective and life-saving drugs has resulted in the high costs of drugs. The low and the middle income level groups restricts themselves from buying these advanced drugs due to their financial limitations, which may hamper the market growth.
Opportunity
Rising investments in research and development
The various biopharma companies are investing heavily in the research and development activities to innovate and develop new and effective drugs with low or no side effects. The traditional therapies involved risks of reoccurrence of cancer and various other side effects that even led to the death. The technological advancements has offered numerous growth aspects to the market players.
Challenge
Lack of proper reimbursements
Most of the people depends on the reimbursements for getting treatments. In the developing and underdeveloped countries there are complex reimbursement rules and the penetration of the healthcare insurances is too low, which may restrict the market growth in the forthcoming years.
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Market Segmentation
By Therapy
- Radiation Therapy
- External Beam
- Internal Beam
- Systemic
- Targeted Therapy
- Bevacizumab
- Dabrafenib/Trametinib
- Erlotinib Hydrochloride
- Osimertinib
- Others
- Immunotherapy
- Durvalumab
- Nivolumab
- Atezolizumab
- Pembrolizumab
- Chemotherapy
- Others
By Lung Cancer Type
- Small Cell Lung Cancer
- Non-small Cell Lung Cancer
- Lung Carcinoid Tumor
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Type of Molecule
- Small molecules
- Biologics
By Drug Class
- Alkylating Agents
- Antimetabolites
- EGFR Inhibitors
- Mitotic Inhibitors
- Multikinase Inhibitors
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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