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Global Lung Cancer Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 31.3 Bn by 2028, Likely to Grow with the CAGR of 12.1% During the Forecast Period.
The global Lung Cancer market is at its initial phase and it is estimated to gain momentum during the forecast period. Some of the factors fuelling the growth if global market includes rising number of lung cancer patients across the globe, R&D initiatives, growing demand for targeted therapies, and introduction of nanomedicine therapies for lung cancer
Rising Number of Lung Cancer Patients and High Mortality Rate Are Fuelling the Market Growth
The global lung cancer market is at its initial stage and it is expected to gain traction on coming years. The pharmaceutical companies are highly engaged in research and development activities intended to develop advanced diagnosis and treatment for the targeted disease. This is anticipated to propel the growth of global market over the forecast period. Lung Cancer Patients has registered one of the highest mortality rates among all cancer types across the globe. According to a research conducted by American Cancer Society it is estimated that in United States more than 2 lac new lung cancer cases will be registered by 2020. The organization also states that more than 1.3 lac mortality cases caused by lung cancer is estimated to register by 2020. The statics is expected to poise a positive impact on the growth of global lung cancer market in coming years.
Moreover, high adoption rate of tobacco and smoking habits, targeted and ground-breaking drug delivery, and growing popularity of personalized treatments are anticipated to drive the growth of global market during the forecast period.
However, vast unmet requirement for diagnosis, limited options of treatment, and high availability of generic type of essential drugs are some of the factors might hamper the growth of global market at a minimal extent.
Non-Small Cell Lung Cancer Occupied For Significant Market Share In 2019
In terms of disease type, the non-small cell lung cancer (NSCLS) segment held largest market share in 2019. The segment is anticipated to lead the global market over the forecast period. According to American Cancer Society, the average rate of NSCLC occurrence is more than 80 % whereas the rest 20 % falls into small cell lung cancer (SCLS) category. This is expected to favour the growth of NSCLS segment. Moreover, the SCLS segment is estimated to witness remarkable growth in future.
North America Is Anticipated To Dominate the Global Lung Cancer Market
By geography, North America is anticipated to lead the global market by occupying maximum market share throughout the forecast period. The rising number of geriatric population and increasing number of lung cancer patients across the region is anticipated to fuel the regional growth. The growing occurrences of lung cancer is owing to the high smoking habit rates and changing life style which results in a large amount of carcinoma lung population across the region.
Moreover, Asia Pacific is estimated to witness impressive growth during the forecast timespan. The growth of the region can be credited to rising health consciousness and availability of medical needs for cancer therapeutics in developing countries including China and India. India and China are the largest contributor for lung cancer market in Asia Pacific due to high smoking habits.
Key players operating in global market are Hoffman-La Roche, Roche, Boehringer Ingelheim GmbH, AstraZeneca Plc, GlaxoSmithKline, Agennix AG, Pfizer, Eli Lilly and Company, Sanofi-Aventis, and Merck.
Global Lung Cancer Market by Disease Type
- Small cell lung cancer (SCLC)
- Non-small cell lung cancer (NSCLC)
Global Lung Cancer Market by Molecule
- Small molecules
Global Lung Cancer Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America